ADF offers 70 pct mortgage to non-residents

Abu Dhabi Finance, the emirate’s fastest growing home finance provider, has announced on Sunday the launch of a new mortgage product, ‘Compass’, for clients residing outside the UAE.

‘Compass’ offers salaried non-residents wishing to invest in residential property in the capital up to 75 per cent mortgage finance. Self employed investors are eligible for a maximum of 70 per cent finance.

With its ‘Compass’ mortgage, Abu Dhabi Finance offers a minimum loan amount of Dh250,000, with the maximum amount being dependent on the individual applicant’s financial conditions.

Other features of the new product include maximum mortgage tenure of 30 years, an upper age limit of 70 at loan maturity, and the option to repay up to 10 per cent of the outstanding loan amount once per year without incurring any early repayment charges.

The mortgage is expected to appeal to buy-to-let investors, as well as those seeking equity release and remortgaging.

Mortgage repayment options are flexible to ensure the product suits the client’s requirements. They include an interest-only option for both completed properties and those under construction, regular capital repayment, and a combination of interest only for a part of the mortgage and capital repayment for a part of the mortgage.

“We know that there is a strong demand for mortgages for non-residents which we are now in a position to help to satisfy. Compass will also provide an option for those expats who are here on a fixed term contract and expect to be transferred to other destinations,” said Philip Ward, Chief Executive Officer of Abu Dhabi Finance.

Abu Dhabi Finance was launched in 2008 and has since grown to cover more than two-thirds of the property market in Abu Dhabi.