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UAE Mortgage Guide
Provider Abu Dhabi Commercial Bank
Available to UAE Nationals, Expats.
Mortgage Tenor 25 years for all.
Interest rate 1. Base rate plus 2.5% for the first year.
2. Varying rate capped at 9.00% for three years.
3. Varying rate capped at 9.50% for 5 years.
4. Fixed rate of 8.50% for three years.
Fixed rate of 9.00% for five years.
Maximum loan amount As much as 90% finance offered, upto AED 3.5 million.
Insurance requirements Life insurance, Loan insurance.
Minimum salary (AED) 10,000.00
Charges Processing fee of 1%, minimum of AED 5,000. Repayment penalty 3% of the outstanding, 5% if bank buyout. Valuation fee upto 3,000.
Properties financed Nakheel, Damac, Rose Tower 1, Sharjah. Emaar, Union Properties, Dubai Properties, Al Dar, Areef.
Documentation required Passport copy, salary certificate, six months salary bank account statements, application form.
Contact 800-2030 or 800-56267
 
Provider Amlak (Sharia'h compliant)
Available to UAE nationals, GCC residents, UAE residents and non-UAE residents.
Mortgage Tenor Upto 15 yrs for GCC, UAE & non-residents, 25 yrs for UAE nationals from 01/08/05
Amlak offers all new UAE resident customers upto 20 years on villas and townhouses.
Interest rate Variable rate (residents): 6.75% for 70% and below 6.95% for 80% finance, 7.25% for 90%, (Non-residents 7.50%)
Fixed rate (residents): 7-15 yrs 10.50%; 5 - 7yrs. 8.75% Upto 5 yrs. 8.00% (Non-residents add 0.50%).
Maximum loan amount Depends on salary.
Insurance requirements Not compulsory, can provide Islamic insurance solutions. Property insurance is compulsory, family protection is not.
Minimum salary (AED) N/A
Charges No early settlement charge. No partial repayment charges, 1% processing fee- Min. AED 5,000,Non-resident-1.25%- Min. -AED 5,000, Valuation fee upto 3,000.
Properties financed Emaar, JBR, Al Fattan, Nakheel, Palm Developments.
Documentation required Passport, Labour Card, Khulasat Qaid (ID card), salary certificate, 6 months bank statements, other income documents, copy of sale/ purchase agreement, proof of
downpayments, cheque for loan processing fee.
Contact Connect with Amlak 8000-4337
   
Provider Habib Bank AG Zurich
Available to UAE nationals & UAE residents.
Mortgage Tenor Up to 15 years.
Interest rate 3.5% above 1year LIBOR, min. of 6.5% per annum.
Maximum loan amount 70% of loan to value ratio, upto AED 3,500,000.
Insurance requirements Copy of Property & Life Insurance policies.
Minimum salary (AED) 12,000.00
Charges 1% of outstanding loan as early settlement charge. Processing fee1% of the loan amount or min AED 5,000.
Properties financed Emaar, Nakheel & Istithmar.
Documentation required For employed applicants - a salary transfer letter from the employer. For business owners/directors - trade licence & audited company financials, passport copy, 6 months bank statement, property & life insurance policies.
Contact Call 04 331 3999 or visit the website: www.habibbank.com
   
Provider HSBC
Available to UAE and Non - UAE residents.
Mortgage Tenor Up to 20 yrs. subject to repayment by 60th birthday.
20 yrs for villas and townhouse, 15 yrs for apartments.
Interest rate Up to 70% = 6.75% variable, > 70-80% = 7% variable. HSBC can help with stage payments rqd. By approved developers using a Construction Finance Account, charged at 1.25% above the mortgage rate. Less 0.15% if salary transferred. Special rates offered for Phase 2 of Green Community.
Maximum loan amount Depends on individual financial status. Standard precompletion properties is 80% of developer price, completed properties is 80% of market value as determined by an appointed valuer. (Valuation will be charged).
Insurance requirements Mortgage protection policy & Buildings Insurance required.
Minimum salary (AED) Depends on financial status.
Charges Details can be viewed on www.hsbc.ae. 1% of the loan amount is levied as arrangement fee for the mortgage.
Properties financed Al Hamra Village in RAK, Marina Heights Tower, JBR, Al Nakheel, Green Community, Emaar Villa's & Townhouses (but not apartments).
Documentation required Passport, Current salary certificate, six month's bank statements, credit card statement, other income documents, copy of sale/purchase agreement.
Contact Call 04 329 1568 or visit the website: www.uae.hsbc.com
   
Provider Lloyds TSB
Available to UAE residents, non resident UK expatriates only.
Mortgage Tenor 15 yrs.
Interest rate 7.5% variable, straight repayment mortgage. Lump sum repayments possible at no charge. Special rate of 6% offered for phase 2 of Green Community.
Maximum loan amount Depends on salary.
Insurance requirements Life cover is mandatory.
Minimum salary (AED) 12,000.00
Charges 0.5% arrangement fee on completed application. Valuation fee of AED 2,500. Fees can be added to loan amount. No early repayment penalties.
Properties financed Emaar, Jumeirah Beach Residence, UP (The Green Community & UPTOWN Mirdif) and Nakheel soon.
Documentation required Salary certificate, passport copies, six months bank statements, agreement of property sale.
Contact 04-342 2000.
   
Provider Mashreqbank
Available to Residents & Non - residents.
Mortgage Tenor Up to 15 yrs.
Interest rate 6.95% fixed till Dec. 2005, then 4.99% + 3 months EIBOR with a minimum of 6.95% for residents & non - residents. Varies depending on the property.
Maximum loan amount Up to 80% (of original property price) or max of AED 3 million.
Insurance requirements Life and Property Insurance mandatory.
Minimum salary (AED) 10,000.00
Charges 1.23% processing fee on the loan amount.
Properties financed Emaar properties, Istithmar Realty (JBR), Nakheel.
Documentation required Application form , passport copy, bank statement, property documents, etc.
Contact Call Mashreq Direct 04 2174800
   
Provider National Bank of Abu Dhabi
Available to UAE Nationals, Expats only in Abu Dhabi/Dubai emirates.
Mortgage Tenor Up to 25 years for all.
Interest rate Base rate + 1%.
Maximum loan amount Up to AED 5 million.
Insurance requirements Property and life Insurance.
Minimum salary (AED) 10,000.00
Charges Processing fee AED 1,500 Minimum of AED 5,000, repayment penalty of 1% of outstanding, or AED 10,000 whichever is greater.
Properties financed Residential only for expats, looked at on a case-by-case basis.
Documentation required Passport Copy, sale receipt, transfer documents, salary certificate, six months bank statements, application form.
Contact Call 8000-221.
   
Provider National Bank of Dubai
Available to UAE nationals, GCC residents, UAE residents and Non-residents.
Mortgage Tenor 20 yrs for UAE Nationals, 15 yrs for Expats, 12 yrs. For Non-residents.
Interest rate 7.65% on reducing balance basis. Special rates offered for Dubai Properties Business Bay.
Maximum loan amount Multiples of salary for 60 months, or 80% of the property valuation (by the Land Department), whichever is lower.
Insurance requirements Life and property Insurance mandatory. Monthly premium. 0.40% per annum of the loan amount.
Minimum salary (AED) 8,000.UAE Nationals, 10,000 Expats, 25,000 Non-residents.
Charges 1% processing fee, or AED 5,000 whichever is higher.
Properties financed Emaar, Nakheel, JBR and Duabi Properties.
Documentation required Passport, Labour Card, Khulasat Qaid (ID card), salary certificate, 6 month's bank statements, other income docs, copy of sale/ purchase agreement, proof of downpayments, cheque for loan processing fee.
Contact 24/7 Call Centre 04-310 0222
   
Provider RAKbank
Available to UAE nationals, Expats and Non-residents. Minimum age 21 yrs.
Mortgage Tenor 21 years for all.
Interest rate 6.50 - 7.25%, on reducing balance basis (salaried customers and self employed with audited financial statements), 6.50 - 7.75% (self employed), 6.50 - 6.70% (salaried with slalary transfer),7.00-7.50%(salaried with PDC).
Maximum loan amount Depends on individual financial status - usually upto AED 5 million.
Insurance requirements Property Insurance mandatory. Life insurance is optional.
Minimum salary (AED) 5,000 for single name ownership otherwise 8,000 for joint name.
Charges Loan processing fee of 1.25% of loan amount. Early repayment penalty of 1% of the outstanding if within five years.
Properties financed Nationals-open Expats-Emaar properties, Dubai Properties, Nakheel.
Documentation required Passport, Labour Card, khulasat Qaid (ID card), salary certificate, six month's bank statements, other income documents, copy of sale/purchase agreement, cheque for loan processing fee.
Contact Call RAKdirect - 04 2130000
   
Provider Union National Bank Dream Home Loan
Available to UAE Nationals, Expats.
Mortgage Tenor UAE Nationals, 25 years Expats -20 years.
Interest rate 6.75% on a reducing balance basis depends on downpayment
10% - 6.75% flat rate
20% - 6.5%
30% - 6.25%
Plus average of ADIBOR and DIBOR.
Maximum loan amount Up to 5 million.
Insurance requirements Property and life insurance included in loan 0.45% of loan amount applied for 50% of loan tenor, paid in advance.
Minimum salary (AED) 8,000.00
Charges processing fee or 1%, minimum of AED 5,000 Early repayment penalty of 1% of outstanding , 1.5% for a bank buyout.
Properties financed Emaar, Nakheel, JBR and Damac.
Documentation required Passport copy, employment letter covers salary certificate and service, salary transfer letter, six months bank statements, sale receipt, downpayment receipt, transfer documents, application form.
Contact Call 800-2600.


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Note : This information is to the best of our knowledge. We are not responsible for changes in Pricing/contact information. If you wish to contribute in any form do email us at dcg@cyber-gear.com

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