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UAE: Bank announces first-ever plot finance as demand for land ownership increases
Offer is available to both residents and non-residents
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The Abu Dhabi Islamic Bank (ADIB) has announced the launch of its first-ever plot financing offering. The scheme enables customers to purchase a piece of land for purpose of investment or to fulfil their homeownership goals.
The offer, available to both residents and non-residents, allows buyers to purchase property or make plot handover payments to own freehold residential plots at renowned residential communities.
The new offering comes in response to “rising interest” in land purchases among nationals and residents alike. With property and land prices rising in the UAE since last year, people are increasingly looking to purchase land as an asset or as a way of building their own property.
Buyers can expect financing of up to 60 per cent of the land plot value, with waiver of early settlement charges up to 30 per cent of outstanding finance each year.
Sameh Awadallah, acting global head of retail banking, said: “Over the years, ADIB has introduced many innovative financing offerings that have been well-received by our customers. With more than one million customers banking with us, we have been able to leverage on our customer insights to bring new offerings that continue to support our customers. With the significant increase in people asking about purchasing property or buying their own land across the UAE, we decided to design a product that allowed both residents and UAE nationals to finance their lands.”
ADIB Plot Finance is currently available for select developments, including Al Dar Properties and Emaar Properties, and features attractive low profit rates.
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