Monday, Dec 13, 2010
Gulf News
Mamlakaty offers Emirati clients up to 80% of building cost
Dubai: Abu Dhabi Finance (ADF) yesterday announced its Mamlakaty mortgage has been extended to offer financing for the construction of new private villas in Abu Dhabi.
Mamlakaty has all the trademark benefits of an ADF mortgage, and 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 offering equity release for completed private villas, Mamlakaty, which translates as My Kingdom, has been enhanced following positive feedback from ADFs clients, a large number of whom specifically enquired about mortgages for new villa construction. The Mamlakaty mortgage is available to Emiratis owning completed private villas, or owning tradable land in Abu Dhabi on which they wish to build a private villa.
ADF can provide financing for up to six villas per client, subject to the individual clients financial eligibility.
Ali Eid Al Muhairi, Chairman of ADF, said: Abu Dhabi Finance is proud to support its community and help Emirati nationals finance the construction of their private homes. 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.
The Mamlakaty mortgage has helped dozens of Emirati families unlock the value of their completed private villas since its launch in May and the reengineered product will now help many more.
Staff Report
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