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Baniyas Investment and Development Company (BID) – the investment arm of Bani Yas Sports Club -- has entered into an agreement with Abu Dhabi Commercial Bank (ADCB) to provide preferential and easy finance schemes for prospective buyers of Bawabat Al Sharq – a mixed-use community development in Bani Yas, Abu Dhabi.
As per the agreement, the bank will be offering interest-free finance schemes to facilitate buyers to partake of the opportunity. A total of 75% of the value of the property will be offered as loan. The Buyers will also enjoy zero loan processing fees and zero installments till the handover of the property.
Commenting on the agreement with ADCB, Wael Tawil, CEO of BID, said: “Current bank lending policies are making it quite difficult for end-users and investors to seek finance. Studying the need of the hour, we have responded to the current scenario. We have partnered with ADCB to offer zero per cent interest finance options to our clients, offering a unique opportunity in these very challenging times. Our arrangement with ADCB symbolizes the confidence of the bank in our development. The agreement provides for both convention and Islamic mortgage finance, tailored for the needs of various clients.”
ADCB Representative Commentary said, “We have specially tailor made attractive and convenient installment plans for the buyers of the Bawabat Al Sharq project. Considering the current financial scenario, it is extremely important for banks like us to be able to offer our customers with unique and attractive features that are exclusive to ADCB. Bawabat Al Sharq project is a well designed and a prestigious project and we are extremely happy to be able to finance this project.”
Under the first scheme, buyers pay only 25% of the total property value at the time of purchase, while ADCB will finance the rest through an interest-free loan until the handover of the property. This scheme involves a monthly payment of AED500 to settle part of principal loan during the construction phase.
As per the second scheme, buyers pay only 17% of the property value, while ADCB will finance the rest through an interest-free loan till handover of property.
By using any of the above mentioned schemes, the customer enjoys the benefit of zero installments, zero interest and zero processing fees until delivery of the project.
On completion of the property, the customer pays an additional 12.5% of the total property value. The Equated Monthly Installment (EMI) commences only after the handover of the property.
Bawabat Al Sharq, an AED 3 billion project, is spread across a massive 108 hectares of land and encompasses residential, retail, entertainment and sporting facilities. Bawabat Al Sharq offers the convenience of a self-sustained city blended with the comfort of an uptown community. It combines contentment and convenience, luxury and style, and adds a personal feel to the community by presenting an artfully indulgent way of living to homeowners and investors alike.
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