| 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.uae.hsbc.com.
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. |
| |
|
|
|
