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.
Best Home Loans to buy your dream home
T&C Apply
Get Home & Mortgage loan at Lowest Interest Rate
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
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.
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.
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.
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.
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.
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.
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.
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:
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 |
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
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
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.
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.
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.
At present, Samba Bank is only Financing properties and projects located in the Emirate of Dubai.
The minimum age is 21 years and the maximum age on maturity is 65 years
Yes, the maximum loan tenure for UAE Nationals, Expatriates, and Non-Residents is 25 years
At present, Samba Bank is not financing commercial properties.