Samba 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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Established in 1955 in Jeddah, Samba Bank is one of the foremost banks in the UAE.  In 2020 it also got the license to operate out of Dubai International Financial Centre. The flagship branch of the Saudi American bank (Samba Bank) is located on Jumeirah Beach Road, Dubai. 

The bank also has several branches in Pakistan, GCC countries and South Asia.  The bank has won several accolades and awards for its outstanding and innovative banking products and services.  By 2010, the bank also spread its wings to Qatar. Among various products, Samba Bank Home loan is one of the most popular product that help you purchase your dream home Additionally, the bank offers low and competitive interest rates and streamlined application process to acquire the loan. Read the article below to know the features, benefits, and ways to apply for Samba Home loans in the UAE

Samba Bank - Home Loan Plans

Depending on the requirement of the individuals, Samba Bank offers numerous home loans with competitive interest rates. Here are the various types of Samba Bank home loans in the UAE.

  1. Samba Purchase of Property
  2. Samba Loan Against Property
  3. Samba Buyout from Other Banks
  4. Samba Buyout from Other Banks Plus Equity Release

Samba Purchase of Property

If you are looking for a mortgage loan for a ready-to-move-in residential property, Samba Bank can be an option worth your consideration. If you are a UAE nation you can get a loan for up to 80% of the property value, while for Expats it can go up to 75%. Your repayment tenure can be as high as 25 years.

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Samba Loan Against Property

When you already own a  property, buying a new one becomes simpler. You can unlock new opportunities that would otherwise stay tied under the property you own. A loan against property is a great option offered under Samba home loans. In an easy and affordable way, you can cash out from a mortgage-free property. You can get the benefit of Exclusive Residual finance to cover the cost of the purchase. You can get the loan for private villas, freehold and leasehold.

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Samba Buyout from Other Banks

In case you have a mortgage facility from a different Financial Institution, with Samba home loans, you can easily make a switch. You can choose attractive rates to lock the home loan up to 3 years. A quick loan approval ans easy documentation allows a smooth transition. Apart from this you can also choose between a fixed or variable interest loan option for a repayment that can be up to 25 years. 

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Samba Buyout from Other Banks Plus Equity Release

With Samba Buyout from Other Banks Plus Equity Release, there is an additional amount of equity provided on the property when the mortgage moves from the existing financial corporation. Samba provides the opportunity to encash the difference between the property’s current value and the balance amount of the existing loan.

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Features and Benefits of Home Loans from Samba Bank:

Finding the perfect home requires a lot of effort and time. To ease your selection process, we have compiled the list of features and benefits of Samba Bank Home Loans.  Several features of the Samba Bank home loan are as follows.

  • Get unparalleled interest rates : Samba Bank home loan interest rates start at just 3.25%. With Samba Bank home loan rates being so competitive, it becomes quite affordable for the customers to purchase their dream home with Samba Bank home loan.
  • Quick approvals for easy purchase: With quick and easy documentation, the loan request is approved quickly. The bank ensures that the customers do not have to wait much to get the finances for their homes.
  • Salary transfer - not mandatory: You don’t need a salary transfer account with the bank to acquire a Samba bank home loan. 
  • Simple process : The complete process of the Samba Bank home loan approval is white simple and easy. The bank executives take care of all your queries and get the process done on time.
  • Get residual financing: The benefit of residual financing is also offered. This means a sum of the loan amount is kept reserved to be paid at the last instalment. 

Now that we are acquainted with the features, let's have a look at the benefits you can avail with the Samba Bank home loan. 

  • The bank offers different types of home loans. So, you can purchase a loan as per your requirement and convenience
  • Get complementary life and property insurance for your home and yourself with a nominal premium payment.
  • You can acquire home loan with a co-borrower. 
  • You may also buyout from other banks. This means you have the option to transfer your existing mortgages from any other bank or financial institution at a low EMI
  • Get your equity released for the properties you own
  • For Samba home loans, the bank offers both variable and fixed rates.  You can avail of the type of home loan interest rates at your convenience 
  • Customers can also avail home loans for properties in Dubai that has been completed

Eligibility Criteria for Samba Home Loan & Mortgage Loan

Before opting for a Samba Home Loan, you need to satisfy a few eligibility requirements. The eligibility criteria for a home loan from Samba bank are:

  • The candidate should have a monthly income of at least 15000 AED 
  • All UAE, Saudi nationals are eligible for applying for Samba bank home loans 
  • Residents of the UAE are also eligible 

Interest Rates for Samba Mortgage Loan & Home Loan 

Here are the Samba Bank Home Loan Interest Rates.

Type of Loan

Maximum Tenure

Maximum Amount

Purchase of Property 

25 years

UAE Nationals-80% of the property value

UAE Expatriates-75% of the property value

Loan Against Property 

25 years

UAE Nationals-80% of the property value

UAE Expatriates-75% of the property value

Buyout from Other Banks

25 years 

UAE Nationals-80% of the property value

UAE Expatriates-75% of the property value

Buyout from Other Banks Plus Equity Release

25 years

UAE Nationals-80% of the property value

UAE Expatriates-75% of the property value

How to Apply for Samba Bank Home Loans?

Applying for a Samba Bank home loan is easy and comfortable since the bank offers numerous channels for loan application. The steps involved for home loan application are as follows

  • In order to apply for Samba Bank home loan, a customer has to mail the bank at samba.care@samba.com.pk or contact them at 92211111
  • To successfully complete the home loan application process, you need to submit a few documents like a signed home loan application booklet, a valid CNC, bank statement, employment proof, etc. 
  • The executive from the bank will connect with you and the rest of the paperwork will be completed quickly.

Documents Required for Samba Home Loans

During the application process you need to keep certain documents handy. Here’s a list of documents you need to apply for a home loan at Samba Bank

  • For nationals: Copy of Emirates ID
  • For residents: Copy of Passport and Visa details
  • Statements of bank accounts
  • Purchase and sale contract
  • Proof of other sources of income (if applicable) 

Terms & Conditions for Samba Bank Home Loans

Before applying for Samba Bank home loan or mortgage, there are a few things you need to keep in mind. here are the things you should consider before applying for a Samba home loan.

  • You will get the mortage only after completion of the documentation and fulfiling other terms and conditons.  
  • In case of any changes in the agreement, the applicant needs to provide a written request. 
  • If Interest is not paid on the Due Date, it is added to the Principal loan amount 
  • The applicant is accountable to pay the principal amount, interests and other additional charges while repaying the loan.
  • On the account of no repayments the security property will be undertaken by the bank

Why Choose Samba Bank Mortgage Loan?

Samba Bank home loan helps you purchase your dream home.  The low-interest rate, flexible repayment tenure, and the bank's assistance throughout the process give you a competitive deal and ease of financing your home purchase. Different types of home loans are available at the bank to cater for the varied needs of the customers. So, take a step forward to your ideal home and let the bank do the rest. 

FAQ's

Is it compulsory to be an existing customers apply for a home loan at Samba Bank?

No, it is not compulsory for a loan seeker to be an existing customer at Samba Bank. Any customer seeking a home loan can apply at the Samba Bank.

Can I purchase a property anywhere in the UAE with a Samba Bank home loan?

At present, Samba Bank is only Financing properties and projects located in the Emirate of Dubai.

What is the minimum age criteria to apply for a Samba Bank home loan?

The minimum age is 21 years and the maximum age on maturity is 65 years

Is the maximum loan tenure the same for UAE Nationals and Expatriates?

Yes, the maximum loan tenure for UAE Nationals, Expatriates, and Non-Residents is 25 years

Can I apply for a home loan for commercial properties?

At present, Samba Bank is not financing commercial properties.