Abu Dhabi Islamic Bank offers first plot finance facilities
ABU DHABI, June 29, 2022
Abu Dhabi Islamic Bank (ADIB) said it has launched its first-ever plot financing facility for customers - both residents and expats - to help them purchase a piece of land in the emirate for the purpose of investment or homeownership.
Its new offering, ADIB Plot Finance, is currently available for select developments, including Al Dar Properties and Emaar Properties, and features attractive low profit rates, said a statement from the bank.
This comes in response to the rising interest in land purchases among nationals and residents alike. With property and land prices rising in the UAE since last year, people are increasingly looking to purchase land as an asset or as a way of building their own property, it stated.
The new offering will enable these customers to purchase property or buy freehold housing plots at prime residential communities across the emirate, it added,
Sameh Awadallah, Acting Global Head of Retail Banking, said: “Over the last few years, ADIB has introduced many innovative financing offerings that have been well-received by our customers. With more than 1 million customers banking with us, we have been able to leverage on our customer insights to bring new offerings that continue to support our customers."
"With the significant increase in people asking about purchasing property or buying their own land across the UAE, we decided to design a product that allowed both residents and UAE nationals to finance their lands,” observed Awadallah.
"Buyers can expect financing of up to 60% of the land plot value, with waiver of early settlement charges up to 30% of outstanding finance each year," he added.-TradeArabia News Service
