Aldar has become the first developer in Abu Dhabi to complete mortgage financing for an off-plan property under a new framework introduced by the Abu Dhabi Real Estate Centre (ADREC).
The first registration was completed with Abu Dhabi Commercial Bank (ADCB), which supported the initial transactions as the mortgage lender.
Under the new framework, buyers who have already paid 50% of the purchase price of an eligible off-plan property can arrange mortgage financing before the property is handed over. The bank can finance the remaining instalments during construction as well as the final payment at handover.
The financing bank can also be formally recorded on the mortgage registration certificate before handover, with the mortgage interest registered against the eligible off-plan unit in Abu Dhabi’s Initial Real Estate Register.
The 50% payment requirement is in line with UAE Central Bank regulations governing mortgage financing for off-plan properties.
Aldar said off-plan financing, including payments during construction, is now available to eligible customers who have paid at least 50% of the property value at qualifying projects.
The mortgages are being facilitated through Home Finance by Aldar, the company’s in-house mortgage advisory service. Participating lenders include ADCB, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, Emirates Islamic and First Abu Dhabi Bank.
Source: Aldar
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
