Deals of the Week: Ramadan home finance offer waives fees

To celebrate the Holy Month of Ramadan, the mortgage provider Abu Dhabi Finance has launched a special promotion for Emirati and expat prospective homebuyers.

Abu Dhabi Finance will give THE One furniture vouchers to new applicants to celebrate Ramadan. Andrew Henderson / The National

To celebrate the Holy Month of Ramadan, the mortgage provider Abu Dhabi Finance has launched a special promotion for prospective homebuyers.

The company, which was formed in November 2008, has waived the application and valuation fees and is also offering a home furnishing voucher worth Dh5,000 from THE One for the first 10 applicants.

The Ramadan promotion applies to all new applications received from July 15 to August 18 and is available to both Emiratis and expat residents.

"The Holy Month of Ramadan is very special to us all and we are happy to launch this special promotion offering a helping hand and great value," said Philip Ward, the chief executive of Abu Dhabi Finance, adding that the offer was available on its Essence mortgage.

The Essence mortgage includes a loan-to-value ratio of up to 85 per cent, mortgage tenures of up to 30 years and a range of repayment options.

Clients can also opt to take advantage of a one-month payment holiday and a 10 per cent partial settlement facility free of charge each year.

According to the Abu Dhabi Finance website, the Essence mortgage package usually carries a Dh3,000 application fee and a Dh3,000 valuation fee.

For more information, call 800 233 or visit www.adf.

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First Gulf Bank (FGB), Abu Dhabi's third-largest lender, has embarked on a savings drive for Emiratis with the launch of a Sharia-compliant deposit scheme.

FGB said it developed the Emirati Al Awwal Islamic Certificate after a customer survey showed demand for Islamic deposit products.

"We expect a wider interest level in the product among customers as it reflects local UAE Islamic traditions," said Huda Abdulla, the executive vice president of branch distribution.

Deposits can be made at all FGB branches as well as the lender's partner exchange houses throughout the UAE.

Go to www.fgb.ae for details.