Sunday, 4 October 2009 at 16:37
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| Reem Finance, Hydra to offer Islamic mortgages |
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 Reem Finance will extend its Islamic mortgage facility to all properties within the Hydra Village development, the company announced on Sunday.
The Abu Dhabi-based company will showcase the mortgages available to new potential home buyers as well as existing investors at the Hydra stand at the Cityscape Dubai exhibition this week.
The company said the mortgages will be entirely shariah-compliant and offer eligible applicants up to 80 per cent finance for anything from seven years up to 15 years, and a debt service ratio of 60 per cent. Interest rates are competitive and will depend on the mortgage specifics. Minimum loan amount is Dh250,000.
The minimum monthly salary required to be eligible for a mortgage from Reem Finance is Dh15,000 and applicants need to provide, in addition to proof of booked property, six months’ original or verified bank statements, passport and residency visa for expatriates, employment certificate and full details of existing liabilities.
As part of Hydra’s commitment to on-time delivery of its projects, Hydra Properties will pay interest on behalf of the customer to Reem Finance, for the period of any delay in delivery of more than six months. This reiterates Hydra’s commitment to the timely handover of Hydra Village.
“Reem Finance is delighted to offer our popular mortgages to UAE nationals and expatriate residents wishing to invest in property in Hydra Village. We expect high demand and look forward to introducing our home financing options to Hydra Village investors at Cityscape,” says Nicholas Lehman, Chief Executive Officer of Reem Finance.
When completed, Hydra Village is expected to be one of Abu Dhabi’s new desirable neighbourhoods, conveniently located close to the airport and the main Abu Dhabi – Dubai highway.
“Mortgage finance is becoming more and more common in the UAE, where the majority of properties are still bought for cash. We know it is one way people can leverage their economic purchasing power and buying a property in Abu Dhabi with a mortgage is now often less expensive than renting,” says Ali Bin Sulayem, Chief Executive Officer of Hydra Properties.
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