When it comes to buying a home, there is a lot that one needs to be taken into account such as: budget, how strong the credit score is and how you are going to finance the purchase.
Emirates NDB offers a range of mortgage options to customers who want to buy an existing property or who plan on building they own property prior to their personal needs. The four different types of home loans offered are: Emirates NBD Home Loan for Expats, Emirates NBD Home Loan for UAE Nationals, Emirates NBD Loan Against Property for Expats, and Emirates NBD Loan Against Property for UAE Nationals. The maximum loan amount and salary requirement differ on whether the customer is a UAE National or an Expat. Emirates NBD Home Loans for Expats and UAE National come with a processing fee and early settlement fee and both require down payment.
Emirates NBD Home Loan for Expats
Emirates NBD Home Loan for Expats have great features and benefits for those who wish to buy existing property or build their own property in the UAE.
Benefits and Features:
- The bank offers its customers a maximum loan amount of up to AED 10,000,000 and finance up to 75% of the property value.
- Loan is given to expats who are new to the country and who are newly employed. However, there are conditions that apply to this. The customer should have at least 3 years of total employment and 1 year of current employment. For self-employed customer, a minimum of 3 years LOB (Lease Office Building) in UAE is required.
- You are also entitled to a free bank account and a debit card provided by the bank once you are eligible and the loan is under process.
- Loan deferment options: you can skip up to two installments per year which are non-consecutive.
- Get Free Partial settlement allowance of up to 20% p.a
- You are required to have a minimum salary of AED 20,000 per month in order to be eligible to apply for the loan.
- The interest rate starts at 4.99% per annum based on reducing balance method and vary depending on the customer’s profile.
- You have up to 48 months to repay the loan.
- The processing fee is 1% of the loan amount (minimum AED 500 and maximum AED 2.500)
- An insurance fee of 1.24% is changed of the loan amount. The insurance come with a double life coverage.
- There is an early settlement fee of 1% of the outstanding principle.
- Property insurance is charged at 0.4% p.a. on the outstanding Loan amount and is mandatory.
Emirates NBD Loan for UAE Nationals
The bank chargers an interest rate starting at 3.99% for UAE Nationals which is fixed for up to two years and therefore has a CRB (Consumer Rate Base) which is currently 4.25%. Emirates NBD offers finance amount up to AED 15 million with a repayment period of 25 years.
Additional Information and Charges:
- You have up to 25 years to repay the finance given to you by the bank.
- You require to put 20% to 30% down payment if you want to apply for the loan.
- You require a minimum salary of AED 10,000 to be eligible to apply for the loan.
- The early settle fee is 1% of the remaining balance if it self-funded and 3% if the amount is settled by other bank.
- The insurance fee is 0.05% per year of the property value.
- The processing fee is 1% of the finance amount (minimum AED 5000).
Emirates NBD Loan Against Property for Expats
For those who own a property in Dubai, Emirates NBD has an interest rate starting from 2.99% p.a. The bank offers the most convenient way to get a loan by mortgaging your owned and un-encumbered property. The bank offers finance for both self-employed and salaried individuals up to AED 7.5 million against your property. The loan given to you by the bank can be paid within 20 years from the given date.
To be eligible to apply for this loan you should have a monthly income of AED 20,000.
Emirates NBD Loan Against Property for UAE Nationals
For UAE Nationals Emirates NBD offer loan amounts of up to AED 5 million for both self-employed and salaried individuals. The loan is only given for fully constructed and completed properties in any of the seven Emirates.
- One must have a minimum salary of AED 20,000 to be eligible to apply for the loan.
- It is necessary that you transfer your salary to the bank as only then will the loan be under process.
Emirates NBD offers not only low interest loans but also a great support system for prepayment or closure of loan at the time of selling a property.