Abu Dhabi Housing Authority and Abu Dhabi Commercial Bank signed an agreement under which the bank will provide additional real estate financing with interest and profit margins supported by the Abu Dhabi government for citizens benefiting from the housing loan program provided by the Authority. The additional financing aims to help eligible citizens obtain additional financing on top of the original housing loan amount of AED 1.75 million, within easy facilities that help them obtain housing that suits their needs.
Under the agreement, citizens who have obtained a loan to purchase a ready-made home, or a loan to build a home, according to the updated housing benefits policy, and whose monthly income exceeds AED 30,000, can obtain additional financing from Abu Dhabi Commercial Bank worth up to AED 500,000, with a repayment period of up to 25 years, in accordance with the controls and requirements of the Central Bank, and the Abu Dhabi government bears 50% of the interest and profit resulting from the additional loan for citizens.
This agreement will benefit citizens who benefit from Abu Dhabi Housing Authority loans according to the updated policy, whose loan value amounts to AED 1.75 million, including citizens who have activated their loans with the bank and have not started disbursing payments to contractors.
The agreement was signed by Hamad Hareb Al Muhairi, Director General of Abu Dhabi Housing Authority, and Alaa Eraiqat, Group CEO of Abu Dhabi Commercial Bank.
Hamad Hareb Al Muhairi, Director General of the Abu Dhabi Housing Authority, said: “This agreement comes within the framework of the Abu Dhabi Housing Authority’s efforts to form partnerships with the private sector that facilitate citizens’ access to diverse housing options that meet their needs and enhance their well-being and family stability, in line with the Authority’s vision to enable a sustainable housing system in the emirate.”
He added: “This agreement provides new financing options with added value for citizens wishing to obtain additional financing beyond the value of the housing loan provided by the Authority, in line with their financial capabilities.”
Ala’a Eraiqat, Group CEO of ADCB, said: “We are proud of this strategic partnership with the Abu Dhabi Housing Authority, which embodies our firm commitment to contributing to community development and enhancing the quality and well-being of citizens. We at ADCB are also committed to the pivotal role played by banking institutions in the housing sector, which receives great attention from the wise leadership. In this context, we continue our tireless efforts to contribute to supporting the development of housing services in the UAE, in a way that supports the achievement of a prosperous and sustainable future for all members of society.”
Citizens eligible for additional financing can choose the financing that suits them through the “Abu Dhabi Housing App” or by visiting the Abu Dhabi Housing Center.
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