Residents of Abu Dhabi can now secure housing loans worth up to Dh500,000 as a supplement
The Abu Dhabi Housing Authority (ADHA) has announced an expanded financing scheme for home ownership, aiming to boost homeownership, provide cost-effective housing solutions, and ensure long-term social stability.
Emirati citizens who already have housing loans from the ADHA and have a monthly income above AED 30,000 are now eligible for additional financing of up to AED 500,000. This financing can be used for purchasing or building homes, helping families upgrade or expand housing to match their needs.
The loans come with repayment terms of up to 25 years and follow UAE Central Bank regulations. Moreover, the Abu Dhabi government subsidizes 50% of the interest or profit margin, making these loans more affordable.
Three participating banks in this initiative are the Abu Dhabi Islamic Bank (ADIB), First Abu Dhabi Bank (FAB) Islamic, and Al Maryah Community Bank. ADIB has signed a key agreement with ADHA for top-up financing supported by government subsidies. FAB Islamic offers Sharia-compliant home financing with profit rates starting from 3.89% fixed for five years, with the government subsidizing 50% of the profit on financing up to AED 500,000. Al Maryah Community Bank is also among the partner banks offering these subsidized loans.
Hamad Hareb Al Mehyas, Director General of the Abu Dhabi Housing Authority, has stated the authority's commitment to strengthening strategic partnerships with national banks and expanding the scope of services. This expanded financing scheme is part of Abu Dhabi’s broader goal to increase sustainable homeownership and support Emirati families with affordable, flexible housing finance solutions.
The initiative offers flexibility to those who have loans approved but not yet disbursed, aiding in home construction planning. It also benefits citizens who have received a loan worth Dh1.75 million but have not yet started disbursing funds to developers or contractors.
Eligible citizens can request the additional financing from any of the three banks through the "Abu Dhabi Housing" app. The partnership aims to build a sustainable housing system that supports citizens' needs and aspirations, enabling them to own housing within a sustainable housing system that supports family stability and social well-being.
- The announcement by the Abu Dhabi Housing Authority plans to boost news of homeownership by providing cost-effective food for thought on long-term social stability.
- With additional financing of up to AED 500,000, Emirati citizens can now enhance their lifestyle by upgrading or expanding their housing solutions.
- Sports fans will appreciate the flexibility offered in this initiative, as it allows those with loans approved but not yet disbursed to make strategic decisions on home construction.
- The initiative is not just about personal-finance, it is also an investment in the future, ensuring a healthy and stable community through its aim of increasing sustainable business growth in the realm of housing.
- The financing scheme extends to various financial options, as three participating banks - Abu Dhabi Islamic Bank, First Abu Dhabi Bank Islamic, and Al Maryah Community Bank - offer a blend of traditional and Sharia-compliant home financing, making housing finance solutions more accessible to all.
