ADF extends finance for villa construction

ABU DHABI — Abu Dhabi Finance, or ADF, on Sunday announced that it will extend mortgages to offer financing for the construction of private villas in the emirate.



by

Nissar Hoath

Published: Mon 13 Dec 2010, 11:16 PM

Last updated: Mon 6 Apr 2015, 10:07 AM

It said its Mamlakaty mortgage, which was first launched in May to offer equity release for completed private villas, has now been extended for under-construction villas across the emirate.

“Mamlakaty has all the trademark benefits of an Abu Dhabi Finance mortgage, and offers up to 80 per cent of build costs for villas under construction and mortgages for up to 80 per cent of the value of completed villas,” the company said.

Mamlakaty has been enhanced following positive feedback from Abu Dhabi Finance’s clients, a large number of whom, specifically enquired about mortgages for new villa construction, according to ADF.

The product is available to Emirati nationals owning completed private villas, or owning tradable land in the Emirate of Abu Dhabi on which they wish to build a private villa. “Abu Dhabi Finance can provide financing for up to six villas per client, subject to the individual client’s financial eligibility.”

“It is with great pleasure that we announce the new and improved Mamlakaty mortgage, which is a direct response to demand in the market. Abu Dhabi Finance is proud to support its community and help Emirati nationals finance the construction of their private homes,” Chairman Ali Eid Al Muhairi said. “We continuously expand and diversify our product offering. All our mortgages, including our popular Essence mortgage which is available to all UAE residents, benefit from the lowest interest rates in the market as well as unbeatable flexibility and service.”

He said the product has already helped dozens of Emirati families unlock the value of their completed private villas since its launch in May, and the reengineered product will now help many more.

Mamlakaty, which translates as “My Kingdom,” is available to eligible clients with all Abu Dhabi Finance’s standard benefits, including the lowest interest rates in the market, starting from 5.75 per cent, a mortgage tenure of up to 30 years, and unrivalled flexibility as standard.

nissar@khaleejtimes.com


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