Mortgage loans are useful for those looking to purchase a home in UAE. They provide financing for the purchase of a property and allow the borrower to pay back the loan in instalments over a designated period of time. It is a great way to access large sums of money and is typically used to purchase a home or cover the cost of renovations. ...read more
In the United Arab Emirates (UAE), or rather any part of the world, owning a home that you can truly call ‘yours’ is a top goal. However, due to the high cost of property and other financial commitments, most people brush this dream off their minds. With home loans or mortgage loans, however, there’s an easy option to help you fulfil your goal.
Mortgage loans or home loans are designed to bring you that flexibility in your budget that you always crave. This means you can now own the house of your dreams without breaking the bank.
In the UAE, home loans are typically offered by banks and other financial institutions and are regulated by the UAE Central Bank to ensure fair play and transparency with the customers. The terms and conditions of mortgage loans, including interest rates, down payment requirements, repayment periods, and more vary depending on the lender and the individuals financial situation.
All in all, owning a home in the UAE can be a rewarding investment with a home loan. However, it is crucial to carefully consider all the costs and requirements associated with obtaining a mortgage loan and purchasing a property. Heres where we'll help you know it all.
What is a Home Loan?
A home loan is a type of loan that is provided by banks or financial institutions to individuals to help them purchase a home or residential property. Home loans in the UAE typically have a fixed or variable interest rate, and the borrower is required to make regular monthly payments towards the loan until it is fully repaid. The loan amount, interest rate, and repayment period can vary depending on the borrowers financial circumstances and the lenders terms and conditions.
A home loan can be a useful tool for individuals and families who want to purchase a property but don't have the necessary funds to do so outright from their own savings.
What is a Mortgage Loan?
Mortgage loans are similar to home loans albeit with a key difference in the form of collateral. In a home loan, the property for which you are getting the loan itself serves as collateral. With mortgage loans, however, you may have to present another existing property as collateral. In case you, as the borrower, fail to repay the loan, the lender has the right to seize the property and sell it to recover the outstanding debt.
While different in name and general definition, home and mortgage loans are mostly used interchangeably in the UAE with slight changes in terms and conditions.
Types of Home Loans & Mortgage Loans in UAE
Here is a general categorisation of the types of home loans in the UAE -
Fixed-Rate Home Loan: A fixed-rate home loan is a type of loan where the interest rate remains the same throughout the loan tenure. This type of loan provides stability and predictability in terms of monthly payments and is suitable for those who want to plan their finances in advance.
Variable-Rate Home Loan: A variable-rate home loan is a type of loan where the interest rate is subject to change during the loan tenure based on market conditions. This type of loan provides flexibility in terms of interest rates, which can either go up or down, depending on the market conditions.
Islamic Home Financing: Islamic home financing, also known as Sharia-compliant home financing, is a type of financing that is based on the principles of Islamic finance. It is a type of home financing that is free from interest (riba) and is structured as a partnership between the bank and the borrower.
Not all types of loans are available with every bank in the UAE. It is recommended to check with the bank or financial institution for their specific types of home loans and mortgage loans. You can compare different products from the top banks in the UAE on Policybazaar.ae to make an informed decision.
List of Best Home & Mortgage Loan Plans with Interest Rates & Tenure Range in Dubai, UAE
Lets take a look at some of the best home loans or mortgage loans in UAE and check out their interest rates as well as the repayment tenures -
Reducing Rate: Variable rate from the beginning - starting from 3 months EIBOR + 1.69% to 3 months EIBOR + 1.99% reducing p.a OR 3 Years Fixed Rates for Salaried and Self-employed customers - starting from 4.49% p.a. to 4.89% reducing rate p.a. Follow on rates would be applicable after the expiry of the fixed rate period starting from 3 months EIBOR + 1.79% to 3 months EIBOR + 2.19%
Several banks in the UAE offer multiple types of of mortgage and home loan products. Below listed are some of the top banks offering some highly preferred home loan products in the UAE. Listed along are the various products and services available as well as some key benefits:
Emirates Islamic is one of the many banks offering great islamic home loan options. Home Finance Bina’a for UAE Nationals and Home Finance Manzili are the two islamic mortgage option available here. Below listed are key details of both these options:
Home Finance Bina’a for UAE Nationals
Flat Rate: 1.75%, Reducing Rate: 3.49%
1% early settlement fee
1% processing fee
Minimum Salary: AED 15,000
Maximum Loan Amount: AED 15,000,000 (20% down payment)
Tenure: Up to 25 years
Home Finance Manzili
Flat Rate: 1.92%, Reducing Rate: 3.49%
1% early settlement fee
1% processing fee
Minimum Salary: AED 15,000
Maximum Loan Amount: AED 15,000,000 with 25% down payment
Tenure: Up to 25 years
Features & Benefits of Home Loans in the UAE
Loan Amount: With any of the best home loans in the UAE, you can get a loan amount of up to 85% of the property value or purchase price.
Long and Flexible Repayment Tenure: Home loans in the UAE usually have a repayment tenure of up to 25 years which can be adjusted according to the borrower's financial situation and corresponding interest rates.
Interest Rates: Home loan interest rates in the UAE are competitive and can be either fixed or variable. As a customer, you can opt for the one that suits you best.
Processing Fees: Banks in the UAE charge a nominal processing fee (generally of up to 1% of the loan amount) for home loans.
Eligibility Criteria: Banks in the UAE have specific eligibility criteria for home loans which may include age, income, employment, credit score, nationality, and so on.
Co-applicants: Several banks in the UAE allow co-applicants for home loans which can enhance your chances of clearing the loan eligibility criteria and may also result in a lower interest or profit rate.
Home Ownership: A home loan in the UAE can help you easily own a home in the UAE, which can be a great long-term asset and an investment option.
Affordable Repayment Options: Home loans in the UAE offer affordable repayment options, which means that you won’t have to worry about restricting your monthly budget to manage instalments each month.
Flexible Repayment Tenure: Home loans in the UAE offer a flexible repayment tenure, which allows borrowers to choose a repayment tenure that suits their financial conditions and planning. With loan repayment tenures going up to 25 years, you can comfortably repay the loan.
Competitive Interest Rates: Home loan interest rates in the UAE are competitive, which makes it quite affordable for individuals to get home loans in UAE.
Home Loan and Mortgage Loan Calculator UAE
A home loan and mortgage loan calculator in UAE is a financial tool that helps borrowers calculate their monthly loan repayments based on their loan amount, interest rate, and repayment tenure. This calculator can be used to determine the total interest paid over the entire loan period, the total amount of repayment, the monthly instalment amount, and more.
Using a home loan or mortgage calculator is a straightforward process. You can use the home loan calculator on Policybazaar.ae to plan out an effective repayment strategy for your loan from any of the leading financial institutions in the UAE. Here are the steps to be followed for the same -
Step1- Visit Policybazaar.ae.
Step2- Scroll down to the bottom and click on the option for ‘financial calculators’.
Step3- This will take you to a page with different calculators such as car insurance calculator, health insurance calculator, and more. Choose the ‘home loan calculator’ and proceed.
Step4- Add the details about the loan amount and tenure that suits your needs.
Step5- You’ll be shown the total interest, monthly instalment, and the total payable amount at the bottom. You will also see the ‘View Plans’ option to check out the best matching plans from some of the leading banks in the UAE.
Step6- Click ‘View Plans’ to get to our home loan quotes page.
You can also make adjustments to the loan tenure, interest rate, and amount to check how it affects the repayment amount.
Using a home loan or mortgage loan calculator can help you check the affordability of a loan and plan your finances accordingly. It is recommended to use this tool before applying for a loan to have a better understanding of the monthly repayment amount and total interest paid over the loan period.
Benefits of Using a Home Loan Calculator in Dubai, UAE
With a home loan calculator, you can enjoy several benefits such as the following -
Helps plan finances: A home loan calculator can help you plan your finances by giving you a clear idea of your monthly loan repayment amount. This allows you to budget and plan your finances accordingly, ensuring that you can fit in the monthly payments in your budget.
Saves time: You can save considerable time by using a home loan calculator, as it gives you an instant estimate of your monthly loan repayment amount. You won’t need to manually calculate the repayment amount, which can be time-consuming and tedious.
Helps compare loan offers: With a home loan calculator, you can compare loan offers from different banks and financial institutions. You can easily compare the monthly repayment amount, interest rates, and other loan terms to find the best loan offer.
Provides accurate estimates: These calculators provide accurate estimates of the monthly repayment amount and the total interest paid over the loan period. With this information, you can make an informed decision about the loan amount and tenure.
Assists in selecting the loan tenure: Another benefit of home loan calculators is that they can help you plan the loan tenure by showing you the total interest paid over the loan period. You can then easily adjust the loan tenure to see how it affects the monthly repayment amount and total interest paid and choose the most suitable one as per your requirements.
Eligibility Criteria for Home & Mortgage Loan in UAE
Home loans in the UAE are available to both UAE nationals and expats who meet certain eligibility criteria set by banks and financial institutions. Although these criteria vary among banks and lending institutions, the general eligibility requirements include the following -
Note: As mentioned earlier, the eligibility criteria are different for each bank and financial institution in the UAE. The above table provides a general overview of the eligibility criteria for home and mortgage loans in the region. It is recommended to check with the bank or financial institution for their specific eligibility criteria before applying for a loan.
Documents Required for Home Loans and Mortgage Loans in UAE
Listed below are the documents generally required for home loans in UAE -
Completed application form
Visa Copy (for expats)
3 or 6 months’ bank statements
Important: The documents required for home loans and mortgage loans may vary between banks and financial institutions in the UAE. The above table provides a general overview of the documents required for the mentioned loans in the region. It is recommended to check with the bank or financial institution for their specific documentation requirements before applying for a loan.
Fees and Charges for Home Loans & Mortgage Loans
Check out the table below for the general schedule of fees and charges applicable to home loans in the UAE -
Fees and Charges
1% of the loan amount
Around AED 3,150
Early Settlement Fees
1% of the outstanding loan amount or AED 10,000 (whichever is lower)
Late Payment Fees
2% to 4% of the overdue amount
Varies based on the type and coverage of insurance
Keep in mind that the actual schedule of fees and charges varies as per the bank.
How to Apply Online for a Home Loan via Policybazaar UAE?
Policybazaar.ae provides access to a wide range of home loan options from different banks and financial institutions in the UAE. This allows you to find the top options in one place and compare them to choose the one that best suits your requirements.
Another key aspect here is that the teams of experts and customer service personnel of Policybazaar.ae are always available to assist you throughout the application process. By connecting with them, you can get guidance related to the different Home Loan options, documentation, and any other queries that you may have.
Heres how you can easily apply for a home loan through Policybazaar.ae -
Step1- Visit policybazaar.ae, the official website of Policybazaar UAE.
Step2- Click on the Banking Products then choose the Home Loan option.
Step3- Enter the specified details in the lead form such as your name, monthly income, and more. Once done. click on View Quotes.
Step4- You will find all the relevant home loan quotes from the top banks and providers in the UAE displayed on your screen.
Step5- Go through the plans and compare them as per their features, interest or profit rates, and so forth.
Step6- After deciding on a plan, choose the option for applying for it and proceed with the application process.
Home loans are certainly helpful in buying a home. Yet, with the high loan amounts and tenures involved, it becomes crucial to manage these loans properly. Here are some practical tips to help you get the right home loan or mortgage loan plan for yourself -
Assess your financial position: Before applying for a home loan, it is important to assess your financial position and look at factors such as your income, expenses, credit score, and debt-to-income ratio. This will give you a clear idea of your affordability and help you determine the loan amount that you can apply for.
Research different home loan options: It is important to research different home loan and mortgage loan options in the UAE. This includes the interest rates, loan tenures, processing fees, and other charges associated with the loan.
Compare offers from different banks/financial institutions: Once you have shortlisted a few home loan/mortgage loan options, thoroughly compare them in terms of their interest rates, fees, and other charges. This will help you choose the one that offers the best deal.
Check the eligibility criteria: Each bank and financial institution has different eligibility criteria for home loans and mortgage loans. For this reason, it is necessary to make sure that you meet the eligibility criteria before applying for the loan.
Read the terms and conditions carefully: Before signing the agreement, it is of the utmost importance to carefully examine the terms and conditions of the home loan. This way, you can be aware of any charges or terms that may present a difficulty in the future.
Understand the repayment structure: Another key aspect to understand is the repayment structure of your chosen home loan or mortgage loan. This includes the EMI amount, payment frequency, and the total interest payable over the loan tenure.
Plan for contingencies: While applying for a home loan, it is important to plan for contingencies such as job loss, medical emergencies, and other unforeseen circumstances as well. This includes steps like building an emergency fund, taking appropriate insurance coverage, and more.
Note: If you are new to the loan process, it is advisable to seek the advice of a financial advisor before applying for a home loan/mortgage loan in UAE.
Steps to Compare Home Loans in UAE
Policybazaar.ae is the best platform to compare home loans online as per various parameters from the comfort of your home. Here are some general points that you can keep in mind to make your search with Policybazaar.ae seamless and more specific -
Step1- Identify your requirements: Before you start comparing mortgage loans, identify your requirements, such as the loan amount, tenure, interest rate, and other features you may be looking for.
Step2- Research different home loan options: Research different home loan options available in the UAE. This can be done by visiting the websites of different banks and financial institutions or by using third-party platforms such as Policybazaar UAE.
Step3- Shortlist home loan options: Once you have a list of the top home loan options, shortlist the ones that meet your requirements.
Step4- Compare interest rates: The interest rate is one of the most important factors to consider while comparing home loans. Compare the interest rates offered by different banks and financial institutions and choose the one that offers the lowest rate.
Step5- Compare other fees and charges: Apart from the interest rate, several other fees and charges are associated with home loans such as processing fees, prepayment charges, foreclosure charges, and more. Compare these charges across different home loan options and choose the one that suits your repayment plans and more.
Step6- Check eligibility criteria: Each bank and financial institution has different eligibility criteria for home loans. Make sure to check the criteria for each option - salary, age, nationality, and more - and only apply for one that you are eligible for.
In case you are stuck somewhere or want to know more before proceeding, you can connect with Policybazaar.ae’s 24x7 available customer service team.
Understanding Home Loan Rejection
Home loan rejection can certainly be a frustrating experience. However, there is no need to lose hope. You can always improve your chances of securing a home loan by taking a few simple steps in the right direction.
Here are some common reasons why such rejections may take place -
Poor credit score: A low credit score is one of the most common reasons for home loan rejection in the UAE. This is due to the fact that home loans involve high loan amounts, which translates into a higher risk for the provider. As a result, banks and financial institutions generally require a credit score of 700 or above to approve home loans to ensure the creditworthiness of the applicant.
Low income: Banks and financial institutions in the UAE have minimum income requirements for home loans. If your income is below the required limit, your application can be rejected straightaway.
High debt-to-income ratio: Your debt-to-income ratio is the percentage of your monthly debt obligations against your income. If your debt-to-income ratio is on the higher side, your home loan application can be rejected.
Employment status: Banks and financial institutions in the UAE prefer applicants who have a stable employment history. So if you have frequent job changes or gaps in employment, your home loan application may be rejected.
Incomplete documentation: If you have not submitted all the required documents with your application or if the documents are not in order, you can face rejection.
If your home loan application is rejected, you can contact the bank or financial institution to understand the reasons for rejection and take steps to improve your eligibility. Alternatively, you can consider applying for such a Loan with another bank or financial institution after addressing the issues that led to rejection.
What to Do If Your Home & Mortgage Loan Application is Rejected in UAE?
If your home loan or mortgage loan application is rejected in the UAE, you can follow a few steps like the following -
Find out the reason for rejection: Several banks may tell more about the reasons for which they rejected your application. Thus, before proceeding with other steps in this list, make sure to connect with the concerned bank or loan provider to see if you can find out more about the reasons for rejection. This can help you identify the specific issues that led to the rejection and take steps to address them.
Improve your credit score: If your credit score was the reason for the rejection, you should certainly work on improving your credit score. This can be done by paying your bills on time, maintaining a proper credit utilisation ratio, checking your credit report for errors, and more.
Reduce your debt-to-income ratio: If your debt-to-income ratio was the reason for rejection, work on reducing your debt against your income. You can consider paying off some of your existing debt or increasing your income to improve your debt-to-income ratio.
Increase your income: If your income was the reason for rejection, consider increasing your income. This can be done in a plethora of ways - taking up a second job, negotiating a higher salary at your current job, and more.
Consider a co-applicant: If you have a low income or poor credit score, you can always consider adding a co-applicant with a good credit score and high income to your loan application to improve your chances of approval.
Apply with another bank or financial institution: While you should try out all the ideas discussed above, sometimes, it can make sense to go with another financial institution if you find a better option. With that said, make sure to do this only after addressing the issues that led to rejection.
Seek the advice of a financial advisor: If you are unsure about the reasons for rejection or how to improve your profile to clear the eligibility requirements, you can always seek the advice of a financial advisor who can guide you on the steps to take.
It’s worth noting that multiple rejections of loan applications can bring down your credit score. Thus, after a rejection, you should take steps to improve your credit score, income, and other aspects and wait for a while before applying again.
Which bank is best for applying for a home loan?
Several banks in the UAE offer low-interest home loans and mortgages in UAE to residents and citizens. You can consider applying for your home loan with First Abu Dhabi Bank, Emirates NBD, Standard Chartered Bank, etc.
Which bank provides the lowest home loan interest rate?
Several banks in the UAE offer low-interest home loans with a high loan amount. Some of the banks offering the cheapest home loan in the UAE include First Abi Dhabi Bank, RAK Bank, Standard Chartered Bank, etc.
What is the minimum salary required to get home loan in UAE?
The minimum salary to apply for a home in the UAE is AED 10,000. However, several banks have set AED 15,000 as the minimum salary criteria in the UAE. Ultimately, you should ensure that you check this particular home loan eligibility criterion beforehand.
Can I get a 90% home loan?
Yes, it is possible to get a loan amount ranging up to 90% of the value of the house you plan to buy. The generic range of available loan amounts stays around 75% to 90%.
What is the mortgage rate in UAE?
You will find several mortgage rates in UAE starting as low as 1.99%. However, that’s not all as the rates may go as high as 7% of the loan amount in some cases.
What is the most common mortgage loan?
The commonly chosen home or mortgage loan in the UAE is the fixed-rate conventional mortgage.
Is a mortgage loan the same as a loan against property?
Yes, the only aspect that differentiates mortgages from home loans in Dubai is the secured status of the mortgage. It refers to the fact that a mortgage is given against a property that you currently own. This already-owned property of yours will act as collateral when a mortgage is concerned.
Do I need insurance to get home loans in the UAE?
Yes, it is mandatory to either get life or mortgage protection insurance to get home loans in the UAE. Policies and underwriting may differ for each bank, so make sure that you clear it with the bank itself. If you haven’t bought a mortgage protection insurance plan on your own, the bank will offer to provide the coverage and charge the premium amount separately.
Is salary transfer necessary to get a home loan in the UAE?
No, a salary transfer is not a mandatory requirement to get home loans in the UAE.
Can I sell my house before paying my mortgage in full? What is the procedure?
Yes, you can sell your house before paying your home loan in full. You can either pay the remaining loan amount when the time of sale arrives or transfer it to the new owner of the house. Just make sure that you have the bank’s approval if mandated.
What are the major documents required to apply for a home loan in the UAE?
Documents required to get a home loan may differ for people belonging to different categories regarding age, income, nationality, etc. Some of the general documents you will need are passport and Emirates ID, income proof and bank statements, proof of trade for self-employed applicants, and co-borrowers documents.
What is the maximum available tenure for home loans in the UAE?
The maximum tenure available for home loans and mortgages in the UAE is 25 years.
Is it good to have a co-borrower for home loans? How can it help?
Meeting the home loan eligibility criteria to get a home loan is easier with a co-borrower. For instance, age plays an important role when home loans are concerned. However, the loan provider may grant additional leniency for the age criterion when you have a co-borrower on board.
Are reducing and a flat rate of interest for home loans different? How?
A flat rate of interest is charged on the total loan amount that you borrow, i.e., the principal amount. The reducing rate of interest, on the contrary, is charged on the outstanding loan amount only. Flat rates charged on your loan amount are usually lower than the reducing rate.
Can I settle my home loan early? Is there a fee applicable for an early settlement?
Yes, early settlement is possible for your home loan in the UAE. However, an early settlement fee may be applicable. Additionally, banks only allow you to pay a certain part of the remaining loan amount in early settlement. On average, you can either pay 1% of the outstanding amount or AED 10,000 in early settlement, with the lesser of the two generally being accepted.
What is the arrangement fee for home loans in Dubai?
The arrangement fee is a small fee that banks charge in the beginning when disbursing the loan amount. This fee is commonly around 1% of the loan amount for most banks in the UAE. Both minimum and maximum limits are also applicable for this fee.
When should I apply for a home loan in the UAE?
The ideal time to apply for a home loan is after you have finalised the property you want to buy. However, it is smart to get a pre-approval for your home loan. Once you have the pre-approval, finalising the property and getting the loan amount becomes much easier.
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Sharjah Islamic Bank Home & Mortgage Loan Eligibility in UAE - Check the Sharjah Islamic Bank Criteria for Sharjah Islamic Bank home loan & mortgage loan in UAE If you want to apply for an Sharjah Islamic Bank home & mortgage loan in UAE.
United Arab Bank Home & Mortgage Loan Eligibility in UAE - Check the United Arab Criteria for United Arab home loan & mortgage loan in UAE If you want to apply for an United Arab home & mortgage loan in UAE.
Emirates NBD Home & Mortgage Loan Eligibility in UAE - Check the Emirates NBD Criteria for Emirates NBD home loan & mortgage loan in UAE If you want to apply for an Emirates NBD home & mortgage loan in UAE.
Home Loan Balance transfer in UAE - Get the complete info about home loan balace transfer as charges, eligibility, features & benefits, how to calculate home loan transfer EMI, How to transfer home loan from One Bank to Another, & more.
Home Loan After Retirement - Here we have mentioned some tips about how to get a home loan for a retired person, the documents required, and the eligibility criteria to obtain a mortgage loan in UAE after retirement.
Home Loan Prepayment in UAE - Know the top 5 factors to consider before prepaying your home loan as - Stage of your home loan, If the loan repayment requires you to break your emergency fund , EMI reduction Vs loan tenure, & more.
Home loans are very common in the UAE. Because of their significant value, they often result in fixed long-term obligations in the form of EMIs. It’s no hidden fact that the Covid-19 pandemic has caused havoc in the country. Many individuals even lost their jobs due to the shutting down of their companies.