Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Tuesday 2 March 2010
Abu Dhabi steps in to cut cost of home loans
The Government has stepped in to reduce the cost of home loans in the capital. Buyers can now obtain mortgages at 5.75 per cent interest, compared with current rates of more than 8 per cent, a saving of Dh2,450 (US$667) a month on a typical Dh2 million loan.
Abu Dhabi Finance, a mortgage provider part-owned by the Government, revealed yesterday that it had received funds from the Department of Finance with which it will cut the cost of borrowing to 1 per cent below the best available.
“Abu Dhabi Finance is one of the tools that the Government is using to stimulate the real estate market,” said Ali Eid al Mehairi, the company’s chairman.
No comments:
Post a Comment