The new offer is available for both residents and non-residents.
The Islamic Bank of Abu Dhabi (ADIB) has announced the launch of its first-ever construction financing proposal. The scheme allows clients to purchase a plot of land for the purpose of investing or to achieve their homeownership goals.
The offer, available to both residents and non-residents, allows buyers to purchase real estate or make land transfer payments to own vacant residential lots in well-known residential communities.
The new offer was made in response to the «growing interest» in buying land among both UAE citizens and foreigners. Due to the rise in real estate and land prices in the UAE since last year, people are increasingly seeking to purchase land as an asset or as a way to build their own home.
Buyers can count on financing from the bank in the amount of up to 60% of the value of the land plot with a waiver of payment for early repayment of up to 30% of outstanding financing each year.
Sameh Awadallah, Acting Global Head of Retail Banking, said: «Over the years, ADIB has implemented many innovative financial proposals that have been well received by our customers. Due to the fact that we have more than a million customers, we were able to use our knowledge to create new offers that continue to support our customers. Due to the significant increase in the number of people interested in buying real estate or buying their own land throughout the UAE, we decided to develop a product that would allow both residents and citizens of the UAE to finance their land».
ADIB Pli Finance is currently available for some projects, including Al Dar Properties and Emaar Properties, and features attractive prices.