Reem to finance Hydra project

Reem Finance and Hydra Properties have signed a co-operation agreement to offer 80 per cent Islamic mortgage finance to units in the Hydra Village development.

The mortgages are offered by Reem Finance for anything from seven to 15 years, and a debt service ratio of 60 per cent. Interest rates will depend on the mortgage specifics. While the minimum loan amount is Dh250,000, Reem is committed to financing all properties within the Hydra Village development.

The minimum monthly salary required to be eligible for a mortgage from Reem Finance is Dh15,000 and applicants need to provide, in addition to proof of booked property, six months' original or verified bank statements, passport and residency visa for expatriates, employment certificate and details of liabilities.

The mortgage provider will showcase the mortgages available to new potential home buyers and to existing investors at the Hydra stand at Cityscape.

Hydra Properties will pay interest on behalf of the customer to Reem Finance, for the period of any delay in delivery of more than six months.

Nicholas Lehman, CEO of Reem Finance, said: "We expect high demand and look forward to introducing our home financing options to Hydra Village investors at Cityscape. We are committed to supporting Hydra's clients and its financing needs for this high quality master planned community, which will, on completion, become one of Abu Dhabi's new desirable neighbourhoods."

Ali Bin Sulayem, CEO of Hydra Properties, said: "Mortgage finance is becoming common in the UAE, where the majority of properties are still bought for cash.

"It is one way people can leverage their economic purchasing power and buying a property in Abu Dhabi with a mortgage is now less expensive."

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