Abu Dhabi Finance offers exclusive mortgages for four of Sorouh's projects

For a limited period, property owners at Sky Tower, Sun Tower, Tala Tower and Golf Gardens will be able to apply for a specially-developed mortgage which includes discounted interest rates starting at 7.24%, no application or processing fees.

The offer includes a reduction of 101 basis points (1.01%) on the prevailing interest rates for a one-year period, with a reduction of 50 basis points (0.50%) for the following six months. The conventional mortgage has loan-to-value ratios of up to 85% and is available to UAE nationals and UAE residents. It has been developed by the two companies to offer financing support to the owners of more than 1,200 units at the four projects.

Mounir D Haidar, Chief Executive Officer at Sorouh, said:

"We are delighted to be working with Abu Dhabi Finance, Abu Dhabi's most innovative mortgage lender, on this exclusive arrangement."

Haidar added, "We created a new Customer Finance Unit in February of this year, to provide our customers with innovative options to manage the financing of payments for their future homes."

"This exciting new initiative with Abu Dhabi Finance is a result of that planning. I am sure our customers will welcome the opportunity to take advantage of this special offer," he said.

Philip Ward, Chief Executive Officer at Abu Dhabi Finance, said, "This offer includes all the core elements of transparency and flexibility that come with all of Abu Dhabi Finance's mortgages - but we go even further. The discounted interest rates and lack of fees make this a really attractive offer."

It must be noted that the two companies confirmed that they are working on similar offers for additional developments at a later date.

Mounir Haidar said, "This initial offer reaches a large cross-section of our customer base. We are also looking at our other developments and we would expect to roll out similar exciting new initiatives over the coming weeks and months."