Emirates NBD Home Loan for UAE Nationals

Emirates NBD, one of the largest banking institutions in the UAE, has a wide range of financial products and services in store for you. One area where Emirates NBD has excelled is in providing home loans. With a variety of options, you can select a home loan in UAE that suits your unique requirements, whether you are buying a new property or looking to refinance your existing mortgage.

For many UAE nationals, owning a home is a top priority, and Emirates NBD home loan options have proven to be a popular choice to fulfil this goal. The bank offers competitive interest rates, flexible repayment terms, and a range of other benefits that make the home loan process straightforward and stress-free. With such a comprehensive package of benefits, the Emirates NBD home loan for UAE nationals is certainly an attractive option.

In this article, we will take a closer look at this home loan for UAE nationals, exploring its features, benefits, and eligibility criteria. Whether you are a first-time buyer or an experienced homeowner, this loan is worth considering if you are looking to finance your dream home in the UAE.

Emirates NBD Home Loan for UAE Nationals – Things to Keep in Mind

As the name suggests, Emirates NBD home loans for UAE nationals is available solely for nationals of the UAE.  Let’s take a look at some of the other aspects of Emirates NBD home loan for nationals –

• Apart from financing existing property or new home, you can also opt for refinancing your existing home loan at nominal interest rates.
• You can transfer your existing home loan to Emirates NBD and enjoy benefits like competitive interest rates, post-sales support, quick processing, fast approval, and more.
• Emirates NBD home loan for UAE nationals is also available for Government housing programmes.
• You can use the Emirates NBD mortgage calculator to know the estimated home loan EMIs on the official website.
• Funds will be transferred to your account in dirhams.
• Two types of home loan interest rates are available – fixed interest rate and variable interest rate.
• Your loan will be repaid in Equated Monthly Instalments (EMI), which is a fixed amount that you would be required to pay every month. If you have a variable-rate loan, the EMI amount may change based on the EIBOR rate. The EMI is calculated by adding the principal loan amount and the total interest, and dividing that total by the number of months in the loan period.
• It is important to note that deferment is not available on home loan payments with this bank. However, if you have experienced a job loss, salary reduction, or other financial hardship, you can contact mortgages@emiratesnbd.com with evidence to support your situation. The bank will review your case and notify you about the same in 5-7 working days from the date of document submission.

Eligibility Criteria For Emirates NBD Home Loan for UAE Nationals

It is essential to check the eligibility criteria of this home loan in UAE to avoid any denials. Given below are the general eligibility criteria for Emirates NBD home loan for UAE nationals:

• Both salaried and self-employed individuals can apply for the loan.
• The minimum salary required to apply for Emirates NBD home loan for UAE nationals is AED 10,000 per month.
• You must have a good credit Score to qualify for the loan and get competitive interest rates. As per Emirates NBD, an AECB score of above 700 is preferable. 
• According to UAE Central Bank, your debt-to-burden ratio should not exceed 50% to be eligible for finance. If you are a pensioner, however, your debt-to-burden ratio should not exceed 30%.

Features and Benefits of Emirates NBD Home Loan for UAE Nationals

Listed below are the striking features of Emirates NBD Home Loan for UAE Nationals –

• Maximum finance amount – Up to 85% of property value or AED 20 million, whichever is lower.
• Maximum loan tenure – Up to 300 months or 25 years.
• Minimum down payment amount – 15% of the property cost
• No application fee is charged.
• You can apply for Emirates NBD home loan for UAE nationals with a co-borrower.
• Up to 20% partial settlement of the loan amount can be done at no cost.
• Both salaried and self-employed individuals can apply for the loan.
• Emirates NBD home loan for UAE nationals interest rates start from 2.14% and go up to 6% per annum.
• Life insurance coverage is mandatory when taking out this Emirates NBD home loan in UAE to ensure that the outstanding loan amount is covered in case the borrower dies or suffers from permanent total disability during the loan period.
• The life insurance fee is calculated based on the loan amount when the loan is processed and will vary as per the loan balance. This fee is charged every month from the date the loan is disbursed.
• To qualify for the Emirates NBD home loan for UAE nationals, you must have property insurance coverage. This will help protect your home and personal belongings against various threats.
• The property insurance fee is calculated based on the property price at the time the loan is processed and will remain fixed for the loan period. Note that this fee is charged every month from the date the loan is disbursed.
• You can use the Emirates NBD mobile and online banking services to keep track of home loan payments.

Emirates NBD Home Loan For UAE National Interest Rates

Generally, Emirates NBD home loan rates range from 2.14% to 6% per annum. You have the following two options while opting for the Emirates NBD home loan for UAE nationals -

• The interest rate remains fixed during an initial period (such as 2, 3, or 5 years). After this period, the interest rate becomes variable and is connected to the EIBOR1 (meaning EIBOR plus a fixed margin).
• Completely variable rate: Throughout the entire loan term, the interest rate is variable and tied to the EIBOR (which is the EIBOR plus a fixed margin).

Annualised Percentage Rate (APR) is a reference rate that includes the interest, charges and fees of the products. It generally ranges from 2.22% to 6.08%.

Documents Required for Emirates NBD Home Loan for UAE Nationals

Keep the following documents ready when you apply for the Emirates NBD home loan for UAE nationals-

For Identification	Original and copy of Emirates ID Copy of passport with valid resident visa page Copy of old passport if the visa is stamped on an old passport
For Salaried Individuals	Recent salary certificate addressed to the bank If there is a salary variance of more than 10%, recent payslips would be required If employed in current for less than 3 years, proof of previous employment has to be submitted Recent 6-month bank statements
For Self-Employed Individuals	Valid copy of trade licence Last 6-months bank statements Audited financials of the last 2 years Memorandum of Association (MOA), with all amendments
Documents of Co-Borrower (if applicable)	Passport and visa page of co-borrower Any income documents, if needed If the co-borrower is an organisation, a copy of passport, trade licence, and MOA is required
For Transferring Existing Loan to Emirates ID	Copy of Emirates ID Copy of passport with valid resident visa page  If the visa is stamped on an old passport, the old passport copy is required Documents of associated property Existing bank loan documents

Note: The bank may ask for additional documents for verification and processing of the loan if required.

How to Apply for Emirates NBD Home Loan for UAE Nationals?

Given below are the different channels through which you can apply for Emirates NBD home loan for UAE nationals –

Via Policybazaar UAE

Policybazaar.ae is the best online platform for a convenient and stress-free home loan application process. With its user-friendly interface, obtaining a home loan becomes a pretty straightforward task. Here are the steps to follow when applying for an Emirates NBD home loan for UAE nationals through Policybazaar UAE:

• On policybazaar.ae, click on ‘Banking Products’ from the drop-down menu followed by the ‘Home Loans’ tab.
• Fill out the application form with the specified details on the next page.
• After submission, you will be redirected to the ‘Home Loans Quotes’ page, where you can research, compare, and apply for the home loan plan.
• To apply for Emirates NBD home loan for UAE nationals, you can use the filter option.
• Proceed with the on-screen instructions and apply for the required plan conveniently.
• In case you are stuck in the process or have some queries, you can contact our customer care team and get real-time assistance.

Via Emirates NBD Official Website

• Go to the official website of Emirates NBD.
• Navigate to ‘Loan Section’ and click on ‘Home Loans’.
• This will take you up to the ‘Home Loans’ profile page, where you can explore the various types of Emirates NBD home loans.
• Move the cursor to the ‘Emirates NBD Home Loan for UAE Nationals’ and tap on the ‘Know More’ button.
• You will be redirected to the ‘Emirates NBD Home Loan for UAE Nationals’ profile page.
• Locate the ‘Apply Now’ button and click on it.
• You will be required to fill out the lead form with details such as your name, email address, mobile number, employment status, monthly income, and employer name.
• Once you click on the ‘Continue’ button, you will get the pre-qualification letter which will qualify you for the concerned loan.
• After approval, the bank personnel will guide you through the further process.

Via Contact Centre

You can also reach out to the bank by calling on 600 54 0000 within UAE and get the required assistance.

Via Offline Process

In case you prefer the offline application process, you can visit your nearest physical branch of Emirates NBD, approach the customer care team, and submit your request for Emirates NBD home loan for UAE nationals. In this case, a concerned bank representative will guide and help you with further steps.

Emirates NBD Home Loan Calculator

Instead of performing tedious calculations yourself, you can use the Emirates NBD mortgage loan calculator to estimate your monthly Emirates NBD home loan for UAE nationals instalments. This can help you gain a clearer understanding of your financial obligations when taking out a home loan. 

Using this home loan calculator is quite easy. You can simply input details related to variables such as loan amount and loan tenure to receive an accurate estimation of your potential mortgage payments.

By using this calculator, you can make informed decisions, effectively plan your budgets, and choose a suitable home loan package. Furthermore, the Emirates NBD mortgage loan calculator will help you save time and effort in the calculation process.

Here is how you can access the Emirates NBD home loan calculator –

• Visit the official website of Emirates NBD.
• Head to the ‘Emirates NBD Home Loans for UAE Nationals’ under the ‘Home Loans’ tab.
• Locate the ‘Mortgage Loan Calculator’ on the page.
• Key in the details in specified fields like the loan amount and the tenure.
• The calculator will display the estimated home loan instalments as per your inputs. You can tweak the values and select the desired outcome. 
• Currently, Emirates NBD mortgage loan calculator uses the tentative reducing interest rate of 5.29% to compute results, which can be changed at the bank’s discretion.

Fees and Charges Associated with Emirates NBD Home Loan for UAE Nationals

Tabled below is the schedule of fees and charges associated with Emirates NBD home loan for UAE nationals –

Parameters	Fees and Charges
Loan processing fee	1.05% of the loan amount  (Non-refundable)
Early settlement or foreclosure fee	1.05% of  outstanding principal amount or AED 10,500, whichever is lower
Partial settlement fee	1.05% of payment amount or AED 10,500, whichever is lower
Valuation  charges	AED 3,150 for completed property ED 21,000 for self-construction properties
Pre-approval or application fee	Free
Late payment fee	AED 420
Rescheduling fee	AED 262.5
Non-standard statement or copy of original documents	AED 105
Change in ownership details (co-borrower)	Free
Change in property (SWAP)	Free
Liability or no liability letter	AED 52.50
Request for other letters	Free
Clearance letter	Free
Life insurance and property insurance	Based on the profile and consent of the borrower
For loan amount of more than AED 5 Million	Insurance fee may vary

Note:

• The bank may change its fees and interest rates at its discretion.
• Insurance premiums are paid every month and there may be an additional charge for certain industries or based on your health condition.
• The fees mentioned above include Value Added Tax (VAT), which is required by the UAE Central Bank and Federal Tax Authority.

Terms and Conditions Associated with Emirates NBD Home Loan for UAE Nationals

Keep the following terms and conditions in mind while applying for Emirates NBD home loan for UAE nationals –

• When you borrow money, you have to pay it back in instalments on specific due dates. If a due date falls on a day when banks are closed, you need to pay on the previous business day.
• If you don't make your monthly payments on time, you will be charged a late payment fee, and your account will be in arrears. This can affect your credit score, and you may not be able to get a loan in the future. 
• If you refinance your loan or delay your instalments, you may have to pay more interest, and it may take longer to pay off your loan.
• If you don't take care of the property on which the loan is taken, the bank can enter the property, get the necessary repairs done, and charge you for it.
• If you don't repay your loan, the bank can terminate the loan and demand immediate payment of the outstanding amount, including interest and fees.
• Any advances payable by the Emirates NBD to you will be credited to your bank account within a stipulated time frame.

Note: For full terms and conditions, refer to the bank’s official website or the sanction that letter you receive from the bank.

Why Choose Emirates NBD Home Loan for UAE Nationals?

Mentioned below are the reasons why Emirates NBD home loan for UAE nationals can be a good choice for you – 

• Attractive Interest Rates: Emirates NBD offers this home loan for UAE nationals at competitive interest rates, making their home loans more affordable in the long run. This can result in significant savings over the life of the loan, making it easier to manage monthly repayments and achieve homeownership goals.
• High Financing Limits: As a UAE national, you can benefit from higher financing limits, which can reach up to 85% of the property's value. Consequently, you would need only a small down payment to secure your dream home, which makes it easier to manage your finances.
• Flexible Repayment Options: Emirates NBD provides flexible repayment options for UAE nationals, including longer loan tenures and the choice between fixed or variable interest rates. This allows you to tailor your home loan to suit your financial situation, preferences, and long-term plans.
• Dedicated Support for UAE Nationals: Emirates NBD recognises the importance of supporting its local customers and provides a range of services designed specifically for UAE nationals. This includes dedicated relationship managers and personalised customer service which ensure that your home loan experience is smooth and hassle-free.
• Get Pre-Approval Instantly: The bank aims to pre-approve your home loan immediately. Moreover, once the approval is granted, the concerned team at the bank will easily handle the further process for you. 
• Additional Benefits and Features: Emirates NBD offers a range of value-added benefits and features for UAE national borrowers, such as no application fee, home insurance coverage, mortgage calculator to evaluate home loan instalments. These benefits not only enhance your home loan experience but also provide added convenience and security.

Check out some frequently asked questions to learn more about the Emirates NBD home loan for UAE nationals.

FAQ's