Sorouh Real Estate
will now begin offering 4.99 per cent mortgages (with loan-to-value financing up to 80 per cent) to all buyers in the Sun Tower on Reem Island. If these buyers can switch their existing mortgages to
Union National Bank
, there's a lot of money to be saved.
In fact, this brings up the possibility that there could be a rash of refinancing moves across Abu Dhabi (and eventually the rest of the UAE), as new lenders scour the market for reliable borrowers. Sorouh
previously announced 4.99 per cent mortgages for new buyers
.
In Abu Dhabi, there's a lot of focus on mortgages right now as the Government tries to stimulate the stagnant property sector.
Abu Dhabi Finance
, which is more than half controlled by Mubadala Development (the strategic investment arm of Abu Dhabi),
is offering 5.75 per cent mortgages for many of the projects around the city
.
Meanwhile, the prevailing mortgage rate among lenders is about 8 per cent or more...
Here's the release.
