Abu Dhabi Commercial Bank has teamed up with ORA Developers UAE to offer home financing for off-plan buyers at BAYN in Ghantoot. The deal lets eligible customers take out loans while their properties are still under construction.
Buyers can tap into the financing solution once they have paid 50 percent of their unit's value. That mandatory payment must go through the regulated channels. After hitting that threshold, they can apply for a mortgage to cover the rest.
BAYN is ORA Developers UAE's flagship masterplan in the area. The partnership with ADCB aims to make it easier for people to buy homes there before the development is finished. Off-plan purchases have become popular across the Emirates because they often come with lower prices than completed units.
The bank is offering competitive rates to buyers who qualify. Pre-approvals last for up to 12 months, giving customers nearly a year to find the right unit. ADCB has also set up digital onboarding, so much of the application process can happen online rather than in person.
Buyers who want help can visit ADCB's specialist Mortgage Centres. Staff there focus on property loans and can walk customers through the steps. The centres provide dedicated support for people navigating the financing process.
The collaboration between the bank and the developer shows how financial institutions are working more closely with property companies in Abu Dhabi. Offering mortgages during construction can help developers sell units faster. It also gives buyers a path to homeownership without needing to save up the full purchase price before moving in.
ORA Developers UAE and ADCB have described the arrangement as a strategic partnership. Both sides see it as a way to attract buyers to BAYN and smooth out the off-plan purchase experience in Ghantoot.
Source
ORA Developers UAE and ADCB announce partnership to offer off-plan financing solution to BAYN customers (Construction Week Online)
