Ellington Properties and Abu Dhabi Commercial Bank (ADCB) have partnered to introduce pre-approved home financing for eligible buyers purchasing ready and off-plan properties within Ellington’s Dubai portfolio. The new arrangement includes financing of up to 50% of an off-plan property’s value, with pre-approval that can be renewed annually until handover.
Original article: Ellington Properties, ADCB pioneer new off-plan and ready pre-approved home buying solutions by Gulf News.
Key Insights:
Pre-Approval Available Until Handover
Under the new off-plan financing arrangement, eligible buyers can obtain pre-approved financing of up to 50% of the property’s value.
The initial pre-approval is valid for 12 months and can be renewed annually until the property is handed over. This is designed to give eligible buyers greater certainty around financing as construction progresses, including for milestone and handover payments.
Financing is also available for eligible buyers purchasing completed properties within Ellington’s portfolio.
ADCB Introduces Limited-Time Financing Terms
Eligible buyers financing off-plan or ready Ellington properties can currently access ADCB interest or profit rates starting from 3.49% per year, fixed for three years.
The bank is also waiving processing and valuation fees as part of the limited-time arrangement. Eligibility and financing terms remain subject to ADCB’s lending criteria.
Buyers can access the financing process digitally, with dedicated relationship managers also available to support applications.
Expanding Financing Options for Off-Plan Buyers
The partnership introduces another financing route for buyers considering Dubai’s off-plan market, where purchases have traditionally relied heavily on developer payment plans before handover.
The annually renewable pre-approval is particularly notable as it gives eligible buyers a clearer financing pathway during the construction period rather than requiring them to wait until completion to arrange mortgage financing.
However, the arrangement currently applies specifically to eligible buyers purchasing within Ellington Properties’ portfolio, and financing remains subject to ADCB’s approval and lending requirements.
