Abu Dhabi Launches New Housing Loan Program

Abu Dhabi Helps Citizens with New Housing Loans

From now on, residents of Abu Dhabi can apply for an additional housing loan of up to 500,000 dirhams alongside their existing Abu Dhabi Housing Authority (ADHA) loan if their monthly income surpasses 30,000 dirhams. The initiative aims to make home ownership more accessible and allow families to more easily construct or purchase their own property.

Partnerships with Banks for Better Terms

The new financing program is made possible through the cooperation of the ADHA and three key national banks – First Abu Dhabi Bank, Abu Dhabi Islamic Bank, and Al Maryah Community Bank. The arrangement's uniqueness comes from the Abu Dhabi government supporting half of the interest and profit rates, making the loans available on much more favorable terms.

Applicants can receive loans for up to 25 years, in compliance with the UAE Central Bank regulations and Islamic Sharia principles. This long-term repayment option provides families with more predictable financial planning.

Flexible Terms for Existing Loans

The program is not only for new applicants. Citizens who have already received the 1.75 million dirham ADHA loan but have not yet started payments to the contractor or developer are also eligible. This flexibility allows beneficiaries to better plan the construction schedule and bring in additional resources for their projects if needed.

Strengthening Social Stability

The goal of the Abu Dhabi Housing Authority is to create a sustainable housing system in the long run that supports family stability and well-being. By involving the banking sector, a financial background is established that ensures flexible and accessible financing options tailored to the needs of the populace.

Simple Application Through Digital Channels

Eligible citizens can submit their applications directly through the “Abu Dhabi Housing” mobile app to any partner bank. This digital solution speeds up administration and allows applicants to conveniently and transparently track the loan application process.

(Source of the article: Abu Dhabi Housing Authority announcement.)