'Affordable' mortgages rolled out

27.04.2015
The company will provide mortgages to residents who have a minimum income of AED10,000 per month.

With UAE developers rolling out affordable housing projects, a mortgage provider is now working to deliver a home finance product for residents earning AED10,000 a month.

Abu Dhabi Finance (ADF) is in talks with some of the major UAE property developers to offer mortgage to units in 'affordable' housing projects, Emirates 24/7 reported.

“The demand for affordable housing from middle income families, particularly in Abu Dhabi, is huge. The capital is a very attractive place to live, but the cost of housing, particularly rentals, remains high and affordable housing stock for sale is relatively low,” said company Chief Executive Officer Chris Taylor.

“Equally there is currently a gap in the market in terms of viable financing for affordable housing. However, this is changing, there is a lot of new housing stock in the pipeline for the coming years representing a huge potential market for lenders,” he added.

The company will provide mortgages to residents who have a minimum income of AED10,000 per month.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

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Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

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From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

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  • 4% - registration

Additional services:

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