Commencing its services in the UAE in 1946, HSBC Bank is among the oldest international financial institution operating in the country. Popular for its innovative and customised products and services, the bank provides personal, business, and corporate savings accounts, deposit schemes, investment banking, and loan and credit products.
HSBC home loans are among the most affordable financing options in the UAE. Using HSBC home loans, you can conveniently purchase your dream home. The bank offers easy loan applications and approvals generally within 60 minutes. And that’s not the entirety, as the bank offers numerous types of home loans based on individual requirements.
HSBC Home Finance Buyout facility offers numerous attractive benefits, ensuring that you will have ample features if you purchase a house using an HSBC home loan. Here are a few features and benefits of HSBC Home Finance Buyout.
High Home Loan Amount - With HSBC bank home loan buyout, you can opt for high a finance amount of up to 8 times your annual salary or AED 20 million for UAE nationals. For ex-pats, the maximum loan amount available is 7 times their annual salary or AED 20 million. However, keep in mind that these are the specified maximum limits, with the actual approved amount depending on several other factors.
Low Interest Rates - HSBC bank offers low and affordable home loan interest rates that start at 1.8% per annum flat.
No Salary Transfer Required - To acquire an HSBC home finance buyout plan, you don’t need to have a salary transfer account in the bank. This feature helps you access the home loan without any hassle of opening an additional bank account and operating it.
No Early Settlement Charges - If you wish to foreclose your HSBC home finance buyout after the first 3 years of acquiring the loan amount, the bank does not levy any charges.
Debt Consolidation - You get a top-up facility to consolidate your multiple debts in one place and have convenience in repaying your loans with this type of HSBC home loan.
Cashback on Home Loans - The bank offers up to AED 2,500 cashback on new home loans, balance transfers, and top-up home loans. In addition, you also get numerous discounts on your HSBC home financing periodically.
Free Over Payment - As a loan applicant, you get access to free overpayment of up to 25% per annum. However, it should be considered that the interest is calculated on the daily outstanding balances based on AED EIBOR rates.
Flexible Tenure - With HSBC home loans, you get a flexible tenure of up to 25 years for repaying your loans.
Eligibility Criteria to Apply for HSBC Home Finance Buyout
For any loan application, you will need to satisfy a set of eligibility criteria as laid down by the bank as per your age, nationality, financial capabilities, etc. Here are the common eligibility criteria to apply for the HSBC home finance buyout.
Age - To apply for an HSBC home finance buyout, you need to be at least 21 years old. The upper age limit for home finance applications is 65 years.
Nationality - HSBC home finance buyout is available to both UAE nationals and ex-pat residents. However, the approval of the loan amount depends on the nationality and is subject to document verification.
Salary Requirement - To apply for HSBC Home Finance Buyout, you must have a monthly income of at least AED 15,000.
Employment Status - HSBC home finance is available to both salaried as well as self-employed individuals in the UAE. However, different requirements related to income are to be fulfilled by both types of individuals.
Documents Required to Apply for HSBC Home Finance Buyout
If you satisfy the eligibility criteria for your selected plan, you can start collecting the required documents to submit at the time of application and complete the process. Listed below are the common documents needed while applying for the HSBC finance buyout.
For Salaried Individuals
Original Emirates ID along with a copy
Original passport ID along with a valid copy with a valid resident visa page - in case the visa is stamped on your old passport, you need to produce the old passport.
Latest salary certificate addressed to HSBC bank or latest salary slips as asked by the bank in case of a 10% variance in the salary
In case you have switched your job within the last 3 years, you need to provide the proof regarding your experience in the previous company
Last 6-month bank statement if you don’t hold a salary transfer account in HSBC bank
For Self-Employed Individuals
Original Emirates ID and a copy
Original passport ID along with a valid copy with a valid resident visa page. You will be required to produce your old passport if the visa is stamped on your old passport.
A valid copy of your trade license
Memorandum of the association including all the amendments
Latest 6-month bank statement
At least 2 years of audited financial statements of the business
For Co-Borrowing Individuals
Valid passports of co-borrowers that include the mandatory visa page
Income document of the co-borrowing individuals
In case the co-borrowers are business entities, they will have to submit the MoA (Memorandum of Association) and trade license. In addition, all the partners need to submit a passport copy
How to Apply for HSBC Home Finance Buyout in UAE?
HSBC bank offers several online and offline ways to apply for an HSBC home finance buyout. You can conveniently log on to the official HSBC bank portal and apply for the loan. Alternatively, you can visit the bank in person and apply for HSBC home finance buyout.
Discussed below are the ways to apply for HSBC home finance buyout in the UAE.
Online Application - It is one of the easiest ways to apply for any HSBC home loan in the UAE. You can select the HSBC home finance buyout option from the official portal, enter your personal and contact details, and the bank will contact you regarding the further application process.
Offline Application - You can visit a nearby HSBC bank branch in person and contact the bank representative regarding your home loan application. Carry all the required documents as asked by the bank and fill out an offline application form. Attach all the documents with the form and submit them to the bank. They will connect with you if your application is approved for the next steps.
As an HSBC Jade or premier customer, you can directly reach out to your relationship manager and apply for HSBC home finance buyout.
Why Choose HSBC Home Finance Buyout?
HSBC Home finance buyout comes with a host of features to help you manage your funds for purchasing your dream home. The following are some reasons to choose HSBC Home Finance Buyout.
You get low and competitive interest rates on HSBC home finance buyouts,
The bank offers the facility of debt consolidation for convenient debt management.
The bank offers a flexible loan repayment period of up to 25 years.
You can apply for HSBC home finance buyout without having a salary transfer account with the bank.
Users can apply for the home finance buyout simply by visiting the bank’s official website without any hassles.
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What are the interest rates on HSBC home finance buyout?
HSBS offers some of the lowest home finance interest rates in the UAE, with flat rates starting at 1.8% per annum.
What is the maximum tenure of HSBC home finance buyout?
The bank offers a maximum tenure of 25 years as per your financial requirements and the loan amount taken.
Can I apply for HSBC home loans as an ex-pat?
Yes, you can apply for HSBC home loans as an ex-pat in the UAE. However, the loan approval depends on your nationality and the documents you produce.
What is the maximum amount of home loan I can apply for in HSBC bank?
The bank offers home loans of up to AED 20 million or 8 times your annual salary in AED (whichever is lower). For ex-pat residents, the bank offers a loan amount of up to 7 times their annual salary or AED 20 million (whichever is lower).
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