The Abu Dhabi Housing Authority (ADHA) has teamed up with Abu Dhabi Commercial Bank (ADCB) to offer top-up loans on existing housing loans, featuring interest and Murabaha options, supported by the Abu Dhabi government. This initiative, according to Abu Dhabi Media Office, allows eligible citizens to secure additional financing on their original loans of AED1.75 million, helping them find housing that better suits their needs.
هيئة أبوظبي للإسكان تتعاون مع بنك أبوظبي التجاري لتقديم تمويلات عقارية إضافية بفوائد ومرابحات مدعومة من حكومة أبوظبي للمواطنين المستفيدين من برنامج القروض السكنية التي تقدمها الهيئة. التمويلات الإضافية تهدف إلى دعم المواطنين المؤهلين للحصول على المسكن الملائم لاحتياجاتهم. pic.twitter.com/uIHJI4makE
— مكتب أبوظبي الإعلامي (@ADMediaOffice) September 21, 2024
Under the agreement, citizens with an existing housing loan for building or purchasing a ready-built home, in line with the new housing benefits policy, and who earn over AED30,000 monthly, can apply for an additional loan of up to AED500,000 from ADCB. The repayment period for these loans extends up to 25 years, adhering to Central Bank regulations. Additionally, the Government of Abu Dhabi will subsidize 50 percent of the interest and gains on these extra loans.
The agreement applies to citizens already benefiting from ADHA housing loans under the new policies, including those with loans of AED1.75 million. It also encompasses citizens who have activated their loans with the bank but have not yet begun payments to contractors.
Moreover, this collaboration was formalized with the signing of an agreement by Hamad Hareb Al Muhairi, director general of ADHA, and Ala’a Eraiqat, chief executive officer of ADCB Group.
Furthermore, eligible citizens can explore various financing options through the Abu Dhabi Housing Authority’s mobile app or visit the ‘ISKAN Abu Dhabi’ office directly.
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