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| ADF drops the cost of mortgages |
 Abu Dhabi Finance has introduced the most attractive mortgage rate currently available in the UAE.The new rate of 5.75 percent, which is open to both new and existing customers, compares to ADF’s previous best rate of 8.25 percent. That means a borrower with an AED 2 million mortgage should be able to save up to AED 3,200 a month, or AED 38,400 a year. Ali Eid Al Mehairi, chairman of Abu Dhabi Finance, said that this is not a short-term promotion – the new rate will be available for “a very long time” in order to “make it more affordable for people to buy homes”. “We have consistently said that we would like to see lower interest rates over time and we are glad that we are able to lead the market with our record low rates,” he added. “This is the right time to bring these new rates to the market, as we will be seeing the completion of a number of projects in the capital, which will further stimulate demand.” The new interest rates will be incorporated into Abu Dhabi Finance’s core Essence and Compass products, which offer loans up to 85 and 75 percent respectively on valuation. Abu Dhabi Finance was launched in November 2008 and is backed by Mubadala, ADCB, Aldar Properties, Sorouh Real Estate and TDIC. The lender currently covers around 70 percent of the Abu Dhabi market through partnerships with major developers.
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