Abu Dhabi Finance offers non-resident mortgages

[LRE]

Staff Report
Published: August 31, 2009, 23:15


Dubai: People living outside the UAE could now get up to 75 per cent mortgage loans against properties in the UAE capital as Abu Dhabi Finance launches a new product called Compass for non-residents.

"Compass offers salaried non-residents wishing to invest in residential property in the capital up to 75 per cent mortgage finance. Self employed investors are eligible for a maximum of 70 per cent finance," the company said in a statement.

With its Compass mortgage, Abu Dhabi Finance offers a minimum loan amount of Dh250,000, with the maximum amount depending on the individual applicant's circumstances. Other features of the new product include maximum mortgage tenure of 30 years, an upper age limit of 70 at loan maturity, and the option to repay up to 10 per cent of the outstanding loan amount once per year without incurring any early repayment charges.

The mortgage is expected to appeal to buy-to-let investors, as well as those seeking equity release and remortgaging.


http://www.gulfnews.com/business/Banking...45152.html