ADIB Offers Plot Financing for Residents and Non-Residents Due to the Demand in Land

Abu Dhabi Islamic Bank (ADIB) has announced a scheme which aims to assist its customers in buying land to build a home or as an investment. The bank was founded in 1997, and today has more than 70 branches and 500 ATMs across the UAE, as well as online and telephone banking services, and is one of the leading Islamic banks with more than AED 133B (USD 36.2B ) in assets. ADIB also has a presence in several countries, including the United Kingdom, Egypt, Qatar, Saudi Arabia, Iraq and Sudan.

According to ADIB, this will be the first-ever plot financing scheme, and is available for residents and non-residents of the UAE. Future owners will get the opportunity to buy freehold residential land or make plot handover payments to own a freehold residential plot in their desired community.

As ADIB states, this decision was taken as a result of the high interest from locals and foreigners purchasing a land plot. Due to the fact that the cost of properties and land plots have been rising since last year, people are looking for ways to obtain land as an investment or for creating a home corresponding to their own needs and design.

Future buyers will get a chance to have financing of up to 60% of the plot’s value, with early settlement charging up to 30% of the outstanding finance each year. The Acting Global Head of Retail Banking of ADIB, Sameh Awadallah, has stated that over the years the bank has offered a range of innovative financing offerings which were appreciated by its customers, adding that with over 1 million customers and the understanding of their needs, the bank now has the opportunity to offer new ideas to support them.

Previously, Aldar Properties launched the community of Yas Acres – North Bay located on Yas Island. Investors will get an opportunity to purchase one of 18 residential and mixed-use land plots to build apartment complexes, and then be able to resell them after the handover of the project.