Terms of Finance

MAXIMUM FUNDING :
For residential property, individuals can get up to 90% of the property value, subject to eligibility. For commercial property, business entities can get up to 75% of the property value, subject to eligibility.

MAXIMUM AMOUNT :
For residential property, you can expect a maximum of AED 5million. For commercial property, a maximum of AED 20million is being provided. The final amount, however, is subject to your eligibility and the policy of the bank.

REPAYMENT PERIOD
For buying residential property, the maximum repayment period is 25 years for residents and 20 years for non-residents.
For business entities financing a commercial property, the repayment period is maximum 15 years.

RATE OF INTEREST :
For residential property, an interest in the range of 8 – 9.5% per annum on reducing balance will apply.
For commercial property, the rate of interest is 8.5% upwards. The exact interest rates are subject to bank’s products and policies.

Eligibility Criteria

AGE CRITERIA :
T he minimum age of the applicant should be 21 years. The maximum age on completion of the loan should not exceed 65 years.

SALARY STATUS :
For individual applicants, the minimum salary requirement is AED 10,000 per month onwards.
For self-employed applicants, the minimum income should be AED 100,000 per annum.

More than one applicant :
Yes, joint applicants can be considered, provided their total household income is AED 8,000 per month, subject to a minimum of AED 6,000 for one of the co-applicants.

EMPLOYMENT STATUS :
Salaried applicants should have 2 year employment continuity.Confirmation with the present employer is also necessary.
Self-employed applicants should be operating and profitable for the last 3 years.

EVALUATION PROCESS :
Your application is evaluated based on the following:
• Income
• Stability of employment
• Willingness and ability to repay
• Business ownership: expatriate /UAE National owned (for commercial property)

Fees & Charges

Generally we do not charge a fee for our services.
The following fees and charges are linked to your loan applicable to the lending institution:

•	Processing fee starting from 0.1% of the loan amount
•	Interest payable for the amount disbursed to the developer during the period of construction
•	EMI: Equated Monthly Installment (interest + principal) payable over the repayment period and upon possession
•	Early settlement fees starting from 0%.
•	Late payment fee in case of delay in monthly installments
•	Your monthly installments will begin when the bank/hfc has disbursed the final payment to the developer.

Insurance

Life / property insurance is mandatory but some banks may not require it.

Yes, the Mortgage Advisory will direct you to the respective bank personnel who will help you with the insurance formalities, from an insurance company empanelled with them.

The extent of insurance should necessarily cover your mortgage borrowing.

Yes, the insurance must be assigned in favour of the bank.

Insurance is subject to your age and medical condition.

An indicative cost of premium for life insurance ranges between AED 400 – 500 per month.

For property insurance, the indicative cost of premium ranges between AED 400 – 500 per annum.

Documents Required

The following documents are required for different customer segments.

For UAE resident salaried customers :

• Copy of passport with valid residence visa (as applicable)
• Original salary certificate (dated less than 1 month)
• Latest 6 months’ bank statements (with salary credits)

For UAE resident self-employed customers :

• Copy of passport with valid residence visa (as applicable)
• Copy of Trade License
• Copy of Chamber of Commerce Registration
• Copy of Memorandum & Articles of Association
• Latest 3 years’ audited accounts
• Latest 6 months’ company and personal bank statements
• Profile of company / promoters

For UAE non-residents :

• Copy of valid passport
• Utility bill for address proof
• Latest 2 years’ personal and/or corporate tax returns (as applicable)
• Know your customer / reference / liability letter from the bank, wherever applicable

(All documents to be translated in English / Arabic and the attested originals to be submitted)

For UAE-established business entities :

• Copy of trade license
• Copy of Chamber of Commerce registration
• Copy of Memorandum & Articles of Association
• 3 years audited accounts
• 6 months’ company and individual bank statements (of the promoter / owner)
• Copy of passport with valid residence visa (authorized signatory only)

Disclaimer: Mortgage approval is subject to bank’s policies and decision.