Reem Finance has announced a co-operation agreement with Hydra Properties under which the company will extend its Islamic mortgage finance to all properties within the Hydra Village development.

Reem Finance will showcase the mortgages available to new potential home buyers as well as to existing investors at the Hydra stand during the Cityscape Dubai exhibition.

As part of Hydra’s commitment to on-time delivery of its projects, Hydra Properties will pay interest on behalf of the customer to Reem Finance, for the period of any delay in delivery of more than six months. This firmly reiterates Hydra’s commitment to the timely handover of Hydra Village, said a top company official.

Nicholas Lehman, chief executive officer of Reem Finance expressed his support for the Hydra Village development and its investors: “Reem Finance is delighted to offer our popular mortgages to UAE nationals and expatriate residents wishing to invest in property in Hydra Village. We expect high demand and look forward to introducing our home financing options to Hydra Village investors at Cityscape.”

“We are committed to supporting Hydra’s clients and their financing needs for this high quality master planned community, which will, on completion, become one of Abu Dhabi’s new desirable neighbourhoods, conveniently located close to the airport and the main Abu Dhabi – Dubai highway. Our mortgages are competitively priced and offer many features and benefits we know clients look for,” he added.

Ali Bin Sulayem, chief executive officer of Hydra Properties, said mortgage finance was becoming more and more common in the UAE, where the majority of properties were still bought for cash.

'We know it is one way people can leverage their economic purchasing power and buying a property in Abu Dhabi with a mortgage is now often less expensive than renting. Hydra is truly delighted to be able to introduce our Hydra Village clients to Reem Finance, which provides valued support as the development progresses towards completion,' he noted.

The mortgages offered by Reem Finance for Hydra Village are entirely Sharia compliant and offer eligible applicants up to 80 per cent finance for anything from 7 years up to 15 years, and a debt service ratio of 60 per cent.

Interest rates are competitive and will depend on the mortgage specifics. While the minimum loan amount is Dh250,000 ($68,059), Reem is committed to financing all properties within the Hydra Village development.

The minimum monthly salary required to be eligible for a mortgage from Reem Finance is Dh15,000 and applicants need to provide, in addition to proof of booked property, six months’ original or verified bank statements, passport and residency visa for expatriates, employment certificate and full details of existing liabilities.-TradeArabia News Service