Mortgage loans to individuals for financing the purchase/construction of property for residence.
- Starting from 3.99% fixed for 2 Years
- Post 2 years – the rate turns variable and is linked to MBR
- Loan to Value of up to 80%
- Loan tenor of up to 25 years
- Loan amount up to AED 20 Million
- Flexible repayment terms
- Applicable to UAE nationals, GCC nationals (UAE residents & non-residents), and non-GCC expatriates residing in the UAE.
- Minimum monthly salary of AED 15,000
- Properties across UAE
- Standard processing fee 1%
- Standard documents include a Mortgage application form, income documents and property documents as required by the bank.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.