The Abu Dhabi Islamic Bank (ADIB) has launched what it says is the first-ever plot financing scheme.
ADIB says the offer is available to both residents and non-residents, and allows buyers to purchase property or make plot handover payments to own freehold residential plots at residential communities.
The bank said the new offering comes in response to the rising interest in land purchases among nationals and residents.
“With property and land prices rising in the UAE since last year, people are increasingly looking to purchase land as an asset or as a way of building their own property,” it said in a statement.
Buyers can get financing of up to 60 percent of the land plot value, with waiver of early settlement charges up to 30 percent of outstanding finance each year.
Sameh Awadallah, Acting Global Head of Retail Banking, said: “Over the years, ADIB has introduced many innovative financing offerings that have been well-received by our customers.
“With more than 1 million customers banking with us, we have been able to leverage on our customer insights to bring new offerings that continue to support our customers.”
He added that with the significant increase in people asking about purchasing property or buying their own land across the UAE, ADIB decided to design a product that allowed both residents and UAE nationals to finance their lands.
ADIB Plot Finance is currently available for select developments, including Al Dar Properties and Emaar Properties.
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