Abu Dhabi Finance launches ‘Mamlakaty’ for equity release from private villas in Emirate of Abu Dhabi
Private villa owners in Abu Dhabi will be able to release the value of their completed properties, thanks to a new mortgage product launched today by Abu Dhabi Finance, the Emirate’s fastest growing home finance provider. The product entitled ‘Mamlakaty’, which translates as ‘My Kingdom’, allows equity release of up to 80% and offers competitive interest rates starting from 5.75%.
The “MamlakatyÙ¡” mortgage is available to Emirati nationals owning properties, in the Emirate of Abu Dhabi, not subject to a National Housing Loan.
Ali Eid Al Mehairi, Chairman of Abu Dhabi Finance, commented:
“There is so much equity locked away in private villas which could be put to use other investments. Abu Dhabi Finance is proud to launch innovative products that support Emirati families, and help them unlock the value of their private homes.”
“With ‘MamlakatyÙ¡’, we are continuing to expand and diversify our product offering in response to the feedback we have received from the market. Since our launch less than two years ago, we have received more than 400 calls from UAE nationals enquiring about mortgages for private villas. We have listened, and we are launching this product in response,” he added.
“All our mortgages, including our popular ‘Essence’ mortgage which is available to all UAE residents, benefit from the lowest interest rates in the market as well as unbeatable flexibility,” Ali said.
Philip Ward, Chief Executive Officer of Abu Dhabi Finance said, “The launch of this product supports our commitment to our local community, and helps us continue to broaden our market leading mortgage offerings, which include home loans for a wide range of people and circumstances, including UAE nationals, UAE residents, and non-residents.”
Abu Dhabi Finance offers the lowest interest rates in the UAE, starting from 5.75%, and offers a host of other benefits, including a loan-to-value ratio of up to 85%, mortgage tenures of up to 30 years, and a range of repayment options, including the choice of having a one-month payment holiday per year.
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