UAE Bank announces first-ever plot finance for land ownership
30 June 2022 – Khaleej Times – www.khaleejtimes.com
The Abu Dhabi Islamic Bank (ADIB) has announced the launch of its first-ever plot financing offering. The scheme enables customers to purchase a piece of land for purpose of investment or to fulfil their homeownership goals.
The offer, available to both residents and non-residents, allows buyers to purchase property or make plot handover payments to own freehold residential plots at renowned residential communities.
Buyers can expect financing of up to 60 per cent of the land plot value, with waiver of early settlement charges up to 30 per cent of outstanding finance each year.
Sameh Awadallah, acting global head of retail banking, said: “Over the years, ADIB has introduced many innovative financing offerings that have been well-received by our customers. With more than one 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.”
ADIB Plot Finance is currently available for select developments, including Al Dar Properties and Emaar Properties, and features attractive low profit rates.
