Abu Dhabi Finance, a provider of mortgages in the UAE, announced that its “Mamlakaty” mortgage has been extended to offer financing for the construction of new private villas in the emirate.

“Mamlakaty” offers up to 80 per cent of build costs for villas under construction and mortgages for up to 80 per cent of the value of completed villas.

First launched in May of this year offering equity release for completed private villas, “Mamlakaty” has been enhanced following positive feedback from Abu Dhabi Finance’s clients, a large number of whom specifically enquired about mortgages for new villa construction, a statement said.

The “Mamlakaty” mortgage is available to Emirati nationals owning completed private villas, or owning tradable land in Abu Dhabi on which they wish to build a private villa.

Abu Dhabi Finance can provide financing for up to six villas per client, subject to the individual client’s financial eligibility.

“It is with great pleasure that we announce the new and improved “Mamlakaty” mortgage, which is a direct response to demand in the market,” stated Ali Eid Al Mehairi, chairman of Abu Dhabi Finance.

“We continuously expand and diversify our product offering. 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 and service.”

“Mamlakaty”, which translates as ‘My Kingdom’, is available to eligible clients
with all Abu Dhabi Finance’s standard benefits, including the lowest interest rates in the market, starting from 5.75 per cent, a mortgage tenure of up to 30 years, and unrivalled flexibility as standard, he added.
 
Abu Dhabi Finance will only provide first degree mortgages, which means it will not lend against a project that has a pre-existing loan in place.-TradeArabia News Service