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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