The MortgageOne Account (MOA) is a home loan facility linked to a current account offered by Standard Chartered Bank. MOA is available in UAE dirhams and for UAE residents only.
- Interest rate saving and shorter loan tenure: The current account and home loan facility are linked together. The principal outstanding of the Home Finance will be offset against the balance in the Current Account on a daily basis for the purpose of calculating interest. This means you can pay off your home loan faster, because your payments are going more towards your principal amount and less towards the interest.
- Withdrawal facility: The amount of money you save plus money in your account will be available to you to withdraw whenever you need it.
- You can also apply for a Shariah Compliant offset home finance through SaadiqOne Account.
- Terms and conditions apply to the interest rates.
- The calculation for the flat interest rate of 1.92% is a division of the reducing rate by 1.814 and this is indicative only.
- Valid national ID and passport with resident visa (for residents).
- Property purchase and sales agreement / contract.
- Ownership certificate of the financed property.
** 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.