6 requirements for applying for various housing loans in Abu Dhabi
The Abu Dhabi Housing Authority confirmed its keenness to implement its policies aimed at providing various housing loans to citizens, for the purposes of building, buying, maintaining, expanding, demolishing and rebuilding the applicant's home.
The authority clarified that 6 main conditions must be met to obtain loan services, that the applicant be a citizen of the Emirate of Abu Dhabi, and that he resides in the country on an ongoing basis, in addition to that he or his wife should not have benefited from any benefits of housing grants from any government agency (whether whether federal or local), and the applicant should be single, and in the event that he benefits from a joint housing grant or a joint residential land, he must undertake, when submitting the application, to waive his joint share when his application is approved.
The applicant for housing loans must also provide evidence of his ability to provide the additional amounts required to carry out construction work, which exceed the amount of the loan granted by the authority, since without these guarantees the consultant is not assigned or awarded the works.
He must also pledge to mortgage the entire land owned or granted to him and the building based on it - if any - and the attached facilities, annexes and easement rights, as an insurance mortgage of the first degree in the interest of the authority or entity that determines it, until the loan is paid.
In accordance with the Authority’s policies, the mortgage must be officially registered in accordance with the legal provisions established for this before granting the loan, and all transactions are recorded in the real estate registry with the concerned authority in the emirate, and the Authority may request the applicant or the beneficiary to provide a guarantor of a solvent citizen in accordance with the conditions determined by the Authority In coordination with the entity you specify to manage the housing loan.
The authority has set a set of requirements for some categories of customers;
For example, a female citizen widow must have custody of one or more children, and not own residential land or housing as a grant or inheritance from her deceased husband. As for the unmarried female citizen who does not have a legally-binding breadwinner and does not have adequate housing, she must reach the age of 30 years or more. The same applies to a divorced woman who has a son and more, with the stipulation that the father of the children is unable to provide housing.
As for a female citizen married to a non-citizen, she must have reached the age of 03 Gregorian years or more, and she must have two or more sons residing with her, and that the father of the children is unable to provide housing.
Follow our latest local and sports news and the latest political and economic developments via Google news