Emiratis who have taken out a loan to build or purchase a house now have the opportunity to apply for a top-up of up to Dh500,000 under a new initiative by the Abu Dhabi government. This initiative is aimed at helping eligible citizens secure additional financing on their original loans of Dh1.75 million, enabling them to obtain housing that better meets their needs. The Abu Dhabi Housing Authority (ADHA) has partnered with Abu Dhabi Commercial Bank (ADCB) to offer these top-up loans, with interest and Murabaha options supported by the Abu Dhabi government.
To be eligible for this initiative, beneficiaries must have taken out loans through the Adha’s Housing Loan Programme with loan amounts of Dh1.75 million. Applicants should have a monthly income of at least Dh30,000 and should include citizens who have activated their loans with the bank but have not yet started disbursing payments to contractors. The loan repayment period will be up to 25 years, in compliance with the Central Bank’s regulations and requirements, with the government of Abu Dhabi covering 50 per cent of the interest and gains on the additional loans.
Eligible citizens can explore the financing options through the Adha’s mobile application or by visiting the ‘Iskan Abu Dhabi’ directly. The collaboration between ADHA and ADCB was formalized through the signing of an agreement by His Excellency Hamad Hareb Al Muhairi, Director General of the Abu Dhabi Housing Authority, and Ala’a Eraiqat, CEO of ADCB Group. This agreement aims to provide unique, value-added financing options for citizens seeking additional financial aid and aligns with Adha’s commitment to establishing partnerships with the private sector to provide tailored housing solutions.
Hamad Hareb Al Muhairi, director-general of Adha, stated that this agreement reflects Adha’s dedication to providing citizens with a wide range of housing solutions tailored to their needs. Ala’a Eraiqat, CEO of ADCB Group, emphasized the bank’s commitment to supporting the development of housing services in the UAE to achieve a prosperous and sustainable future for all members of society. With this initiative, Emiratis have the opportunity to enhance their existing housing loans and secure additional financing to meet their housing needs. This partnership between the Abu Dhabi Housing Authority and Abu Dhabi Commercial Bank aims to provide valuable financial assistance to citizens looking to improve their housing situation.
