Mortgages

The hottest home loans in the UAE right now

Dubai property

A few months back, we reported that over half of Dubai’s tenants are looking to buy their own property in the future. And of these people, half were expecting to purchase their own home in the next 12 months.

If that sounds like you, you’ll probably have started looking in to where you’ll buy property, what sort of amenities you’ll want, and how you’re going to finance the whole endeavor.

Well, on that last point, we’ve got you covered. Choosing a mortgage is a big decision – it’s something you’ll have to live with for up to 25 years. That means you really need to get it right first time around. With that in mind, we’ve rounded up the hottest home loans in the UAE to make the job of purchasing your property just that little bit easier. Check out the list below.

ADIB Home Finance for Expats

As its name suggests, this mortgage from ADIB is designed for expats living in the UAE. First, let’s get into the terms and conditions. To qualify, you’ll need a minimum salary of AED 15,000 to qualify for this one, and you’ll need to take out life takaful (Islamic insurance). And, as is standard for home loans in the UAE, you’ll need to be able to put up 25% of the value of the home yourself.

Once you’ve got all these boxes ticked, there’s plenty to like about this home loan. For starters, it comes with a pretty attractive variable rate of 3.75%, which is based on the UAE Central Bank’s three-month reports while incorporating a small margin for ADIB. That means you’re getting market-standard rates, rather than arbitrary rates set by the bank. Also, ADIB doesn’t require that you have a salary transfer account with it in order to apply for this mortgage.

On top of this, you’ll get free-of-charge fire takaful cover, and early settlement fees are easy, following UAE Central Bank policy. The fee will either be 1% of the outstanding loan amount, or AED 10,000 – whichever is lower. And you can borrow up to AED 10 million, so long as it the repayment schedule (which can last up to 25 years) doesn’t bring your debt-burden ratio above 50%.

Minimum salary: AED 15,000
Maximum loan amount: AED 10 million
Rate: 3.75% (variable)

Click here to apply!

RAKBANK Mortgage

RAKBANK earns its place on this list with its team of specialist mortgage advisors, who help to guide customers through the daunting process of buying a home. But even without all of that support, the loan itself is pretty impressive. For starters, you don’t need a salary transfer account with the bank, and you’ll get a reducing interest rate of 2.99%. What’s more, with this mortgage, you can get finance for properties that are still under construction – RAKBANK claims to offer this facility for projects from most of the UAE’s major development firms.

Minimum salary: AED 15,000
Maximum loan amount: N/A
Interest: 2.99% (reducing)

Click here to apply!

First Gulf Bank Home Loan

This mortgage from FGB makes the list simply because of the huge breadth of options it provides. Want a house in Dubai or RAK? No problem. Want to buy a house in an under-construction project in Abu Dhabi? Sure thing. What about a property in England or Wales? Why, of course.

On top of the different options available for various properties, FGB makes this loan available to self-employed residents of the UAE, which will certainly be a draw for some. FGB will also offer free partial settlement of up to 15% of the outstanding loan amount annually. So if you want to pay off your loan early, you’ll be able to knock big chunks out of it every year without have to pay any fees.

Minimum salary: AED 15,000
Maximum loan amount: AED 20 million
Interest: 3.25% (variable)

Click here to apply!

Noor Bank Home Finance for Non-Residents

If you don’t live in the UAE, but you want to invest in property here, this is the home loan for you. However, there are a few catches. You’ll need a minimum monthly salary of AED 40,000, and you’ll only be able to get finance for 70% of the value of the property – you’ll have to stump up the rest in cash. Still, if you’re able to do that and you qualify for the loan, this is certainly an interesting proposition looking to invest in property in the UAE by buying a house on finance.

Minimum salary: AED 40,000
Maximum loan amount: AED 15 million
Interest: 4.99% (reducing)

Click here to apply!

Don’t see a mortgage you like here? Click the button below to compare dozens of home loans from the UAE’s leading banks! 

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