Abu Dhabi Finance lowers interest rates
Abu Dhabi, March 1, 2010
Abu Dhabi Finance, a leading home finance provider, has announced its new pricing, which will see low interest rates starting from 5.75 per cent to 8.5 per cent.
The new rates will offer the average Abu Dhabi Finance mortgage applicant savings of Dh2,450 per month, or Dh29,400 per year, compared to the previous interest levels, said a statement.
All existing Abu Dhabi Finance clients on a variable rate mortgage will also benefit overtime from the rate reduction and will notice a significant difference in their wallets, said the statement.
With a large number of homes due for hand-over this year, the announcement is expected to fuel demand and the mortgage lender expects to see the greatest number of applications to come from buyers of properties nearing completion.
“Abu Dhabi Finance was established to support the growth of Abu Dhabi’s real estate industry and the development of the Emirate outlined in Plan Abu Dhabi 2030. We aim to do this by offering our clients the best mortgages in the market,” stated Ali Eid Al Mehairi, Abu Dhabi Finance’s chairman.
The new interest rates will be incorporated into Abu Dhabi Finance’s core products, 'Essence' and 'Compass', which offers loan-to-value ratios of up to 85 and 75 per cent respectively - spread over anything from 3 to 30 years – and a range of repayment options, including the choice of having a one-month payment holiday, allowing clients to miss their mortgage payments once a year.
Since its launch in November 2008, Abu Dhabi Finance has extended its reach and now covers more than 70 per cent of the Abu Dhabi market through its partnerships with Aldar, Sorouh, TDIC, Capitala, Green Emirates Properties, RAK Properties and Profile Group.-TradeArabia News Service