Confidence is returning to the UAE’s real estate market in a big way, and so are the offers. Abu Dhabi Islamic Bank (Adib) today announced that, for its mortgage customers, the bank is offering personal finance of up to Dh200,000 at a zero profit rate to help cover transaction costs associated with buying a property.
In a media statement, the bank noted that the limited-time offer is being launched this week and will be valid until the end of May.
With confidence returning to the UAE real estate market, Adib has enhanced its home finance offering, responding to customer’s demands for new products and making the process of purchasing a home much easier.
It said the latest offer is for customers who take home financing from Adib, and is limited to 10 per cent of the value of the home financing package up to a maximum of Dh200,000.
“When people find the home they want, they often only look at the price-tag and forget that there are many other costs involved, such as commission and solicitors’ fees. This type of short-term financing offer from Adib should relieve some financial pressure on homebuyers,” said Jamal Alvi, Business Head of Assets, Retail Banking, Adib.
He also said “Adib is now providing the complete package, and making the process of applying for home financing simpler and more transparent, while maintaining a strict approval criteria. We will also provide our customers with advice on affordability when buying a home and general budgeting, to ensure they do not overstretch themselves financially.”
With the UAE residential sector outperforming most real estate markets in the world last year, Adib launched new home finance options to meet the demands of the customers. It now offers home finance options to customers not residing in the UAE to either purchase or release cash out of their own home with very competitive pricing and very easy and convenient underwriting.
The bank also offers a home financing opportunity to finance a home in the UK. In addition, the bank has introduced an equity release option for property owners who would like to free up their capital that is trapped in the value of their home or land in Dubai and Abu Dhabi.
In the last few years, Adib has been working closely with the Abu Dhabi government on the Sheikh Zayed Housing Programme, the Private Housing Loans Authority for Nationals and the Mohammed Bin Rashed Housing Establishment. Meanwhile, also for UAE nationals, the bank has sped up the contractor approval process, making it easier for development of land plots.
The bank recently launched a job-loss protection scheme, which suspends repayments on several financing products for up to six months in the unfortunate event of loss of employment. Adib, which operates a network of nearly 80 branches, announced this month its acquisition of Barclays Bank’s UAE retail operations.