United Arab Bank Home Loan in UAE

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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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  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

Founded in 1975, the United Arab Bank (UAB) is an excellent financial institution in the UAE offering a range of home loans, personal loans, and more. With a UAB home loan in UAE, you can easily achieve your dream of owning a home, whether you are a first-time buyer or looking to invest in property.

With competitive interest rates, flexible repayment terms, and a hassle-free application process, UAB home loans are designed to meet the diverse needs of its customers. In this article, we will take a deep dive into United Arab Bank home loans and explore their key features, interest rates, eligibility requirements, and more so that you make an informed decision while getting a mortgage loan in UAE.

United Arab Bank Home Loan Plans - An Overview

Before moving on to the major features, rates, and more, let’s have a quick overview of the United Arab Bank home loans in UAE -

  • Conventional Home Loan - This home loan in UAE can help you purchase your dream residential property in the UAE with hybrid and variable interest rates. Here, the property is considered collateral until the end of the loan period.
  • Islamic Ijarah Home Finance - This Sharia-compliant home finance option is for all those who want to own their homes while adhering to Islamic finance principles. With this option, the bank transfers the title of the property at the end of the tenure of the finance.

Eligibility Criteria for United Arab Bank Home Loans in UAE

Here's a table summarising the eligibility criteria for UAB home loans and other key details -

Eligibility Criteria/Feature Conventional UAB Home Loan in UAE Islamic Ijarah UAB Home Finance
Minimum Monthly Salary Required
  • UAE nationals - AED 15,000 
  • Resident expats - AED 20,000
  • Self-employed individuals - AED 50,000 
NA
Maximum Loan or Finance Amount  Up to AED 15 million Up to AED 15 million
Repayment Tenure  Up to 25 years Up to 25 years
Loan-to-Value Ratio 80% 80%
Down Payment 
  • UAE nationals - 15% of the property cost 
  • Expats - 20% of the property value
  • UAE nationals - 15% of the property cost 
  • Expats - 20% of the property value

It's worth noting that meeting the eligibility criteria does not guarantee approval for a UAB mortgage loan. The bank will also assess each applicant's creditworthiness and other factors before making a decision.

Check Home Loan Eligibility in UAE

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Features & Benefits of United Arab Bank Mortgage Loans

Let’s cover the key features and benefits that you can enjoy with a United Arab Bank mortgage loan -

  1. Competitive Rates: Both types of United Arab Bank home loans that we saw earlier are offered at competitive interest/profit rates, which makes it easier for you to repay the loan without the additional charges brought by high rates.
  2. Flexible Loan Tenure: The bank offers flexible loan tenures that can stretch up to 25 years, which allows you to repay the loan in manageable instalments.
  3. High Finance Amounts: With United Arab Bank home loans, you can get finance amounts as high as AED 15 million. As a result, you can easily finance your dream homes without worrying about additional funds.
  4. Easy Application Process: The bank provides an easy application process as well as quick approvals for home loans. This can help you get your dream home without much delay.
  5. Sharia-Compliant Financing: Besides conventional UAB home loans, the bank also offers Sharia-compliant financing options if you prefer Islamic financing options.
  6. Additional Features: Besides the features listed above, you can enjoy additional ones like optional salary transfer, refinance facility, quick approvals, and more.

Interest Rates of United Arab Bank Mortgage Loans in UAE

Tabled below are the general interest and profit rates related to United Arab Bank home loans in UAE -

Home Loan Type Interest/Profit Rate
Conventional Home Loan Between 2.1% and 3.05% (per annum) on reducing balance
Islamic Ijarah Home Finance Between 2.1% and 3.05% (per annum) on reducing balance

Documents Required for United Arab Bank Home Loans in UAE

Here are the standard documents that you would be required to submit when applying for a United Arab Bank home loan in UAE -

  • Valid Emirates ID (original and copy)
  • Valid Passport and Visa for expatriates (original and copy)
  • Proof of income - 
    • For salaried individuals: latest salary certificate, bank statements for the last 3/6 months.
    • For self-employed individuals: Trade licence, audited financial statements for the last 2 years, bank statements for the last 6 months.
  • Property Documents: Title deed, Sale & Purchase Agreement or booking receipt from the developer, and NOC (No Objection Certificate) from the developer or the master developer.

Note: The list above is not exhaustive - the bank may request additional documents or details as part of the loan application process.

How to Apply for a United Arab Bank Home Loan Online?

Applying for a United Arab Bank home loan in UAE online is quite easy. We will discuss the key methods for the same -

Via Policybazaar.ae

  • Continue on policybazaar.ae and select the ‘Banking Products’ option from the drop-down menu.

Choose ‘Home Loans’ to reach the main page for the same. 

  • Fill out the lead form here and submit it. Note that you will be asked for a few details related to your income, nationality, residence, and so forth.
  • Once you submit the form, you will be taken to our home loan quotes page.
  • You can compare the plans as per their key features, interest rates, fees, and more.
  • Look for the United Arab Bank home loan and click on ‘Apply’ against the plan of your choice.
  • Follow the instructions prompted on the screen to complete the procedure.

Policybazaar UAE is a third-party aggregator website that hosts the best home loans in UAE from the leading providers in the country. With us, you can enjoy numerous benefits like -

  • Access to the best mortgage loans in UAE from the top-rated providers in one place
  • Platform to easily compare the plans
  • Affordable loans at low rates of interest
  • 24/7 available customer service team to help you with your queries and concerns
  • Transparency in all the fees and terms
  • Access to financial experts to help you find the best option for yourself

Via Bank’s Official Website

  • Visit the official website of United Arab Bank and navigate to the home loan section.
  • Choose the type of home loan that suits your requirements and preferences.
  • Fill in the online application form with your personal and financial details.
  • Upload the required documents such as Emirates ID, Passport, Proof of Income, and Property documents.
  • Review and submit your application.

Once your application is received, a representative from the bank will contact you to discuss the next steps in the application process. Note that the bank will verify your application details and documents and may request additional information or documents if needed.

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United Arab Bank Mortgage Loan Calculator

Before applying for a United Arab Bank home loan, you should be aware of a few important details like the instalment amount. For this, you can use the bank’s official home loan calculator and easily estimate your monthly instalments so that you can choose the best-suited plan for yourself.

Here’s how you can calculate the instalment for your loan using the United Arab Bank mortgage loan calculator -

  • Visit the United Arab Bank's website and navigate to the home loan section.
  • Select the type of home loan you are interested in from the list of available loan products.
  • Locate the home loan calculator by scrolling down.
  • Enter the following details in the calculator - 
    • Loan amount
    • Loan tenure
  • You can enter the details manually or make use of the sliders. 
  • Once you set the values, you would be able to see the instalment amount as well as the total amount that you would have to pay (principal amount plus interest). 
  • You can adjust the loan amount and tenure as many times as you want to find a repayment plan that suits your budget.

Besides saving your time and effort that would have gone into tedious calculations, the United Arab Bank home loan calculator also helps you make a truly informed decision. By changing the values, you can find a loan plan and the specifics that best suit your budget.

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Terms & Conditions for United Arab Bank Home Loans

Here are some terms and conditions that you should keep in mind while applying for a home loan in UAE with the United Arab Bank -

  • If you do not make payments on time, your account will go into arrears. This can affect your credit Score, which can hurt your chances of getting a new loan, credit card, or any other type of credit in the future.
  • You can lose your property if you do not make your payments on time.
  • The bank can change or modify the terms and conditions as well as fees at its discretion. You will be informed about the same 60 days before the changes.
  • Refinancing your loans may take longer to pay off, which can effectively lead to higher interest rates.
  • In case of delayed payments, a penalty would be applied.

Why Choose UAB Home Loans in Dubai, UAE?

UAB is a firmly established bank in the UAE. It provides excellent customer service and comes with options for both conventional home loans in UAE and Islamic Ijarah home finance to suit the requirements of its wide customer base. Moreover, with United Arab Bank mortgage loans, you can enjoy various benefits such as competitive interest rates, fixed rates for as long as 3 years with the Step Up programme, long repayment tenures, quick approvals, and more.

FAQ's

Q1. What is the eligibility criteria for United Arab Bank Mortgage Loan?

Ans: To qualify for the UAB home loan, you must have a UAB salary account and meet the bank's income requirements as per your employment type and nationality.

Q2. What documents are required to apply for United Arab Bank Home Loan?

Ans: The documents required to apply for a United Arab Bank home loan include a valid Emirates ID, a passport copy, a salary certificate or bank statement, and property-related documents.

Q3. What is the maximum loan amount that can be availed from United Arab Bank?

Ans: You can get a home loan of up to AED 15 million with the United Arab Bank.

Q4. What is the repayment tenure for United Arab Bank Mortgage Loan?

Ans: The maximum repayment tenure for a UAB home loan is 25 years.

Q5. Can prepayments be made on a home loan from United Arab Bank?

Ans: Yes, you can make prepayments on your home loan from United Arab Bank, although you would be charged a fee for the same.

Q6. What is the interest rate for United Arab Bank home loan in the UAE?

Ans: The interest rates for home loans from this bank start from 2.1% p.a. However, the rate may vary as per your selected repayment tenure, credit score, income, and other factors.

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