Residents of Abu Dhabi can now submit applications for unprecedented housing loans worth up to AED 500,000
Expanded Financing for Home Ownership in Abu Dhabi
Emirati citizens with existing housing loans from the Abu Dhabi Housing Authority can now apply for additional financing of up to AED 500,000, thanks to a new partnership between the authority and three national banks: First Abu Dhabi Bank, Abu Dhabi Islamic Bank (ADIB), and Al Maryah Community Bank.
Under the new scheme, eligible citizens can request the additional financing through the "Abu Dhabi Housing" app. The loan repayment terms can extend up to 25 years, with the government covering 50 per cent of the interest or profit margins.
To be eligible for the additional financing, citizens must have a monthly income above AED 30,000 and already have a housing loan from the Abu Dhabi Housing Authority. The initiative also benefits citizens who have received a loan worth Dh1.75 million but have not yet started disbursing funds to developers or contractors, giving them more flexibility in managing home construction projects.
The partnership is part of the Abu Dhabi Housing Authority's broader strategy to boost homeownership, provide cost-effective housing solutions, and ensure long-term social stability. The initiative offers additional mortgage financing at partially subsidised interest rates and profit margins, making it more affordable for citizens.
Hamad Hareb Al Mehyas, Director General of the Abu Dhabi Housing Authority, has stated the authority's commitment to strengthening strategic partnerships with the national banking sector. The partnership aims to build a sustainable housing system that supports citizens' needs and aspirations.
References:
[1] Abu Dhabi Housing Authority press release, 2022. [2] First Abu Dhabi Bank press release, 2022. [3] Abu Dhabi Islamic Bank press release, 2022. [4] Al Maryah Community Bank press release, 2022. [5] Government of Abu Dhabi press release, 2022.
- The new partnership between the Abu Dhabi Housing Authority and three national banks – First Abu Dhabi Bank, Abu Dhabi Islamic Bank, and Al Maryah Community Bank – has opened up opportunities for news regarding expanded financing for home ownership in Abu Dhabi.
- For sports enthusiasts, this development could mean a healthier lifestyle as the additional mortgage financing made possible by the partnership could lead to more stability for homeowners, freeing up resources for personal expenditures like sports equipment or gym memberships.
- Businesses in the Abu Dhabi region may also find this initiative significant, as increased home ownership could lead to a strong economic foundation, fostering a vibrant business environment ripe for investment opportunities.
- For personal-finance and finance enthusiasts, the partially subsidized interest rates and profit margins offered through this expanded financing scheme offer a unique opportunity to explore the potential benefits of home ownership in Abu Dhabi. Additionally, the option to manage home construction projects with more flexibility could be an attractive feature for those interested in games like real-estate simulations or strategic financial planning.
