FAB Home Loan

Best Home Loans to buy your dream home

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  • Flexible repayment periods up to 25 years
  • Processing fees as low as 1%
  • Profit rates starting at 2.75% per year

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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.

FAB Home Loan Plans 

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:

  1. Home Loans for non-UAE Residents
  2. FAB Home Loan for Residents in the UAE
  3. FAB Loans for Small Buildings
  4. National Housing Loan
  5. FAB Green Mortgage

Home Loans for non-UAE Residents

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

  • Minimum Salary AED 15,000
  • Flat Rate 3.25%
  • Reducing Rate NA
  • Down Payment 20%
  • No Salary Transfer

FAB Home Loan for Residents in UAE

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

  • Minimum Salary AED 15,000
  • Flat Rate NA
  • Reducing Rate .49%
  • Down Payment 20%
  • No Salary Transfer
  • Islamic Finance
  • Sharia Compliant
  • No Salary Transfer

Loans for Small Buildings

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

  • Minimum Salary AED 15,000
  • Flat Rate 3.99%
  • Reducing Rate NA
  • Down Payment 35%
  • No Salary Transfer

National Housing Loan

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.

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FAB Green Mortgage

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.

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Features and Benefits of FAB Home Loans in UAE

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:

  1. Easy Down Payment Option  - You can avail of up to 80% of the property value as a home loan with First Abu Dhabi Bank home loans. For example, if your property costs AED 10,000 million, you can avail yourself up to AED 8,000 million from the bank as the loan amount.
  2. Reasonable FAB Home Loan Interest Rates - FAB home loans not only offer flexible tenure options and high loan amounts but also come with competitive interest rates. You can easily save a substantial amount of money and build the home of your dreams with FAB home loans as your partner.
  3. Easy Loan Repayment Tenure - Home loan is a long-term commitment. Given the fact that home loan amounts are exceptionally high, a proportionate duration is required to pay it back easily. FAB provides as long as 25 years to repay the home loan, depending on the loan type. Additionally, the home loan tenures are flexible and can be availed as per your unique requirements. 
  4. Assistance from Mortgage Manager - A FAB mortgage manager guides you through the complete process of applying for a home loan to getting it sanctioned. You do not need to worry about minor technicalities and setbacks.
  5. The Ultimate Mortgage Calculator - The FAB mortgage calculator helps you in getting a clear picture of the loan. It helps you in understanding the amount you will need to repay at the end of your loan tenure as well as the equal monthly payment amounts. 

 Eligibility Criteria for FAB Home Loan

Following is a list of criteria that need you to need to fulfill for FAB home loan eligibility: 

  • The applicant must be at least 21 years old
  • Should have a minimum salary of AED 15,000 per month

Interest Rates for FAB Home Loans

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

Documents Required for FAB Home Loans

The following documents are required to apply for FAB home loans:

  • Valid passport
  • Bank statements
  • Income proofs
  • Valid Emirates ID
  • Residence Visa (for ex-pats)

Note: The bank may ask for more documents if required on case-by-case basis.

How to Apply for FAB Home Loans in UAE?

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: 

Via FAB’s Website - 

  • Visit the official website of FAB.
  • Click on the Mortgage section from the menu, and choose the loan plan you wish to opt for.
  • Scroll down and you will find a form asking for details like Name, Phone number, Email, Salary per month, etc.
  • Fill up the form and submit it.
  • Soon an expert from FAB will get in touch with you to discuss the loan details.

Via Policybazaar.ae

  • Go to Policybazaar.ae and head to the home loan section. 
  • Fill out the lead form given on the home loan homepage and proceed to check out the list of available FAB home loans that appears afterward. 
  • Choose your loan options and click on ‘apply now'. 
  • Fill out the application form and submit it with the required documents. 
  • A representative from the bank will contact you once they receive the application. 

FAB Mortgage Loan Calculator

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. 

Terms & Conditions for FAB Home Loans

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.

  • If you do not make regular payments, you might lose the property.
  • If you choose to pay off a loan earlier, you will be charged a penalty fee.
  • If you fail to make regular loan payments, it will affect your credit score badly and further stop you from financing in the future.

Why Choose FAB Home Loans in UAE?

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.

FAQ's

What exactly is “EIBOR” and its maximum range along with the trend?

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.

What is property evaluation in home loans?

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. 

Is Insurance cover required for a mortgage?

Yes, either mortgage life insurance or home insurance covers are required to cover the home loan you take.