I have a few mortgages set up .My mortgage rates have all gone down from the original except for Tamweel , In the sense that Tamweel went up and has come down , however not below the iniital rate offered . I have found Standard Chartered Banks process of obtaining a mortgage , the best. The consultant was knowledgeable and informative, visited my home to complete all the documentation , updated me at every point of the process and met most of the time time lines set . He was with me during the whole process at the land department , even paid my parking ticket . After the process the rate has dropped radically and is the lowest 4.85%. I have access to my account on line and I can instantly know what is my outstanding. The only negative point is that they offer only 75% of the value and if you want to take another mortgage , it goes down to 70 %
Tamweel unfortunately could have cornered the market, but they seem to have a totally oblique /bent /screwed thought process. They would rather chase new and unknown prospective borrowers ( who may or may not be a good client ) and punish the loyal , regular joe who has'nt missed an installment . I'm currently paying over 2.0% above what they are offering new home loans. Another thing about Tamweel is their Accounting seems to change every other year and it takes sometime to keep track on where all the money .
If you want to close you outstanding mortgage, they have the highest redemption charges . Currently they are offering new borrowers 0 redemption charges, pay for your property insurance and etc . It really gets you worked up. But its seems Tamweel and also some other Banks dont realize that taking out a Mortgage is a long term relationship, and should not be dependent of perks and tricks to entice the new borrower and then hang them out to dry.