Dubai Bank has agreed to waive or fully refund advanced rental charges for the period beyond the “expected date of delivery” of a project, Emirates 24|7 can reveal.
In a letter emailed to its customers, the Shariah-complaint bank said: “In those specific situations where the delivery of the property under construction has been delayed beyond the ‘expected date of delivery’ [i.e. the completion date plus the contractually defined extension period], advanced rental charges for the period following the ‘expected date of delivery’ will be waived and/or fully refunded for all eligible customers.”
The move is likely to bring respite to many who are under burden to pay large sums of money at handover time to the bank.
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