emirates7 - Emiratis who have taken out loans to build or purchase homes can now apply for an additional top-up of up to Dh500,000 under a new initiative from the Abu Dhabi government, announced on Saturday.
This initiative allows eligible citizens to secure extra financing on top of their existing Dh1.75 million loans, enabling them to acquire housing that better suits their needs, according to officials.
The Abu Dhabi Housing Authority (ADHA) has partnered with Abu Dhabi Commercial Bank (ADCB) to provide these top-up loans, offering options with both interest and Murabaha financing, supported by the Abu Dhabi government.
Eligibility criteria for the initiative include:
- It is available to beneficiaries of ADHA’s Housing Loan Programme, which offers loans of Dh1.75 million.
- Applicants must have a minimum monthly income of Dh30,000.
- It is open to citizens who have activated their loans with the bank but have not yet begun making payments to contractors.
Key terms include:
- The repayment period for the loans can be up to 25 years, in accordance with regulations set by the Central Bank.
- The Abu Dhabi government will cover 50% of the interest or gains on the additional loans.
- Eligible citizens can explore financing options via ADHA's mobile app or by visiting ‘Iskan Abu Dhabi’ in person.
The partnership was formalized through an agreement signed by Hamad Hareb Al Muhairi, Director General of ADHA, and Ala’a Eraiqat, CEO of ADCB Group.
Hamad Hareb Al Muhairi emphasized that the agreement will offer valuable financing solutions for citizens needing additional financial assistance, aligning with ADHA’s goal of partnering with the private sector to provide a variety of housing solutions tailored to citizens’ needs.
Ala’a Eraiqat, CEO of ADCB Group, highlighted the essential role of banking institutions in the housing sector, noting that ADCB is committed to supporting the UAE’s leadership in developing housing services for a prosperous and sustainable future for all.
This initiative allows eligible citizens to secure extra financing on top of their existing Dh1.75 million loans, enabling them to acquire housing that better suits their needs, according to officials.
The Abu Dhabi Housing Authority (ADHA) has partnered with Abu Dhabi Commercial Bank (ADCB) to provide these top-up loans, offering options with both interest and Murabaha financing, supported by the Abu Dhabi government.
Eligibility criteria for the initiative include:
- It is available to beneficiaries of ADHA’s Housing Loan Programme, which offers loans of Dh1.75 million.
- Applicants must have a minimum monthly income of Dh30,000.
- It is open to citizens who have activated their loans with the bank but have not yet begun making payments to contractors.
Key terms include:
- The repayment period for the loans can be up to 25 years, in accordance with regulations set by the Central Bank.
- The Abu Dhabi government will cover 50% of the interest or gains on the additional loans.
- Eligible citizens can explore financing options via ADHA's mobile app or by visiting ‘Iskan Abu Dhabi’ in person.
The partnership was formalized through an agreement signed by Hamad Hareb Al Muhairi, Director General of ADHA, and Ala’a Eraiqat, CEO of ADCB Group.
Hamad Hareb Al Muhairi emphasized that the agreement will offer valuable financing solutions for citizens needing additional financial assistance, aligning with ADHA’s goal of partnering with the private sector to provide a variety of housing solutions tailored to citizens’ needs.
Ala’a Eraiqat, CEO of ADCB Group, highlighted the essential role of banking institutions in the housing sector, noting that ADCB is committed to supporting the UAE’s leadership in developing housing services for a prosperous and sustainable future for all.