Government of Abu Dhabi to cover 50 per cent of the bank interest incurred by citizens

Abu Dhabi Housing Authority (ADHA) and Abu Dhabi Commercial Bank (ADCB) have collaborated to offer top-up on existing housing loans with interest and Murabaha options, supported by the Abu Dhabi government, to beneficiaries of ADHA’s Housing Loan Program. This initiative enables eligible citizens to secure additional financing on their original loans of AED 1.75 million, helping them obtain housing that better meets their needs.

This collaboration was formalized through the signing of an agreement by H.E. Hamad Hareb Al Muhairi, Director General of the Abu Dhabi Housing Authority and Ala’a Eraiqat, Chief Executive Officer of ADCB Group.

Under the terms of the agreement, citizens who have an existing housing loan to build or purchase a ready-built house, in accordance with the new housing benefits policy, and whose monthly income exceeds AED 30,000, will be eligible to receive an additional loan of up to AED 500,000 from ADCB. The loan repayment period will be upto 25 years, in compliance with the Central Bank’s regulations and requirements. Furthermore, the Government of Abu Dhabi will cover 50 per cent of the interest and gains on these additional loans.

The agreement will cover citizens who are already benefiting from housing loans from the Abu Dhabi Housing Authority, in accordance with the new policies, with loan amounts of AED 1.75 million. It includes citizens who have activated their loans with the bank but have not yet started disbursing payments to contractors.

His Excellency Hamad Hareb Al Muhairi, Director General of the Abu Dhabi Housing Authority, said: “This agreement aligns with Abu Dhabi Housing Authority's commitment to establishing partnerships with the private sector to provide citizens with a wide range of housing solutions tailored to their needs. It also supports their well-being and family stability in line with the Authority's vision of fostering a sustainable housing system in the emirate. The agreement will provide unique, value-added financing options for citizens seeking to obtain extra financial aid, in addition to their existing loans approved by the authority, as per the individual’s solvency.”

Ala’a Eraiqat, Chief Executive Officer of ADCB Group, said: “We are pleased to enter into a strategic partnership with the Abu Dhabi Housing Authority as it aligns with our firm commitment in contributing to the development of the community and enhancing the quality of life in the UAE. At ADCB, we recognize the vital role that banking institutions play in the housing sector, a priority for the UAE’s leadership. In line with this, we remain determined to support the development of housing services in the UAE in order to achieve a prosperous and sustainable future for all members of the society.”

Eligible citizens can explore diverse financing options through the Abu Dhabi Housing Authority’s mobile application or visit the ‘ISKAN Abu Dhabi’ directly.