FAQs on Home Loans in UAE

Home Loan for self occupation for

• Purchase of ready Villa / Flat
• Purchase of property under construction by approved builder
  

• Maximum up to AED 3,000,000/- , subject to
  a) Salaried Employees - up to 48 times of average monthly income of last 2 years
  b) Self-employed - up to 4 times average annual income of last 2 years
• Minimum up to AED 200,000/-
  

• Residing in UAE for last 1 year
• Having Business/Employment in UAE for last 1 year
• Having satisfactory banking relationship with us for last 1 year
• For Salaried Employees-monthly salary of at least AED 10,000/-
• For Self Employed borrowers & businessmen - Annual income of atleast AED 200,000/-

Rate of Interest*:

• 9.00% p.a (1% below the base rate) - margin 40%
• 8.00% p.a - margin 50 %
• 6.5% p.a - margin 50% (of which cash margin may constitute 25% in the form of FDR)

Repayment period:

• Up to a maximum period of 15 years

Processing Charges*:

1% of loan amount

Prepayment charges*:

• If amount prepaid within a year from the date of saction - 3% of outstanding amount.
• If the amount is prepaid between 1 - 3 years date of saction - 2% outstanding amount
• If the amount is prepaid between 3 - 5 years date of saction - 1% outstanding amount
• If the amount is prepaid after 5 years from the date of saction - No penalty is to be levied.

Additional Benefits:

• Low Processing charges
• Online sanction
  

Download Application Form