Minimum SalaryINR 0
Rate of Interest9.20
Max. Term30 years
Salary TransferYes
IslamicNo
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Min salary AED0
Your mortgage should remain unaffected by the corona virus pandemic in the shortterm. If you already have a mortgage, continue meeting your monthly repayments as usual. Should you face financial difficulties that impact your ability to meet your mortgage repayments, we advise you to make contact with your mortgage lender.
The Central Bank of the UAE (CBUAE) has rolled out an AED 100 billion economic stimulus package in response to the corona virus pandemic. In the circular announcing the package, it was noted that many customers may have become “exposed to the risk of temporary shortfall of their cash flows due to the outbreak of COVID-19 pandemic”. In response the CBUAE has ordered that banks grant temporary relief for a period of up to six months to their customers.
For those of you who are in the process of completing on a property purchase with a mortgage, we anticipate that this will continue as normal as banks are still operating. If you have any issues or concerns, please feel free to contact our team for advice.
Apart from the basic eligibility criteria, for a home loan the developer you select will determine which bank you can get a loan from. While some banks provide loans for all ready properties with title deeds, others restrict lending only to select developers. Be sure to check your property name with the bank you are interested in.
All UAE residents (UAE Nationals and Expatriates) and non-residents earning sufficient income from either a salary or from running a company (self-employed), are eligible to apply for a Mortgage. The applicant if an UAE resident (Nationals & Expatriates), must be aged 21 and above, and if a Non-resident must be aged 25 and above to be eligible for a mortgage loan.
Flat and reducing rates of interest are two methods of how interest can be calculated on a mortgage.A flat rate of interest is where the rate of interest to be paid remains the same for the duration of the loan as it is always calculated against the original amount borrowed (principal).
A reducing rate of interest is where the amount of interest to be paid takes into consideration the repayments that have been made, so it is calculated against the remaining loan amount or outstanding balance, rather than the original principal amount.
On occasion, a flat rate of interest may be advertised at a lower, more appealing rate than its equivalent reducing rate. When taking a mortgage it is important to establish with the bank or your mortgage broker whether a flat or reducing rate has been applied.
There is no specific cut-off score to avail mortgage in UAE but you have to manage your credit score at the best levels to get better mortgage deals. if you have a good credit score, so it’s worth making sure that your credit report is as good as it can be before applying for a mortgage. Steps like paying off any outstanding borrowed credit you owe will help to improve your credit score.
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