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Reem Finance to Offer Mortgage for Hydra Village Units

(Staff Report) / 7 October 2009

ABU DHABI — Reem Finance and Hydra Properties announced a partnership to provide Islamic mortgage finance to all properties within the Hydra Village development, located close to the airport and the main Abu Dhabi-Dubai highway.

The mortgages offered by Reem Finance for Hydra Village are entirely Shariah-compliant and offer eligible applicants up to 80 per cent finance for anything from seven to 15 years, and a debt service ratio of 60 per cent. Interest rates are competitive and will depend on the mortgage specifics. While the minimum loan amount is Dh 250,000, Reem is committed to financing all properties within the Hydra Village development, the companies said in a statement on Sunday.

Hydra Properties will pay interest on behalf of the customers to Reem Finance, for the period of any delay in delivery of more than six months.

The mortgages available to new potential home buyers as well as to existing investors at the Hydra stand at the Cityscape Dubai exhibition, the release said.

·         ramavarman@khaleejtimes.ae

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