Home & Mortgage Loan Eligibility in UAE - Check Eligibility Criteria for home loan & mortgage loan in UAE If you want to apply for home & mortgage loan in UAE.
Best Home Loans to buy your dream home
T&C Apply
Get Home & Mortgage loan at Lowest Interest Rate
Owning our own home is a dream for us all and it requires a lot of financial planning. However, purchasing a house with your hard-earned money is a challenge since it takes away a huge chunk of your life savings. This is why opting for a good home mortgage plan is suggested when you finally decide to buy your own home. With the right FAB mortgage loan, you can own a house and avoid the stress of financial burdens at the same time. Since home loans are long-term loans, make sure that you go with one of the highly trusted providers only like First Abu Dhabi Bank(FAB). It offers you home loans at attractive rates of interest with flexible tenure options. Let’s cover every important aspect of FAB homes loans.
FAB is one of the largest and highly trusted banks in UAE. It provides customers with an extensive range of customised financial and banking solutions, products, as well as services meeting every unique need. It looks out to satisfy the banking requirements of customers in several countries around the world through its strategic solutions.
First Abu Dhabi Bank offers a wide range of mortgage loan solutions that are tailored to fit the budget of every new aspiring homeowner in UAE. The bank also offers personal assistance until the keys to the house are handed over to you. Let’s take a look at the loan options and learn about the different features they offer:
If you are a non-resident, FAB offers you easy home loan solutions so that you can own a place of your own in UAE. The bank offers up to AED 10 million as non-resident mortgage loan amount. You can borrow up to 50% of the property’s value from the bank in the loan amount at a competitive variable interest rate with either EIBOR or MBR.
FAB Home Loans for non-UAE Residents
If you are a resident of UAE and planning to buy a property, FAB offers home loan for residents at an attractive mortgage rate of 0.43%+ 3m EIBOR. You will also be provided with a dedicated mortgage manager to help you throughout the process.
FAB Home Loan for Residents in UAE
If you are planning to own a small residential building, FAB has something special in store for you as well. The bank is providing a loan of up to AED 10 million and that too for a tenure of 20 years. The loan is available at highly competitive market rates.
FAB Home Loans for Small Buildings
FAB has launched a new home loan scheme exclusive to UAE nationals. If you are a UAE national, the bank will help you in owning your dream home by providing a loan of up to AED 2 million at absolutely zero rates of interest and a loan repayment tenure of 25 years.
FAB commits to an environmentally friendly future and to keep up with the agenda, it has launched FAB Green Mortgage. Along with five years fixed interest rate, you get a discount of 0.25% discount and also save 50% on the processing fee when you take FAB Green Mortgage. It is a limited-time loan and is valid up to December 31, 2022, only.
A home loan is a long-term commitment hence, it is advised to check the fine print for all the features, benefits, terms, and conditions before opting for it. Some of the top features of the FAB home loan are:
Following is a list of criteria that need you to need to fulfill for FAB home loan eligibility:
The interest rates of the different FAB home loan plans are as follows:
Type of Loan |
Maximum Amount of Loan |
Repayment Tenure |
---|---|---|
FAB Green Mortgage |
|
25 years |
Home Loans For non-UAE Residents |
AED 10 million |
25 years |
Home Loan for Residences and Investments in UAE |
AED 20 million |
25 years |
Loans for Small Buildings |
Up to AED 100 million |
20 years |
National Housing Loan |
Up to AED 20 million |
25 years |
The following documents are required to apply for FAB home loans:
Note: The bank may ask for more documents if required on case-by-case basis.
Applying for FAB home loans can be easily at online application platforms. With just a few taps/clicks on your screen, you can become an applicant. You can apply for FAB home loans via Policybazaar.ae as well as the official website of FAB. Follow the given steps to fill out the FAB home loan application form online:
The FAB mortgage calculator is an extremely beneficial tool that helps you in getting an estimate of the total mortgage amount and equal monthly repayment amount. It is calculated based on the down payment amount entered, repayment tenure, and the average interest rate. Simply enter the required details on the calculator and get the estimated equal monthly payment amount and the total repayment amount of the loan at the bottom of the calculator.
Before finalizing the loan, one last step is to check the terms and conditions one more time to make sure you do not overlook any important detail.
FAB is one of the most trusted financial and banking service providers in UAE and several other countries making it one of the top options for getting your home loan in UAE. They offer different home loan solutions attempting to cover all the unique needs of different customers. FAB home loan rates are quite low and attractive while the loan amount offered is standard. FAB offers repayment tenures of up to 25 years which makes it a little easy on your pocket to repay the loan.
Emirates Interbank Offered Rate, EIBOR, is the benchmark rate of interest that the Central Bank of the UAE which is published daily. EIBOR reflects the average interest rate that is offered by most banks in the United Arab Emirates to meet their internal requirements of short-term loan funding.
If you intend to take a loan from FAB, one of the site evaluators will visit the site, evaluate the potential future value of the property you want to get financed, and report to the bank with an estimated value. This helps the bank decide whether financing a particular property be a financially sound decision.
Yes, either mortgage life insurance or home insurance covers are required to cover the home loan you take.