The Government has stepped in to reduce the cost of home loans in the capital. Buyers can now obtain mortgages at 5.75% interest, compared with current rates of more than 8%, a saving of Dh2,450 ($667) a month on a typical Dh2 million loan.

Abu Dhabi Finance, a mortgage provider part-owned by the Government, revealed yesterday that it had received funds from the Department of Finance with which it will cut the cost of borrowing to 1% below the best available.

The National