(ABU DHABI, U.A.E.) -- People living outside the UAE no longer need a bundle of cash to buy residential property in Abu Dhabi. Abu Dhabi Finance is ready to offer mortgages up to 75 percent of the property's value to qualified non residents. Qualified means salaried and no older than 70 at the time of the loan's maturity. A self employed buyer may receive a mortgage up to 70 percent of the property's value.
The so-called Compass mortgage is for a minimum of $68,000 with the maximum tailored to the applicant. The mortgage can be for up to 30 years if the buyer is not older than 40. Up to ten percent of the principal may be repaid each year without penalties.
Mortgage repayment options are relatively flexible. They include an interest only option for completed properties and those under construction and a combination of interest only for a part of the mortgage and capital repayment for a part of the mortgage.
Philip Ward, the Chief Executive Officer of Abu Dhabi Finance, said, "We are delighted to bring this new product to the market. We know that there is a strong demand for mortgages for non-residents which we are now in a position to help to satisfy."
The new mortgages can also help the expatriates who comprise at least 80 percent of residents in the UAE. "With our Compass mortgage, they can still invest in property in Abu Dhabi with confidence," said Ward, even after they leave the UAE.
Abu Dhabi Finance was launched in 2008 and now covers developers such as Aldar Properties, Sorouh Real Estate, The Tourism Development and Investment Company, Capitala, Green Emirates Properties and Profile Group Properties, comprising two thirds of available residential real estate.