FAB Mortgage Loan for Residences and Investments in UAE

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Established in 2017, FAB, or the First Abu Dhabi Bank, has quickly become one of the most prominent banks in the UAE as well as in several other countries. While the headquarters of First Abu Dhabi Bank is located in Abu Dhabi, several branches of the bank are spread all over the UAE. FAB deals with both retail and corporate finance and banking services, which includes everything from bank accounts to credit cards and loans. FAB mortgage home loans for residences and investments are some of the most popular products of FAB currently, with residents allowed to own properties in Dubai now.

This particular type of FAB home loan is offered to buy properties that are either meant to be used for residence or to be rented out as a retail investment venture. The article below covers all the essential aspects related to this type of FAB mortgage loan. 

FAB Mortgage Loan for Residences and Investments

  • Minimum Salary AED 25,000
  • Flat Rate NA
  • Reducing Rate 0.49%
  • Down Payment 20%
  • No Salary Transfer
  • Islamic Finance
  • Sharia Compliant

Features of FAB Mortgage Loan for Residences and Investments in UAE

  • High Loan Amounts: With up to AED 20,000,000 offered as loan amount, FAB mortgage loans for residences and investments are perfect to build or purchase your dream house easily. You can seek any loan amount below the offered limit as far as you meet the minimum eligibility criteria for that amount. Ultimately, the final loan amount quoted to an applicant is based upon their credibility. 
  • Competitive Interest Rates: FAB mortgage loans for residences and investments come with highly competitive interest rates. This feature ensures that you get the required loan amount at a low chargeable interest amount as well. The fixed interest rate for this loan starts at 2.49%. However, besides the fixed-rate, variable interest rates are also available for these FAB home loans in UAE. 
  • No Salary Transfer Required: While you have the option to transfer your salary to FAB and get better pricing for your home loans, it is not mandatory to get the FAB mortgage loan for residences and investments in UAE. 
  • Debt Rescheduling: If you are unable to keep up with your current debt schedule, you can choose to reschedule it and redesign the tenure once again. All you need to do to reschedule the FAB mortgage loan for residences and investment in UAE is submit an official request and pay the rescheduling fee. 
  • High Financing Ratio: FAB mortgage loan for residences and investment in UAE offers to finance up to 85% of the price of your new property, meaning that you will be required to pay just 15% of the total property cost as a down payment. This allows you higher flexibility to finance your new home now and pay a major chunk using the loan. 
  • Inclusive Coverage: In addition to providing high financing amounts and competitive interest rates, FAB home loans in UAE for residences and investments also offer you a more inclusive coverage for properties. Both read-to-move-in and under-construction houses can be financed using these loans. 
  • Long Loan Tenure: You can get up to 25 years of loan tenure for FAB mortgage loans in the UAE. The available tenure options are highly flexible to ensure that you get to repay your loan as per the timeline that suits you the best. 
  • Joint Mortgage Loan: If taking on a massive loan like a mortgage loan is not a financial responsibility that you want to assume alone, you can always opt for a joint mortgage. You can share your debt with another individual of your choice who can officially sign on with just a few signatures only. 

Eligibility Criteria for FAB Mortgage Loan for Residences and Investments in UAE

  • Nationality: FAB mortgage loans for residences and investments can be taken by both UAE residents and citizens. However, it must be remembered that all applicants must possess all the supporting documents related to identification like a Passport, Visa, Emirates ID, and so forth. 
  • Age: Any UAE citizen or resident older than 21 years of age can apply for a FAB mortgage loan for residences and investments in the UAE. The maximum age limit for getting a FAB home loan in UAE is 65 years, although this specific limit can vary as per the nationality and monthly income. 
  • Employment Status: FAB mortgage loans for residences and investments can be taken by both salaried and self-employed individuals in the UAE if they meet the minimum salary requirements. 
  • Salary Requirements: A minimum salary of AED 15,000 is required to get a FAB mortgage loan for residences and investments in the UAE. This requirement applies to both UAE residents and individuals, whether salaried or self-employed.

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Interest Rates for FAB Mortgage Loan for Residences and Investments in UAE

Categories of the Interest Rates

Applicable Rates 

One-Year Fixed Rate

2.49%

Variable Interest Rates 

7.23%

How to Apply for FAB Mortgage Loan for Residences and Investments in UAE?

Applying for your FAB home loans for residences and investment is a fairly easy process. You can utilise a number of online platforms to send in your application or apply for a loan using offline methods. Given below is a description of application methods for all available platforms in the UAE:

Via Policybazaar.ae

  • Visit policybazaar.ae and head to the home loan section.
  • Once you are on the required page, find the lead form on the right. Fill up the form with your basic information.
  • You will be redirected to our quotes page once you submit the lead form. 
  • Compare and choose the FAB home loan in UAE for residence and investments with other plans for a home loan in UAE. Select the one that you like the best and move forward with your application. 
  • Click or tap on the ‘apply now’ button here, which will redirect you to the application form.
  • Enter the required information in the designated spaces. 
  • Attach all the required documents with the form and submit. 
  • The application will be immediately sent to the bank. You will receive a call once the bank has verified your information and eligibility for FAB home loans in the UAE. 

Via the Official FAB Website

  • Go to the official website of First Abu Dhabi Bank and move to their home loan and mortgage section. 
  • Scroll down to find the different types of loans offered by the bank. Find FAB home loans for residences and investments in the UAE from this list. 
  • Read the important information listed on the page and proceed further to apply.
  • Click on the ‘apply now’ button and start filling out the application using your personal information and required details. 
  • Attach the required documents in scanned form and proceed to submit the form. 
  • Once FAB has gone through your application, you will receive a call about the application and whether you have been approved as a borrower. 
  • If you have been approved, you can take the loan procedure further with the executive assigned to your case. 

Via FAB branches

  • If you want to submit your FAB mortgage loan for residences and investment in UAE application offline, simply find a nearby branch office of FAB and make arrangements to visit. 
  • As you will need all required documents in physical form here, you should make sure that you have all the documents ready before going to the branch. 
  • Connect with a home loan executive at the branch and obtain an application form.
  • Fill out the form, attach the documents, and submit them all. 
  • An executive from the bank will call you once your application is viewed and analysed for eligibility. 
  • Take the loan procedure further from there once you are approved for the loan. 

Note: Whether you apply online or offline, you will be required to submit a processing fee when you send in the application. The processing fee for a FAB home loan in UAE for residences and investment is 1.05% of the loan amount you have applied for. This includes 5% VAT as well. 

Documents Required for FAB Mortgage Loan for Residences and Investments in UAE

One should understand that the documents required to get a FAB mortgage loan for residences and investments can differ as per your employment type and other financial considerations. Nevertheless, the documents generally requested by the bank when you apply for FAB home loans in the UAE are:

For Salaried Individuals 

  • Emirates ID with a copy 
  • Original passport as well as a valid resident Visa for UAE residents. If the Visa was stamped on an older passport, you will need to submit that as well. 
  • Proof of salary in the form of a salary certificate or certificate of employment from your employer mentioning your salary 
  • Bank statements for the past 6 months if you don’t opt for transferring your salary to FAB – this won’t be required if you already have a salary account in FAB 

For Self-Employed Individuals

  • Original Emirates ID and a copy of the same 
  • Original passport with a valid resident’s Visa. If your visa was stamped on an older passport, make sure you have that as well. 
  • A copy of the trade license of your business or company 
  • MoM – Memorandum of Association with all the amendments applicable
  • Bank statement for the past 6 months
  • Audited financial statements of the company for the past two years

For Joint Borrowers of the Loan

  • Passport of the co-borrower 
  • Income or salary proof of the borrower
  • If the co-borrower for your loan is a business entity, documents like a Memorandum of Association and trade license are also required to be submitted 
  • If the co-borrower business entity is a partnership, the passport of all involved partners in the business shall also be submitted

FAB Mortgage Loan for Residences and Investments in UAE Schedule of Fees and Charges

Types of Fee

Charges Applicable

Processing Fee

1.05% 

Minimum – AED 525 

Maximum – AED 2,625

Partial or Early Settlement Fee 

1.05% of the settled amount

Maximum early settlement amount – AED 10,500

Liability Letter Fee

AED 63

Change of Payment Due Date 

AED 26.25

Property Swaps Administration and Valuation Fee 

AED 1,386

Late Payment or Missed Payment Fee

2,10% of the overdue loan amount 

Minimum – AED 52.50 

Maximum – AED 210 

In-Principal Fee (Adjustable in Processing Fee)

AED 525

Property Insurance Fee

As agreed in the loan contract or 0.0525% of the property value

Issuance of NOC 

AED 157.50

Loan Rescheduling Charges 

AED 3,150

Mortgage Life Insurance Fee 

0.0112% of the outstanding loan balance or as per the loan contract

Deferment Fee 

AED 105

Clearance letter 

AED 99.75

Why Should You Choose FAB Mortgage Loan for Residences and Investments in UAE?

  • Reduces Financial burden: Offering a rather high loan amount, FAB home loans in UAE for residences and investments are ideal if you wish to lighten your immediate financial burden of buying a house. Such a high loan amount ensures that you do not have to use your life savings to buy a new property with FAB home loans in UAE. Additionally, if you have bought the property for investments, the loan helps you build your revenue sources more swiftly. 
  • No Salary Transfer Required: One of the best things about FAB mortgage loans in the UAE is that you do not have to transfer your salary to FAB to get your loan. And while there are several benefits of having a salary account with FAB for your home loans, it is not mandatory. You can make an informed choice flexibly and choose your loan type – with or without salary transfer. 
  • Longer Loan Tenures: FAB mortgage loans for residences and investments come with up to 25 years of loan tenure. You can choose any tenure length that suits your requirements between 2 years and 25 years. While a  shorter tenure would mean that you will be rid of your repayment responsibilities quickly, longer loan tenures will allow you to repay your loan with smaller equal monthly payment amounts. 
  • Flexible Financing Options: FAB home loans in UAE are available to help you get your dream property whether it is all built and ready to be used or still under construction. You can use your FAB home loans in UAE to purchase your property regardless of its completion status. 
  • Easy and Swift Processing: As FAB prioritises the swift processing of all home loan applications, it ensures an easy borrowing procedure for all customers. The processing of your application merely takes a few hours to get processed. 
  • Joint Borrowing Facility: With the joint-borrowing facility of FAB home loans in UAE for residences and investments, you can share your debt with another individual. The process of joint borrowing is similar to that of taking a loan individually. 

FAQ's

What is the interest rate for FAB mortgage loans for residences and investments in UAE?

The interest rates for FAB mortgage loan for residences and investments in UAE starts at 2.49%. 

What is the tenure available for FAB mortgage loans for residences and investments in UAE?

The maximum tenure available for FAB mortgage loans for residences and investments in UAE is 25 years. 

Who can apply for a FAB mortgage loan for residences and investments in UAE?

Any UAE resident or citizen can apply for a FAB mortgage loan for residences and investments in UAE.

What is the minimum age to apply for a FAB mortgage loan for residences?

The minimum age to apply for FAB home loans is 21 years.

Is there an early settlement fee applicable on FAB mortgage loans for residences and investments in UAE?

Yes, an early settlement fee is applicable on FAB mortgage loans for residences. The applicable early settlement fee is 1.05% and includes the 5% VAT.

What is the late payment fee applicable on FAB mortgage loans for residences?

The late payment fee applicable on these FAB loans is AED 2.10%, up to a minimum of AED 52.50 and a maximum of AED 210.