Abu Dhabi Citizens Can Now Apply For Up To Dh500,000 In Additional Housing Loans

(MENAFN- Khaleej Times)

Abu Dhabi citizens will soon benefit from expanded financing options aimed at making home ownership more attainable, thanks to a partnership between the emirate's Housing Authority and leading national banks.

The initiative was announced through cooperation agreements with First Abu Dhabi Bank, Abu Dhabi Islamic Bank, and Al Maryah Community Bank. It offers additional mortgage financing at interest rates and profit margins partially subsidised by the Abu Dhabi Government, making housing loans more affordable for Emirati families.

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Under the new scheme, citizens with existing Abu Dhabi Housing Authority loans for purchasing or building a home - and a monthly income above Dh30,000 - can apply for up to Dh500,000 in additional financing from partner banks. Repayment terms can extend up to 25 years, in line with UAE Central Bank regulations and Islamic Sharia principles, with the government covering 50 per cent of the interest or profit margins.

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The initiative also extends to citizens who have already received a loan worth Dh1.75 million from the authority but have not yet started disbursing funds to developers or contractors. This added flexibility will help them better plan and manage their home construction projects.

The move is part of the authority's broader strategy to boost homeownership, provide cost-effective housing solutions, and ensure long-term social stability. By partnering with the banking sector, the Authority aims to build a sustainable housing system that supports citizens' needs and aspirations.

"At the Abu Dhabi Housing Authority, we are committed to strengthening our strategic partnerships with the national banking sector, with the aim of providing flexible accessible financing solutions that meet the needs of citizens and meet their aspirations.

"These agreements are an extension of our efforts to enable citizens to own suitable housing, within a sustainable housing system that supports family stability and social well-being," said Hamad Hareb Al Mehyas, Director General of the Abu Dhabi Housing Authority.

"We are committed to expanding the scope of our services and offering additional financing options that contribute to improving citizens' quality of life and facilitating their journey to building or purchasing suitable housing with ease and convenience," he added.

Eligible citizens can request the additional financing from any of the three banks through the“Abu Dhabi Housing” app.

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