Abu Dhabi Housing Authority (ADHA) has teamed up with Abu Dhabi Commercial Bank (ADCB) to offer top-up housing loans for UAE nationals in emirate.
The initiative, supported by the Abu Dhabi government, provides top-up loans with interest and Murabaha options to the beneficiaries of ADHA’s Housing Loan Program. This will allow eligible citizens to acquire additional financing on their original loans of AED 1.75 million ($472,500), helping them obtain housing to cater to their needs.
Citizens with existing housing loan to build or buy a ready-built house, in accordance with the new housing benefits policy, and monthly income exceeding AED 30,000 ($8,100), can secure an additional loan of up to AED 500,000 ($135,000) from ADCB.
The loan repayment period extends up to 25 years, complying with the Central Bank’s regulations and requirements. Furthermore, the Abu Dhabi government will cover 50 per cent of the interest and gains on these additional loans.
The agreement will cover the existing Abu Dhabi Housing Authority beneficiaries, in accordance with the new policies, with loan amounts of AED 1.75 million ($472,500). It includes citizens who have initiated loan activation with the bank but have not yet begun disbursing payments to contractors.
His Excellency Hamad Hareb Al Muhairi, Director General of the Abu Dhabi Housing Authority and Ala’a Eraiqat, Chief Executive Officer of ADCB Group signed the agreement.
H.E. Hamad Hareb Al Muhairi Director General – Abu Dhabi Housing Authority
“This agreement aligns with Abu Dhabi Housing Authority’s commitment to establishing partnerships with the private sector to provide citizens with a wide range of housing solutions tailored to their needs. It also supports their well-being and family stability in line with the Authority’s vision of fostering a sustainable housing system in the emirate. The agreement will provide unique, value-added financing options for citizens seeking to obtain extra financial aid, in addition to their existing loans approved by the authority, as per the individual’s solvency.”
Ala’a Eraiqat, Chief Executive Officer of ADCB Group, stated that, “We are pleased to enter into a strategic partnership with the Abu Dhabi Housing Authority as it aligns with our firm commitment in contributing to the development of the community and enhancing the quality of life in the UAE. At ADCB, we recognize the vital role that banking institutions play in the housing sector, a priority for the UAE’s leadership. In line with this, we remain determined to support the development of housing services in the UAE in order to achieve a prosperous and sustainable future for all members of the society.”
