Fifty percent of the interest and profits on these additional home loans will be paid by the government.
The Abu Dhabi government stated on Saturday that Emiratis who have taken out a loan to build or buy a house can apply for a top-up of up to Dh500,000 under this new scheme.
According to the government, this program helps qualified individuals get further funding for their Dh1.75 million initial loans, allowing them to buy homes that better suit their needs.
The Abu Dhabi government supports the interest and Murabaha choices for the top-up loans, which are being offered by the Abu Dhabi Housing Authority (ADHA) in partnership with Abu Dhabi Commercial Bank (ADCB).
The following are the requirements for eligibility:
This is an effort for Dh1.75 million loan recipients under the Adha’s Housing Loan Program.
The candidate must earn at least Dh30,000 each month.
It comprises citizens who have gotten their bank loans authorized but have not yet begun paying their contractors.
The following are a few terms:
The loan payback period will last up to 25 years in accordance with guidelines and standards set forth by the Central Bank.
Fifty percent of the interest and profits on the additional loans will be paid by the Abu Dhabi government.
Eligible residents can visit “Iskan Abu Dhabi” directly or use the Adha mobile application to investigate their financing alternatives.
His Excellency Hamad Hareb Al Muhairi, Director General of the Abu Dhabi Housing Authority, and Ala’a Eraiqat, Chief Executive Officer of ADCB Group, signed an agreement to formalize their cooperation.
Director-general of Adha Hamad Hareb Al Muhairi stated, “The arrangement would provide citizens seeking extra financial aid innovative, value-added financing options.”
“Adha’s dedication to forging alliances with the private sector to offer residents a variety of housing options catered to their requirements is reflected in this agreement,” he continued.
“At ADCB, we recognize the crucial role that banking institutions play in the housing industry, a priority for the UAE’s leadership,” stated Ala’a Eraiqat, CEO of ADCB Group. Accordingly, we are still committed to helping the UAE’s home services industry grow in order to provide a bright and sustainable future for every member of the community.
