FAB Loans for Small Buildings

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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One of the most popular banks in the UAE, the First Abu Dhabi Bank (FAB) was established in 2007.Remarkably, in the short period of its existence, FAB has become a favourite of several banking customers in the emirates, owing to the highly relevant and competitive financial services offered by the bank.

Key Takeaways

  • FAB Loans for Small Buildings are meant to finance or re-finance small residential buildings which have their construction completed already. 
  • Any UAE resident or citizen can apply for FAB loans for small buildings. The applicant must have all required documents with them to send an application. 
  • A loan amount of up to AED 100 million is available for this type of FAB home loan in the UAE, making it one of the highest loan amount-providing mortgage loans by FAB. 
  • The maximum tenure available for these FAB home loans in the UAE is 20 years with a maximum financing ratio of 70%. 
  • You will need to present documents related to income well as your property when applying for this FAB mortgage loan in the UAE. The loan amount will only be disbursed after the property valuation is complete and approved by the inspector. 
  • Besides the listed documents here and on FAB’s official website, the bank may ask for additional documents on a case-by-case basis. 
  • FAB Loans for Small Buildings can be used for fresh financing as well as for buyout financing. 
  • While the standard processing fee applies to fresh financing, no processing fee applies to buyout financing. 
  • Life and property insurance coverage are also offered with this FAB mortgage loan in the UAE at nominal charges.

One such customer-favourite financial product that FAB offers is FAB loans for small buildings in the UAE. Meant to finance small residential buildings that are ready to move in, these FAB mortgage loans in the UAE are generally taken for investment purposes only. 

FAB Loans for Small Buildings

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

Features of FAB Loans for Small Buildings

  • Loan for Completed Residential Buildings: FAB loans for small buildings are designed to only finance small residential buildings which are already constructed. Thus, buildings still under construction are not covered by these FAB mortgage loans in the UAE. 
  • Buyout Options: In addition to offering fresh financing for small residential buildings, FAB loans for small buildings also give you buyout options for a previously active loan with another financial provider. You can easily transfer your active home loan to FAB and consolidate your debt to create a much simpler repayment schedule.  
  • No Processing Fee on Buyouts: While all fresh financing cases are charged a standard 1% processing fee in addition to the standard 5% one, FAB home loan buyouts for small buildings are available with 0 processing fee. You can easily transfer your debt to FAB without worrying about additional costs. 
  • Comparatively Higher Loan Amount: Compared to other loan options by FAB, the FAB loans for small buildings come with a much higher loan amount. You can get up to AED 100 million loan amount to finance the residential building that you plan to purchase. 
  • Life & Property Insurance Cover: To ensure the safety of the family’s financial interests after the borrower’s death, FAB loans for small buildings come with a life and mortgage insurance cover. The insurance covers the loan amount in case of any mishap so that your family is saved from the burden. 
  • Competitive Interest Rates: Above all the excellent features that FAB loans for small buildings offer, competitive interest rates take precedence. The interest rates for FAB mortgage loans for small buildings start only at 3.99% at a fixed rate. 

Interest Rates for FAB Loans for Small Buildings

FAB home loans for Small Buildings Interest Rates

Applicable Rate Starting at

Flat Rate of Interest 

3.99%

Eligibility Criteria for FAB Loans for Small Buildings

  • Nationality: Any UAE national and resident can apply for this FAB home loan in the UAE. You will need proper identification proof to send in at the time of application, with the accepted identification proof documents including Emirates IDs, passports, and resident Visas. 
  • Age: Anyone more than 21 years of age is allowed to apply for FAB loans for small buildings. The maximum age limit applicable on FAB home loans in the UAE is 70 years for UAE nationals and self-employed UAE residents. On the other hand, the age limit is 65 years for salaried UAE residents. 
  • Employment Status: Salaried, as well as self-employed individuals, can apply for FAB home loans for small buildings in the UAE. The applicants, however, are required to cover the minimum required salary set for salaried and self-employed individuals. 
  • Income: The minimum income required to get FAB home loans for small buildings is AED 15,000, and this applies to both salaried and self-employed individuals. 

Documents Required to Get FAB Loans for Small Buildings

  • Documents of the property that you want to get financed
  • Your income documents 
    • This can include a salary certificate from your employer or your salary slips
    • For self-employed individuals, you can include bank statements to show your monthly income
  • Identification documents like emirates ID, passport, and resident’s Visa will also be required
  • For self-employed individuals, company documents like the trade license, MoM, audited financial statements, and more, as per the bank’s requirement.

How to Apply for FAB Loans for Small Buildings?

Given below are the three different ways to apply for FAB home loans for small buildings. These include both online and offline ways to apply for a FAB mortgage loan in the UAE. Follow the steps given below to submit your application successfully via any of these three methods: 

Via Policybazaar.ae

  • To apply for your FAB loans for small buildings via Policybazaar UAE, visit policybazaar.ae and locate the home loans section.
  • Once you are in the mortgage loan section of the website, find the lead form given on the right. Start your application by filling out this form and submitting it. 
  • Once you submit the form, you will be taken to the quotes page of home loans in the UAE where you will be able to see all the relevant loan options. 
  • Choose the FAB loans for small buildings here and proceed to apply for them. 
  • Click on ‘apply now’ to get the application form and fill it out with the required information. 
  • Upload all the required documents after completing the application form. 
  • Pay the application processing fee for FAB loans for small buildings and submit the form. 
  • Once the bank verifies the information provided in the application form, it will contact you and inform you if your application is approved. 
  • If your application is approved, an executive from the home loan department will be assigned to your case.
  • You can take the loan process further by completing property valuation and other important steps. 

The most notable benefit of applying with Policybazaar UAE is that you will get the opportunity to compare the best home loan plans in the UAE. Consequently, you will be able to make an informed choice after gauging the pros and cons of each plan, and buy your selected plan right away.

Via FAB’s Website

  • You can also apply for FAB loans for small buildings at the official FAB website. 
  • Find the official website of First Abu Dhabi Bank on your browser. 
  • Head to the mortgage page and locate the FAB loans for small buildings section there. Open the designated page for FAB loans for small buildings. 
  • Read all the mentioned details here. Make sure you are crystal clear about the terms and conditions of the FAB mortgage loan in the UAE. 
  • Click on ‘apply now’ and get the online application form. 
  • Fill out the form and attach the required identification proof, income documents, and property documents with it. 
  • Pay the application processing fee and submit the form. 
  • Your application will be processed and verified by the bank. A notification will be sent containing details of loan application approval or denial.
  • If approved, you will be assigned a home loan executive by the bank. You can complete the rest of the required steps with the assistance of the executive. 

Via FAB Branches

  • Offline applications for FAB loans for small buildings can be submitted directly at FAB branch offices. 
  • Collect all the required documents for the loan in physical form. Ensure the availability of the documents in original form as well as copies. 
  • Locate a nearby branch of First Abu Dhabi Bank and visit it. 
  • Head to the home loan department and request an application form.
  • Fill out the form and attach all the documents in the required format. Take assistance from the executives available at the bank if required. 
  • Submit your application form at the designated counter and wait for approval. 
  • Once you receive the approval, complete the rest of the procedure with the help of the assigned home loan executive and property valuation inspector. 

Note: Whether you apply online or offline, getting in-principle approval is necessary before you send in the actual home loan application. It increases your chances of approval significantly. Moreover, there is a small in-principle approval fee applicable for FAB loans for small buildings, although this fee is later adjusted in your processing fee. 

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FAB Loans for Small Buildings Fees and Charges

Types of Fee

Charges Applicable

Processing Fee for Regular Cases 

1.05% 

Minimum – AED 525 

Maximum – AED 2,625

Late Payment Charges

2.10% of the overdue instalment amount

Minimum – AED 52.50

Maximum – AED 210

Partial or Early Settlement Fee 

1.05% of the settled amount

AED 10,500 is the maximum early settlement amount 

Liability Letter Fee

AED 89.25

Copy of Original Documents 

AED 105

In-Principal Approval Fee (To be Adjusted in Processing Fee)

AED 525

Payment Deferment Fee 

NA

Loan Rescheduling Fee

AED 3,150

Property Swaps Administration and Valuation Fee 

AED 1,386

Property Insurance Contribution 

0.0525% of the property value

Issuance of NOC 

AED 157.50

Life Insurance Fee

0.0525% of the value of the property or as stipulated in the loan contract

Clearance letter 

AED 99.75

Why Should You Choose FAB Loans for Small Buildings?

  • Dual Financing Options: FAB loans for small buildings offer both fresh financing and buyout options to enhance the flexibility for customers. You can take on new loans or transfer your current home loans for small residential buildings to FAB – whatever is your need of the hour. 
  • High Loan Amount: Up to AED 100 million is available as loan amount for small residential buildings with FAB mortgage loans in the UAE. Such a high amount ensures that finances don’t become a hindrance in your way to investing in the UAE. You can now easily buy the building that you see as an investment opportunity and start earning profits quickly. 
  • Long Repayment Tenure: FAB loans for small buildings offers you up to 20 years as loan repayment tenure with scheduled payments as per the profit on the investment you receive. This gives you enough time to not only repay the loan comfortably but also simultaneously build your capital. 
  • Quick and Transparent Processing: Giving prior in-principle approvals, FAB quickens the overall processing timeline to provide you with the loan amount as swiftly as possible. The processing and property valuation procedure is transparent which serves as a great assurance to customers. All terms, conditions, and applicable fees are clearly mentioned and explained by bank executives in-person as well as on the website. 
  • Easy Asset Management: Managing and retaining your current and fixed assets is simpler with FAB as your home loan partner. You can keep your life savings safe to be used in adverse situations and acquire new assets simultaneously. For this specific aspect, choosing FAB home loans in UAE is indeed a smart way to invest in the UAE. 
  • High Financing Ratio: FAB loans for small buildings offer a high financing ratio of up to 70% for completed residential buildings. This ensures that you don’t have to spend a hefty amount on the down payment of the property. 
  • No Salary Transfer: You won’t necessarily have to go through the trouble of transferring your salary to FAB in order to get a FAB mortgage loan in the UAE for small buildings. The loan is available for both categories, i.e., with and without salary transfer. However, the option to transfer your salary to FAB and receive better interest rates for your FAB home loan in the UAE is always available.