Abu Dhabi Finance to launch new mortgage solution for prospective home buyers at Aldar's Al Raha Beach

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Abu Dhabi Finance, the Emirate’s fastest growing new home finance provider, in partnership with Aldar Properties, Abu Dhabi’s leading property development, management and investment company today announced it will launch a new mortgage solution developed specifically for the Al Muneera, Al Zeina and Al Bandar districts within the Al Raha Beach development at Cityscape Dubai.

The limited availability product offers a low fixed interest rate of 6.99 per cent for the first six months, followed by a discounted variable rate, 1 per cent lower than prevailing interest rates for 1 year. A maximum loan amount of 85 per cent spread over up to 30 years, and all the standard benefits of Abu Dhabi Finance’s core product ‘Essence’. Furthermore, the mortgages are entirely fee free as both application and processing fees are covered by Aldar, and are exclusively available to new customers looking to buy one of the remaining units in Al Muneera, Al Bandar and Al Zeina.

The three districts account for more than 2,000 quality units in Al Raha Beach, Aldar’s major beachfront development in Abu Dhabi. Al Bandar is a charming marina island home to plush apartment and duplexes, chic loft apartments and larger family apartments. Al Muneera will offer luxury villas and apartments, some with waterfront and canal views. The garden city of Al Zeina at the gateway to Al Raha Beach consists of premium villas, town houses and apartments nestling among terraced gardens on the beachfront. Al Bandar, will be delivered in Q2 2010, with Al Muneera and Al Zeina to follow.

Eligible applicants will have a first chance to apply for the mortgages on the Aldar stand at the Cityscape exhibition from 5-8 October in the Dubai International Convention & Exhibition Centre, and through the regular channels such as ‘the Gateway’, Abu Dhabi Finance’s call centre (800 ADF), by arranging a meeting with one of its mortgage advisors, or by visiting the Abu Dhabi Finance Head Office in downtown Abu Dhabi. The discounted mortgage product will be available until the 31st December 2009

Philip Ward, Chief Executive Officer, Abu Dhabi Finance, said: “Abu Dhabi Finance is delighted to offer this fantastic new mortgage solution to its clients. We aim to serve the entire community and even though our core ‘Essence’ mortgages suits a wide range of clients, properties and individual circumstances, specially developed products such as this one add another string to our bow.

“The fact that the mortgage is significantly discounted until delivery also helps home buyers who look to these three high quality Aldar developments for a home, and intend to live in the property.”

Rami Nasser, Director of Sales, Aldar, said: “Access to finance as a result of the unprecedented economic climate has been one of the major issues for the industry. This joint offering with our partners at Abu Dhabi Finance is a proactive way we can help existing and potential owners to secure and own the property of their dreams in Abu Dhabi.”

Abu Dhabi Finance offers some of the most flexible mortgage repayment options in the industry which include Interest Roll Up, Interest-Only, Repayment and a combination of Repayment and Interest-Only Mortgage Loans (‘Part and Part’ Mortgages). Clients can also repay up to 10 per cent of the outstanding loan amount per year free of repayment charges.