Latest Update on Home Loan in UAE
Abu Dhabi home finance
Abu Dhabi government, as a part of providing a good life to its residents, planned to distribute home loans of Dh 7.5 billion among them. Also, no interest loans are issued to the Emirates of Abu Dhabi for expansion, construction as well as remodeling of their homes. Abu Dhabi government also declared to allot land to its citizens for building their homes and for people who earn a low income, the government provides land with already built houses. A loan from Dh 500,000 to Dh 2 million is provided to the customers who wish to build their houses on the granted plot.
HSBC home loans
HSBC introduced home loans in Abu Dhabi due to profound demand of the customers towards home loans. Home buyers who pay keen interest in acquiring home loans can get them with HSBC. HSBC joined hands with Allsopp and Allsopp Mortgage services, Home Matters and Lion Mortgage services to expand its Mortgage services. Home finance from 80% of the property value is available for UAE Nationals and 75% for expats.
Emirates Development Bank home finance
Emirates Development Bank announced that its home finance portfolio can reach Dh 1.25 billion by the end of 2018 for UAE Nationals. Al Tayer, chairman of EDB board of directors said that the bank's portfolio of home finance of UAE Nationals has already reached Dh 938 million. This home finance has its own advantages of providing credit flexibility, top up loans thereby providing financial security to the UAE residents. 841 additional financial loans are provided to the UAE Nationals who got assistance from government authorities.