Emirate based home finance provider- Abu Dhabi Finance has announced to extend mortgages for the residential villas at the TDIC's St. Regis Saadiyat Island Resort development at an interest rate 5.75 per cent.

The Residences at the St. Regis Saadiyat Island Resort comprises of 32 exclusive villas are scheduled for delivery in the fourth quarter of 2011. The four and five bedroom villas would be available at Dh22 million to Dh25 million, according to insiders.

Philip Ward, Chief Executive Officer of Abu Dhabi Finance, added that the villas would be offered in easy installments which can be easily paid by interested people on monthly basis. He added, "It starts with one of our mortgage advisors sitting together looking at their income, their commitments, and possible future expenditure and then mapping out the best option for their individual circumstances."

Jean-Luc Desbois, managing director of Home Matters, a mortgage consultancy firm said that the average interest rate prevailing in the market is 5.75 to 6 per cent. So an interest rate of 5.75 per cent may be considered competitive. Moreover, Abu Dhabi Finance is also offering other facilities such as a loan-to-value ratio of up to 85 per cent, mortgage tenures of up to 30 years, and a range of repayment options.