Abu Dhabi Finance, the Emirate’s fastest growing home finance provider, has today announced the introduction of its new pricing, which will see interest rates starting from an unprecedented 5.75 per cent to 8.5 per cent.
The new rates will offer the average Abu Dhabi Finance mortgage applicant savings of AED 2,450 per month, or AED 29,400 per year, compared to the previous interest levels*. The pricing reflects the mortgage company’s policy to treat clients fairly, deliver the best mortgage options, and to offer value as well as unbeatable service to its clients.
All existing Abu Dhabi Finance clients on a variable rate mortgage will also benefit overtime from the rate reduction and will notice a significant difference in their wallets.
With a large number of homes due for hand-over this year, the announcement is expected to fuel demand and the mortgage lender expects to see the greatest number of applications to come from buyers of properties nearing completion.
Ali Eid Al Mehairi, Abu Dhabi Finance’s Chairman, commented: “Abu Dhabi Finance was established to support the growth of Abu Dhabi’s real estate industry and the development of the Emirate outlined in Plan Abu Dhabi 2030. We aim to do this by offering our clients the best mortgages in the market, and we are delighted to offer our clients unprecedented value with our new interest rates. We have consistently said that we would like to see lower interest rates over time and we are glad that we are able to lead the market with our record low rates starting from 5.75 per cent being announced today.
“This is the right time to bring these new rates to the market, as we will be seeing the completion of a number of projects in the capital, which will further stimulate demand. With our new pricing range, we will support even more people than before in buying their dream home in Abu Dhabi.
“Interest rate is only one part of the equation though, and we encourage anyone seeking home finance to look at flexibility and quality of service as well as price when they compare mortgage providers.”
The new interest rates will be incorporated into Abu Dhabi Finance’s core products, “Essence” and “Compass”, which offers loan-to-value ratios of up to 85 and 75 per cent respectively - spread over anything from 3 to 30 years – and a range of repayment options, including the choice of having a one-month payment holiday, allowing clients to miss their mortgage payments once a year.
Since its launch in November 2008, Abu Dhabi Finance has extended its reach and now covers more than 70 per cent of the Abu Dhabi market through its partnerships with Aldar, Sorouh, TDIC, Capitala, Green Emirates Properties, RAK Properties and Profile Group. Abu Dhabi Finance also offers mortgages for a full range of properties, from studio apartments to exclusive villas, and from Reem Island to Saadiyat Island and Abu Dhabi Island itself.
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