Abu Dhabi Finance Launched
Yesterday saw the official launch of a new mortgage provider in Abu Dhabi. Abu Dhabi Finance is a collaboration of five of the emirates major real estate and investment companies, and will have an initial capital of AED 500m. The company aims to play an integral part of the strategic growth of Abu Dhabi's expanding property market, by offering a wide range of more flexible mortgage options.
The five companies involved, Abu Dhabi Commercial Bank, Aldar, Sorouh Real Estate, Mubadala Development Company and the Tourism Development and Investment Company are said to control over two thirds of the new units being developed in Abu Dhabi.
Abu Dhabi Finance has said it will be offering a range of mortgages with a range of benefits including loan-to-value ratios of up to 85 per cent, loan terms of between 3 and 30 years, flexible repayment methods and debt service ratios of up to 55 per cent.
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