Taking into account the demographic growth in the population of younger Emiratis who are expected to continue their home building and acquisition activities, ADIB anticipates that its home finance disbursal to UAE nationals will double in volume by the end of this year.
Pleased to announce the new home finance product rates, Tirad Mahmoud, CEO of ADIB, said:
"We have seen consumer finance transactions rise over the last few months and expect the home finance segment to grow further by the end of this year. The new rates are targeted specifically at UAE nationals to hasten their decision to buy their new or first home. We take pride in providing banking and finance solutions to UAE nationals and have continued offering them home financing solutions throughout the turbulent times seen since last year."
ADIB home finance products are offered for purchase of completed properties or for constructing new properties on owned or gifted lands. They are salary based and not 'rent-generated' based and applicants need to be employed at their current job for at least a year to be eligible.
Other conditions for UAE nationals to be eligible for home finance include a minimum salary of Dhs20,000 that is transferred to ADIB and the loan amount is a maximum of 80% of market value of the property. The age at maturity of the facility should not exceed retirement age of the UAE national (65 years) and the maximum tenor offered including construction period is of 25 years, or as client age permits. In addition, housing obligation should not exceed 40% of the UAE national's income and total obligations should not exceed 60% of their income and only one unit financing will be allowed per customer.
Mr. Tirad Mahmoud added: "An important part of our core functions as a responsible and caring bank lies in ensuring that we serve the needs of the community that we exist within. We are pleased to announce the new pricing and hope that the market will respond enthusiastically to them."