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.
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Building a house is probably one of the most important decisions that you would make in your life. Achieving this goal may often seem like a challenge, but with the right mortgage loan, making this expensive purchase becomes easy and doable. If you are planning to get a home financed in UAE, then some of the best options are offered by HSBC mortgage loans.
HSBC is a prominent name in the global banking industry. The bank is present in over 60 countries and has had a strong base for over 150 years. In UAE too, HSBC offers its customers a number of banking services making life easier and simpler. Fulfil your dream of buying a house by opting for a home loan/ mortgage loan from HSBC today.
HSBC offers three different kinds of home loan options. You can choose between Fixed-Rate Home Loans, Variable Home Loans and Green Home Loans. Given below are a few key details:
You can choose mortgage repayment for 5, 3, 2 or 1 year. A fixed loan rate means that till the time your fixed-rate term ends, your repayment will stay the same. This will apply even if there is a change in base interest rates of home loans.
If you don’t want to fix the interest rates, you can opt for the 3-month EIBOR-based (Emirates Interbank Offered Rate) variable home loan. Here, the rates are reviewed on a quarterly basis. As per the EIBOR, your interest amount will vary.
Green home loans from HSBC are offered for financing sustainable homes. An environment-friendly home is the way to a better future. When you purchase a sustainable property, you not only contribute to the planet’s well-being but also get a discount on the home loan rate.
A home loan is going to be a long term commitment, and it is only prudent to analyze all the features of a home loan before you take it. To facilitate this decision, we have listed the most prominent features of HSBC Home loans:
Let us try to understand HSBC home loan eligibility criteria. To apply for an HSBC home loan, you need to be a UAE resident who:
If you are not a UAE resident but wish to buy property here, you can apply for your HSBC home loan after clearing an additional set of criteria. You have to be an HSBC Premium or Jade customer to apply for HSBC home loan as a UAE non-resident.
Given below are a few facts and terms related to HSBC home loan interest rates:
Take a look at the table below to get an idea of some of the HSBC mortgage loans:
Type of Loan |
Minimum Salary |
Monthly payment |
Loan Amount |
Flat Rate |
---|---|---|---|---|
HSBC Home Finance |
AED 15,000 |
- |
AED 20 million |
- |
HSBC Home Finance Buyout |
- |
AED 20 million |
- |
|
HSBC Home Loan Bank Transfer |
AED 7,447 |
- |
1.8% |
|
HSBC New Home Loan |
AED 7,447 |
- |
1.8% |
|
HSBC Granted Land Loan (UAE nationals) |
AED 20,000 |
AED 9,417 |
- |
4.41% |
The following documents will be needed along with your HSBC home loan application:
Applying for a home loan becomes simpler with HSBC. The bank recommends that before applying for a home loan you should get the Approval in Principle. The Approval in Principle will give you a fair idea about the amount that you are eligible for. It also helps understanding how HSBC home loans works and other aspects without costing you anything. You would need a few identification documents, your salary statements and about an hour of your time to get the Approval in Principle.
HSBC Mortgage Loan Calculator allows you to calculate the home loan instalment with ease. The free online tool is a great way to get a fair idea of how much money you would have to take out to repay the loan amount. Find out the required information by entering the tenure of the loan, the interest rate available and the loan amount you are taking. You are free to increase or decrease the variables such as the tenure and loan amount to make the instalment fit in your budget easily.
One of the world’s largest banks, HSBC has a customer base of 40 million. Its presence in the United Arab Emirates dates back to 1946 and it has been a prominent player in the UAE banking industry ever since.
Whether you are looking for a home loan lender or wish to transfer your balance to a different bank, HSBC could be your go-to choice. You can rest assured that HSBC home loans would not just offer you competitive interest rates but also provide you with the best customer service. First time home buyers can seek the expertise of HSBC home-loan advisors who help you with just about everything you need to know about home loans.
Being a Jade or Premier customer offers you all the more benefits. Not only does the process of taking a home loan becomes smoother and quicker, but you can also get all the help from a dedicated Relationship Manager who would help you every step of the way on your loan journey.
The HSBC home loan calculator or HSBC mortgage calculator is a free online tool that allows you to calculate the equal monthly payments of your HSBC home loans.
Even if you live outside UAE, you are still allowed to buy property in UAE and also apply for an HSBC home loan. However, you must be a Jade or Premier customer. You can also be eligible for the loan if you open an account for the home loan repayments.
Even if your home is not yet authorised under the LEED Platinum or Gold Certificate, you can still get the Green Home Loan. You can opt for a green home loan on both the variable as well as the fixed interest rates. You can also avail the following benefits:
Yes. it is mandatory to purchase a home loan insurance when you take out the loan. You can purchase your mortgage insurance from any provider you see fit. You can also opt for AXA insurance and cover all your home contents as well as other personal belongings.
The EMI that you need to pay towards your home loan depends on a number of factors such as the loan amount, the tenure, the rate of interest, your residence status, your credit history etc. The best way to calculate your home loan EMI is through the HSBC mortgage calculator.
No, you need not transfer your salary account to HSBC.
Yes, you can pre-pay the loan amount, which can be partial as well as complete. For a partial payment, you can pay 25% of the total outstanding amount in one calendar year. In case you want to make the complete payment, you will have to pay the pre-closure charges.