Mashreq 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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Purchasing a house is one of the most important decisions that you will make in your life and often times it may feel a bit challenging considering the cost involved. But with the assistance of the right home loan plans, like Mashreq Mortgage Loan, the dream of owning a home can easily be turned into reality. Home Loans by Mashreq offer some amazing home loan options, in case you are thinking of buying a property in the UAE.

Mashreq has been one of the best performing and leading financial institutions in the UAE for over five decades. Over time, they have expanded their business to the Middle East and international offices in the US, Europe, Asia, and Africa. Make your dream of owning a house come true with the financial solutions offered by Mashreq home loan.

Mashreq Home Loan Plan type with Features

Mashreq cares for your dream of a new house and looking after it, the institution offers some wonderful loan plans not just for residents but for non-residents as well. Let’s take a look at the plans:

  1. Mashreq Home Loan for Residents
  2. Mashreq Homes Loans for Non-Residents
  3. Mashreq Commercial Mortgage for UAE Residents

Mashreq Home Loan for Residents

Mashreq home loans help you in acquiring your dream home faster and easier by providing a high loan amount ranging up to AED 10 million. Some other features include:

  • You can get up to 85% of your property value financed
  • Free approval in under 10 minutes
  • No salary transfer requirement
  • Choose a loan repayment term that can be as high as 25 years

Apply Now

 

Mashreq Homes Loans for Non-Residents

If you wish to invest in a property in UAE while being a non-resident or would like to own a home in the country, Mashreq Home Loans for Non-Residents can help you. The product offers:

  • Finance amount of up to 50% of the property value
  • You can avail high loan amount of up to AED 10 million
  • You can opt to get a loan repayment term of up to 25 years

Apply Now

 

Mashreq Commercial Mortgage for UAE Residents

If you are looking to expand your business, the Mashreq Bank helps you finance shops, warehouses, office space, and other buildings. The best features of this loan are:

  • You get a high loan value of up to AED 10 million
  • You get a loan repayment tenure of up to 15 years
  • Low and affordable home loan interest rates

Apply Now

 

Features and Benefits of Mashreq Home Loans

Some of the key benefits and features of Mashreq Home Loans are-

  1. High Loan Amount - The company offers home loan amounts as high as AED 10 million.
  2. Economical Interest Rates - Home loans and mortgage loans are quite competitive and help you in saving a big chunk.
  3. Quick Pre-Approval - Free pre-approval is available in under 10 minutes and has no salary transfer requirement.
  4. An Interest Rate that Suits You - Opting for a Mashreq home loan offers you the option of choosing between a fixed-rate home loan or a variable interest rate option.
  5. Quick and Easy Paperwork - Minimal paperwork is required for Mashreq home loans. The loan applications are processed quickly and in a hassle-free manner.
  6. Dedicated Relationship Manager - Opting for a home loan can offer you many challenges on the way. Get expert help and guidance throughout the process of loan confirmation and afterwards from the expert team of Mashreq Home Loans.
  7. Cashback Policy - As a reward, the company offers a cashback of up to AED 2000 to their loan takers.

Eligibility Criteria for Mashreq Home & Mashreq Loans

Eligibility Criteria - Home Loan for Residents

  • Minimum salary of AED 15,000
  • The person could be salaried or self-employed
  • Must be a resident of the UAE or a resident expatriate

Eligibility Criteria - Homes Loans for Non-Residents

  • The person should be salaried or self-employed
  • The person should provide a personal bank statement of at least 3 months as proof of funds

Eligibility Criteria - Commercial Mortgage for UAE Residents

  • The person must be a citizen of the UAE or a resident expatriate
  • The person must be self-employed

Interest Rates for Mashreq Home Loans

Type of Loan

Maximum Tenure

Maximum Amount

Rate Of Interest

Home Loan for Residents

25 years

AED 10,000,000

Varies within the range of 1.99% - 7.99%

Homes Loans for Non-Residents

25 years

AED 10,000,000

Varies within the range of 1.99% - 7.99%

Commercial Mortgage for UAE Residents

15 years

AED 10,000,000

Varies within the range of 1.99% - 7.99%

How to Apply for Mashreq Home Loans?

Applying for home loans has become easy with quick submission of forms and shorter turn sound time of Mashreq professionals. In order to get a home loan, you need to first make a clear detailed application and also produce a few documents, so that the company can decide your eligibility for the loan and also the amount that they can loan out. The documents could include details like your employer, salary, current assets, source of income, etc.

You can apply for Mashreq Bank home loans online via Policybazaar.ae or via Mashreq Bank website. Following are the steps for both:

Application via PolicyBazaar.ae 

  • Go to Policybazaar.ae and find the home loan section. 
  • A lead form will be given on the right on home loan page. Fill this form and get to the quotes page.
  • Choose the Mashreq Bank home loan product you like the best from here. 
  • Compare the available products if you like and make a final decision to start the application process.
  • Fill out the application form and submit along with required documents. 
  • An executive from the bank will contact you when the loan application has been processed. 

Application via Mashreq Bank Website

  • Choose Home Loans from the types of loans (personal, car, home).
  • Next, read the plan details and choose the plan you like the best.
  • Click on the Apply button provided under that plan.
  • Fill in all the details and submit. Soon an official from Mashreq will follow up with you.

Documents Required for Mashreq Home Loans

In order to apply for a home loan in the UAE, you must provide the following documents along with your home loan application:

  • Emirates ID, passport, and residents visa
  • Bank Statement of the previous 6 months
  • Salary Slip
  • Ownership Documents of the property
  • Proof of funds to ensure the down payment

Mashreq Mortgage & Home Loan Calculator

Mashreq Mortgage Calculator is a free online tool that helps to get a fair idea of the equal monthly payment amount for your Mashreq home loan amount.  The online tool allows you to calculate the home loan instalment with ease. Set the required home loan amount and tenure you want to take on the calculator. Your equal monthly payment amount will be displayed after that. You can also  increase or decrease the variables such as the tenure and loan amount to make the instalment fit in your budget easily.

Mashreq Home Loans - Terms & Conditions 

  • Mashreq will carry out a complete credit bureau valuation to confirm your provided information. Only after a complete verification will the loan application be processed. 
  • You can cancel the loan within 5 business days, known as the cooling period, by signing off the loan with a minimal to no cancellation charge.
  • Acceptance of your loan approval highly depends on your score and credit behaviour.
  • If you fail to make the repayments regularly, the following may happen:
    • Your property may be taken over
    • Your credit score will be hampered in a bad way
    • Your loan account will go into arrears
    • Re-finance of loans will take much longer and you may end up paying higher interest rates
  • You can make a partial or early settlement by paying AED 10000 or 10.5% of the loan, whichever is lower.
  • Extra charges will be applicable in case you decide to pre-close your loan.
  • There is absolutely zero late payment fee.

Why Choose Mashreq Home Loans in UAE?

Mashreq Bank is one of the UAE’s leading financial institutions providing banking and financial solutions to over a million customers since 1967. It is also the first bank to operate in the UAE and has completed 50+ years in service. Mashreq has been a prominent leader in giving out loans at attractive interest rates, be it personal, car, or home loans. The bank offers competitive rates and attractive discounts on its services apart from providing 24-hour support. A Relationship Manager keeps in touch for constant support and help. If you are looking for quick and affordable home loans, Mashreq is the best choice to opt for.

FAQs

What is a Mashreq Home Loan Calculator?

Mashreq Home Loan Calculator or Mashreq Mortgage Calculator is an online tool that helps in calculating the equal monthly payment amount that needs to be paid at a fixed interval of time until the loan is completely paid back.

If I take a home loan from Mashreq Bank, do I need to transfer my salary account?

No, at Mashreq, you can avail of loans without a salary account transfer.

Can a non-resident apply for a home loan at Mashreq Bank?

Yes, Mashreq has special loan plans for non-residents of the UAE and offers loan amounts as high as AED 10 million with attractive interest rates and repayment tenure of up to 15 years.

How can I get in touch with Mashreq Bank to apply for a home loan?

You can get in touch with Mashreq Bank by calling +971 4 4244444 (Dubai) or +971 2 6274737 (Abu Dhabi). You can also visit the website and request a call back.