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Debt Consolidation Loans UAE – December Deals | Compare4Benefit

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Here’s everything you need to know about debt consolidation loans in UAE.

A Debt Consolidation Loan allows you to combine all existing credit card debts and personal loans into a single loan with a lower interest rate.

What is Debt Management Plan?

A debt management plan (DMP) is a debt strategy that helps individuals to settle their loans at a manageable cost.

The main advantage of getting a debt consolidation loan is debt management. You pay off all your credit cards and personal loans at once, in exchange for just one monthly payment to your bank at a lower interest rate.

You also have the option to make smaller monthly payments by stretching out the loan tenor up to 7-10 years.

Types of debt that you can consolidate under a debt consolidation plan

The following types of debts can be consolidated :

  1. Credit Card Debt
  2. Personal Loans
  3. Credit Lines

Banks offering Debt Consolidation Loans in UAE

Consolidation is one of the most powerful tools for debt elimination.

  1. Abu Dhabi Islamic Bank [ADIB] Debt Consolidation Loan

adib debt settlement loan

 

Features of Abu Dhabi Islamic Bank Debt Consolidated Loan

    • Flexible repayment option.
    • It is possible to postpone installments twice in a year for free.
    • Avail a grace period of 90 days for the first installment.
    • Easy processing and huge finance amount
    • Get pre-approved ADIB Visa Cashback Card (Free for 1 year).
    • Attractive profit rates.
    • Zero processing fee.

2. Mashreq Bank Debt Consolidation Loan

 

Features :

  • Salary transfer is required.
  • Huge loan amount (Up to 1 million AED for expats and 5 million for UAE nationals)
  • Flexible loan repayment tenure (48 months).
  • Reduced interest rates.
  • Avail a grace period of 120 days for the first installment.

 

3.FAB Debt Consolidation Loan

debt consolidation Loan Fab

 

Features of FAB Debt Consolidated Loan

  • DBR above 50% is considered. (Exclusively for UAE Nationals)
  • Competitive interest rates.
  • Salary transfer is mandatory.
  • Most Flexible payment option – Up to 12 years.

Who Qualifies for a Debt Consolidation Loan in UAE?

  • To qualify, you must be a salaried employee with an annual income of more than 7000 AED. Depending on the bank, you may need to meet a higher minimum income requirement.
  • DBR [Debt to burden ratio ] should be less than 50%.
  • Applicant must be a resident of the UAE.
  • Should have unsecured debts to consolidate.
  • You can only have 1 DCL active at any one time.

It’s important to note that once you are enrolled in an active Debt consolidated loan, you cannot apply for a new credit card or loan in UAE for some period of time.

Documents Required for debt consolidation loan in UAE

  • Salary transfer letter as per bank format.
  • Residence visa and passport copy.
  • Latest income statements. (3-6 months).
  • Valid Emirates Id.
  • Latest credit card and unsecured loan statements.

.

Frequently Asked Questions :

  1. Who can apply for a debt consolidation plan?

  Only UAE citizens and expats with a valid visa and passport are eligible for a debt     consolidation plan. On top of these, the bank offering debt consolidated loan may have     further requirements while assessing your eligibility.

2. How much will you owe the bank under a debt consolidation plan?

 After calculating your outstanding bills and interest, banks will add up some more interest charges for your first debt consolidation loan.

3. What kinds of debt can’t be consolidated under DCP?

   Secured loans like car loans and housing loans cannot be consolidated under DCP.

4. What else should you be aware of?

  If your outstanding bills are very high, there’s a chance that your approved DCP loan amount is not enough to cover all your debts.

5. Do consolidation loans hurt your credit score?

Debt consolidation loan can hurt your credit score in several ways, depending on which method you use. Debt consolidation loans normally  do not appear on your credit reports but sometimes banks may ask you to close your credit accounts which may impact your credit scores.

Lowering your debt may help your credit score over time.

 

 

 

 

 

 

Best Cashback Credit cards in UAE 2020 (Updated)

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Cashback credit cards uae

Looking for Cashback Credit cards in UAE? Then you are in the right place.

Cashback credit cards is one of the most popular kind of credit card in UAE. Cashback credit cards normally reward you for your spending. There are different types of cashback offers available in the UAE market.

You can use this guide to compare cashback credit card options and discover how you can get the most value out of this type of credit card.

              Related: Compare Cashback Credit cards in UAE.

 

Summary of Best Cashback Credit Cards in UAE 

No time to read? Here are our picks for some of the best cashback credit cards in UAE.

Credit CardsCard FeaturesMinimum Salary Apply Now
Citibank Cashback Credit Card Unlimited and Automatic cashback on all spend.
Complementary access to over 850 airport lounges.
Free for 1st Year.
8000 AEDApply Now
CBD Now Visa Signature Card50% discount on 4 VOX tickets per month across UAE.
Free Valet Parking.
10,000 AEDApply Now
CBD AL Islamic Visa Infinite Card50% discount on VOX cinema tickets across the UAE.
Complimentary Airport Lounge Access.
10,000 AEDApply Now
ADIB Cashback Visa Platinum Card1% Cashback on All Purchases5000 AEDApply Now
CITIBANK City Prestige CardEnjoy Up to 4 "Buy 1 Get 1" complimentary tickets at Vox Cinemas.
24/7 concierge service.
30,000 AEDApply Now
ADIB Spice Card Up to 9% Cashback on restaurant bills.
7% cashback on supermarket and grocery spends.
Get Dining discounts of up to 25% at selected restaurants.
12000 AED Apply Now

 

Popular Cashback Credit Cards in UAE 2020

1. Citi Cashback Card:

Cashback Credit card uae

This card needs minimum salary level of AED 8000 but does not need a salary transfer or adhere to Islamic finance.

It has zero annual fees for the first year and from year 2 the card is free unless a minimum annual spend of AED 9,000 is not met .

 

Benefits of Citi Cashback Credit Card

  •  Unlimited and Automatic cashback on all spend.
  •  Complimentary Travel Insurance.
  •  2% on grocery spending.
  •  1% cashback on all other expenditure.
  •  Complementary access to over 850 airport lounges.
  •  No earn caps on cashback.
  •  No redemption and no minimum spend.

Documents required include copies of valid visa and passport, Emirates ID copy, salary certificate and 3 months statement of salary in the bank.

               Apply for Citi Bank Cashback Credit Card


2.  FAB Cashback Credit Card

The FAB Cashback Credit Card has one of the most generous cash back programs available in UAE and is ideal for anyone who spends significant amounts of money on groceries. With this card, you’ll earn a whopping 5%  cashback on supermarket spends.

 

Benefits of FAB Cashback Credit Card

  • Minimum salary required is 5000 AED
  • 5% cashback on supermarket spends.
  • 5% cashback on utility payments and fuel.
  • 2% cashback on all non AED spends.
  • Unlimited Complimentary Airport Lounge Access to over 10 Airport Lounge in UAE, KSA, Jordan, Kuwait and Egypt.
  • Get 20% off when you book a ride with Careem.
  •  Movie ticket Offers.

Apply for FAB Cashback Credit Card      


2. CBD Now Visa Signature Card

Cbd Cashback credit card

This card needs minimum salary level of AED 10,000. It neither needs salary transfer nor offers Islamic finance.

It has zero annual fees, but a monthly interest rate of 2.99% after a 52-day interest-free period.

Transaction rate of foreign currency is 2% per month. It is applicable only to overseas transactions. Repayment must be done within 52 days.

Benefits of CBD Now Visa Signature Card

  • Easy 12-month installment plan.
  • Unlimited access to over 550 airport lounges worldwide.
  • 50% discount on 4 VOX tickets per month across UAE.
  • Valet Parking.
  • Attijari Loyalty Program can be redeemed into Skyward Miles or Cashback.

Documents required are Emirates ID, a copy of passport, and residence visa and salary certificate. Self-employed must also provide valid trade license.

For minimum annual spend of AED 5000, perks like movie tickets, and valet parking are available without extra charge.

                       Apply for CBD Now Visa Signature Credit Card                            


 

3. CBD AL Islamic Visa Infinite Card

When you apply for this card, you will be awarded a guaranteed Travel voucher worth AED 750.Minimum salary requirement is AED 10,000.

There will be no Annual Charges for the first year and one can get loyalty points for one’s complete expenses which can be redeemed as Cashback.

 

Main Features of CBD AL Islamic Visa Infinite Card

  • Islamic Credit Card.
  • There is balance transfer, and no foreign exchange fee is applicable when you spend overseas.
  • Complimentary Airport Lounge Access.
  • 50% discount on VOX cinema tickets across the UAE.
  • Free Valet Parking.
  • Earn points for every AED 1 spent which can be redeemed as cashback or airline travel miles.

           Click here to apply for the CBD AL Islamic Visa Infinite Credit Card


 

4. ADIB Cashback Visa Platinum Card

The card features a profit rate of 2.99% and stipulates a minimum salary requirement of AED 5000. The card offers 1% unlimited cashback on all retail expenditure.

 

 

Main Benefits of ADIB Cashback Visa Platinum Card

  • Islamic Credit Card.
  • Offers facilities like roadside assistance and 4 supplementary cards.
  • 1% Cashback on All Purchases.
  • No Minimum Spend Required to avail cashback.
  • Valet Parking( only at selected places in UAE)
  • Complimentary Access to Airport Lounges worldwide via Veloce Lounge.

     Click here to apply for the ADIB CashBack Visa Platinum Credit Card


 

5. CITIBANK City Prestige Card

citi prestige cashback card

This is a cashback credit card with an annual fee of AED 1500 and a minimum salary of AED 30,000.

Citi Prestige Card offers 10,000 bonus thank you points when the card is renewed annually.

 

Main Features of City Prestige Credit Card

  • Complementary unlimited access to over 750 airport lounges worldwide.
  • Enjoy Up to 4 “Buy 1 Get 1” complimentary tickets at Vox Cinemas.
  • 24/7 concierge service.
  • Free golf services once a month for both supplementary and basic card members in leading golf courses across the UAE.
  • Unlimited supplementary cards for free.
  • Earn ThankYou® Points on your Citi Prestige card and redeem them for free flights or Air Miles.

Get 10,000 Thank you points on yearly renewal.

                Click Here to Apply for the CITIBANK Prestige Credit Card


 

6. ADIB Spice Card (for Expats)

Adib Cashback credit card

ADIB Spice Card offers one of the best rewards program in UAE. It is an Islamic Credit Card.

Cash withdrawals are available for up to 100% of finance limit. Minimum Salary Requirement is 12000 AED.

 

Major Features of ADIB Spice Credit Card

  • Up to 9% Cashback on restaurant bills.
  • 7% cashback on supermarket and grocery spends.
  • 4% cashback on fuel.
  • 1% cashback on utility payments.
  • Get Dining discounts of up to 25% at selected restaurants.
  • ADIB Reward Points can be redeemed for airline tickets.

Note: Minimum monthly spend of  3,000  AED is required to avail cashback. 

                          Click here to apply for the ADIB Spice Credit Card

Best Credit Cards for Movie Tickets in UAE 2020 | Compare4Benefit

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Are you a movie buff? Then, how it would be if you can get exciting movie ticket offers on your credit card? Really awesome! Isn’t it?

While it comes to the fast life of UAE, it’s considered as a luxury to find out time for watching movies. But, with the passage of time, movie theaters have started providing a full-fledged movie experience to people.

And thus more and more individuals are getting interested to enjoy a lavish cinema watching experience while in the UAE. But, the ticket costs have been also increased in keeping pace with that.

The good news is that banks and other financial organizations in the UAE have started offering discounts, rewards, or cash backs while making different purchases with the credit card. It’s obvious that different credit cards have come with different movie ticket offers. So, let’s take a look at some of the best credit cards’ movie ticket offers:

Compare Movie Credit Cards in UAE 2020

1. Citi Bank Rewards Card

You’ll be glad to know that the Citi Bank Rewards Card offers four “buy one, get one” complimentary movie tickets while it comes to watching movies at VOX cinemas on any of the days of a week.

The Citi Bank Rewards Card holders also receive dining benefits, as it’s associated with the 500+ dining outlets throughout the UAE to offer Fine Dining program.  Moreover, with the Citi Bank Rewards Card, you’ll also get exclusive offer on different aspects, Free Citibank alerting, and many other facilities.

2. Dunia Finance Platinum Credit Card:

Dunia finance offers its services in 30+ languages backed with an unmatched customer-centric approach to better understand the financial needs of each and every customer. Dunia Finance always takes care of the excellent quality of their services, commitment to the customers, customer value, ethics and honesty, and providing top-notch services to the community.

As a credit card holder of the Dunia Finance Platinum Credit Card, you will get 50% cashback that means up to AED 70 on your per-month movie tickets. Moreover, you’ll get various other benefits like Dining Privileges with which you can access to a lot of Buy 1 Get 1 offers from that of MasterCard while you’re in Middle East as well as Africa in your entertainment, leisure time, or etc. Moreover, you can also experience up to 15% off on the next rental while you’ll be booking with Avis.

Owners of Dunia Finance Platinum Credit Card will also receive 5% cashback on groceries or supermarkets that means up to AED 300 per month for the initial three months. Moreover, 2% unlimited cashback is also there on all other expenditures without any limit. There’s no minimum expenditure needed to receive cashback. Besides, up to four free supplementary cards are there for the credit cardholders’ family members. Moreover, you’ll also receive dining discounts as well as travel shopping discounts.

There is up to 30% of savings on the credit cardholders’ traveling with Cleartrip. You’ll also get various other services. To know about all terms and conditions, you need to contact them.

3. Citi Bank Rewards Card (Repeated)

You’ll be glad to know that the Citi Bank Rewards Card offers four “buy one, get one” complimentary movie tickets while it comes to watching movies at VOX cinemas on any of the days of a week.

The Citi Bank Rewards Card holders also receive dining benefits, as it’s associated with the 500+ dining outlets throughout the UAE to offer Fine Dining program.  Moreover, with the Citi Bank Rewards Card, you’ll also get exclusive offer on different aspects, Free Citibank alerting, and many other facilities.

4. CBD NOW Visa Signature Card

Commercial Bank of Dubai or CBD had started its journey in 1969. Being considered among the topmost banks of the UAE, CBD has come with a lot of different retail and commercial products as well as services. With the passage of time, the Commercial Bank of Dubai has made transformations towards a great improvement and to become a contemporary banking organization. However, CBD features a solid financial base along with powerful management.

You’ll get various benefits after becoming an owner of the CBD NOW Visa Signature Card. When it comes to entertainment-related benefits, the CBD NOW Visa Signature Cardholders can receive 50% discount on total four VOX tickets per month throughout the UAE. Nonetheless, the particular card also provides a lot of discounts on various golf clubs throughout the Middle-East and North Africa or MENA region.

As you already know the CBD VISA Signature card provides the facility of 50% discount to the users on the VOX cinema tickets throughout the United Arab Emirates or UAE. While it comes to availing Valtrans as well as VOX facility, you (as a customer) ought to have a monthly retail expenditure of the minimum of AED 5,000 on the VISA signature card. But, if the expenditure on the CBD VISA Signature credit card becomes less than AED 5,000 in times of the month, your card account would be charged at the actual rate of VOX and Valtrans.

With the CBD NOW Visa Signature Card, you’d get the facility of free valet parking for only Valtrans two times a month at Dubai International Airport, City Walk, Mirdif City Centre, and different other locations.

The VISA Signature credit card from the Commercial Bank of Dubai also provides the facility of multi-trip travel insurance for the card members along with their family. These card members also enjoy eight maximum complimentary visits within the calendar year at 1,000+ airport lounges throughout the world and it’s valid for card members only. You should properly read each and every aspect of the facilities of the VISA Signature credit card to avail it correctly.

Moreover, the cardholders also receive an appreciative meet and greet service at the YQ. Moreover, they can also take a discount benefit of up to 30% on the retail prices at 450+ destinations throughout the world by booking with the respective card.

5. Citi Bank Prestige Credit Card

After becoming an owner of the Citi Bank Prestige Credit Card, you can avail at the maximum of four ‘buy-one, get-one’ appreciative movie tickets with VOX cinemas per month on any of the days of a week with the respective Citi Credit Card.

In order to book your tickets, you need to visit www.voxcinemas.com or download and then open the specific mobile application.

It’s time for logging in as a VOX member. But, in case you haven’t already registered as a VOX member, you can do the same for absolutely free.

Registration completed? It’s time to log in with your username as well as password. Now, you need to choose your cinema, movie and show time. Then, choose the Citi “buy 1, get 1” offer and don’t forget to validate your card. And then it’s time for selecting the seats and paying by making use of the Citi Credit Card. Don’t forget that it’s an upfront offer- not cash back. And the expense of the free ticket shouldn’t be a segment of the payment amount

6. Citi Bank Premier Credit Card

Once you become a member of the Citi Bank Premier Credit Card, you can experience up to four ‘buy-one, get-one’ appreciative movie tickets with VOX cinemas per month on any day in a week through your Citi Credit Card.

7. Standard Chartered Visa Infinite Card

If you’re a movie buff (repetition movie buff word), then you’d be glad to know that the Standard Chartered Visa Infinite Card provides the cardholders with “Buy 1 Get 1 Free” facility at VOX Cinemas along with 50% off at VOX Cinemas only on Saturdays.

Moreover, the card members will also get Standard Chartered Privileges that offer maximum 50% off at various restaurants and cafes. Nonetheless, golf benefits are also there so that cardholders can experience a round of golf per month at UAE’s leading clubs.

8. CBD Visa Infinite Card

After becoming a member of the CBD Credit Card, you’ll experience 50% off on the tickets while you make use of the CBD Credit Card. But, it’s necessary to check your card type before availing the benefits.

While it comes to the members of the Visa Infinite and Visa Infinite Islamic card, the discount is of 50% on 2D and 3D tickets for Standard as well as MAX. It won’t include balcony seats as well as Premium View at MAX 1 screen at the City Centre Deira.

Are you a Visa Signature card holder? You’d receive 50% off on 2D tickets for MAX as well as Standard. As previous, it also excludes Balcony seats as well as Premium View at MAX 1 screen at only City Centre Deira.

The members of the CBD Visa Infinite Private Banking Metal Card can avail 50% off on GOLD, 4DX, THEATRE, and IMAX Sapphire by Rhodes tickets. 

9. CBD Visa Platinum

After becoming a member of the CBD Visa Platinum, you can avail the discount at VOX Cinemas, UAE. Just buy your movie tickets only by visiting the website and then select the VISA offer to avail 50% discount, but it will be applicable on Sunday shows up to 4 tickets per bookings and 10 tickets each month. You can avail this exciting offer till 30 September 2019. You’ll also get various other benefits with the CBD Visa Platinum.

Conclusion

So, if you’re a movie buff, then it’s the high time to become a member of cinema credit cards. And that’s how great entertainment and big savings are ensured. You could avail various other exciting benefits as well. But, it’s very important to check all the terms and conditions before thinking about availing any offer through your credit card.

Russia set to register world’s first COVID-19 vaccine | Compare4Benefit

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Russia covid vaccine

Russia’s Covid -19 vaccine to be foreseen as ‘the bright end of a tunnel’

Amidst this panicogenic situation of increasing corona virus cases, Russia has come up avowedly with Russia’s first Covid-19 vaccine. The vaccine jointly developed by the Gamaleya Research Institute and the Russian Defense Ministry is currently expected to be registered on August 12.

After completion of the third stage trial of  the vaccine, hopefully it would be available to the general public by mid september.

The trials have reportedly turned positive for the corona positive people and are said to have developed immunity against the contagious virus.

Taking into concern the severity of the present situation, the World Health Organization (WHO) has emphasized that before launching any covid -19 vaccine it should get through all the stages of trial.

To quote, the WHO spokesman Christian Lindmeier “Any vaccine for this purpose should be, of course, going through all the various trials and tests before being licensed for roll-out,”

Generally the vaccine trials follow a four phase trial system.

Phase One Trials – Introduction of the drug into the human population.

Phase Two Trials – Monitoring more diverse set of healthy volunteers based on the immunogenic results from the phase one trial.

Phase Three Trials – Continue to monitor a larger scale so that the vaccine is proved to be safe and effective in natural disease conditions before being submitted for approval and then general production.

Phase Four Trials – Typically monitor to collect information continuously on vaccine usage, adverse effects, and long-term immunity.

Other vaccines proceeded to the final stage trials are the Pfizer-BioNTech’s formulated mRNA vaccine which is said to have approbative result on pre-clinical trials; then UK-based Oxford University in partnership with pharma maker AstraZeneca and Novavax Inc are bellying up with the covid -19 vaccines.

This Positive news is now gladdening the people a bit by alleviating the fear of the disease.

 

Best No Annual Fee Credit Cards in UAE 2020 (Updated) | C4B

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Credit cards free for life

Looking for No Annual Fee Credit Cards in UAE ?

Then you’re in the right place.

While plethora of  luxury credit cards in UAE charge an annual fee, there is a vast array of top tier credit cards that offer ample rewards without an annual fee.

In fact, these include some of the best credit cards around.

 

No annual fee titanium

Summary of No Annual Fee Credit cards in UAE

The table shows a basic summary and comparison of different credit cards in UAE.

Credit cards

Card Feature

Minimum Salary Requirement

Apply Credit card

Citi Bank Simplicity Credit cardNo late fee and over limit fee.
No cash advance fee.
20% offers on selected restaurants.
Unlimited access to selected airport lounges in the Middle East
5000 AEDApply Now
CBD Visa Infinite CardUnlimited Airport Lounge Access.
Free Travel Insurance
50% discounts on VOX tickets online.
30,000 AEDApply Now
CBD Visa Platinum Credit CardRedeem points for Skywards miles.
Discounts on movie tickets.
Discounts on AVIS car rentals.
8000 AEDApply Now
CBD eTijari Web Card Used only for internet transactions.
Facility to set your own credit limit.
8000 AEDApply Now
ADIB Value Plus CardUp to 25% discount on dining.
Get rewards on your domestic & international spends.
Enjoy up to 25% discount on dining across the UAE.
5000 AEDApply Now
Noor Bank Priority World Credit cardEach 2 points (2% of spend) for every AED 1 you spend on your credit card.
Airport pick up & drop off 12 times a year.
Free golf for 2 people at Arabian Ranches Golf Club Dubai.
35,000 AEDApply Now
Najm Platinum Cashback Credit CardExclusive offers and dedicated checkout counters at Carrefour.
Monthly cashback savings up to AED 200.
30% discount on dining.
7,000 AEDApply Now

List of No Annual Fee Credit Cards In UAE

Here are some of the best collection of credit cards that offers maximum benefits for their customers with no annual fee.

1. Citibank Simplicity Credit Card:

No Annual Fee Citibank

Card Description :

CitiCashback Credit cardThe Citibank Simplicity Credit Card has proven to be the stand-out all round no annual fee credit card in UAE 2017, and is maintaining it’s popularity in 2018.

It is basically a free for life & low interest credit card which offers an interest rate of 3.5 % of the outstanding amount with up to a 51 day interest free period.

If you are that forgetful type who tends to run late on payments, then don’t worry..

There is no late time fee ever for this simplicity card.

Main Features of Citibank Simplicity Credit Card

✔  No Late Time Fee   – Ever

✔  No Over Limit Fee  – Ever

✔  No Annual Fee – Ever

✔   No Cash Advance Fee – Ever

✔   Minimum Salary Required is 5000 AED.

Benefits of Citibank Simplicity Credit Card:

  • Shopping and Dining Credit Card.
  • Unlimited lounge access in selected airport lounges across the Middle East.
  • Complimentary Travel Insurance and Purchase Protection.
  • Get hundreds of Buy 1 Get 1 free offers across hotels, dining, spas, leisure & entertainment in cities throughout the Middle East & Africa.

 Click here to Apply for Citibank Simplicity Credit Card.


 

2. CBD Visa Infinite Card:

cbd infinite no annual fee card

CBD Visa infinite credit card

Card Description :

The CBD Visa Infinite Credit Card is a great option for those who want to take advantage of balance transfer and are averse of paying an annual fee.

The main advantage of this credit card is that it can act  both as a low balance transfer card and as a cashback rewards card all in one. This Credit card is great to redeem reward points for skyward air miles.

Major Features of  CBD Visa Infinite Credit Card

✔  Conventional Balance Transfer Credit Card.

✔  Interest rate on this card is 2.99%.

✔  Earn Attijari Points for all your purchases and you can redeem for cashback.

✔  Attijari points can be converted for Skywards Miles.

✔   Minimum Salary Required is 30,000 AED.

Benefits of  CBD Visa Infinite Credit Card

  • Unlimited access to VIP lounges globally.
  • Concierge service available at airports with this card.
  • Avail airport dining discount program with dragon pass.
  • Free Valtrans valet parking at different locations in UAE.
  • Earn 2.5 Attijari points on international spends , 2 points on local spends, 1 point for groceries and supermarkets.
  • 50% discount on VOX Cinema tickets. (T&C Apply).
  • Get discounts on dining, shopping and travel.

Click Here to Apply for CBD Visa Infinite Credit card


3. CBD Visa Platinum card

visa platinum no annual fee

Card Description:

credit card - cbd visa platinum

The CBD Visa Platinum Card ticks off all the boxes of a great balance transfer credit card.

Plus, the card has no annual fee, a low interest rate of 2.99% as well as cashback on purchases.

 

Major Features of  CBD Visa Platinum Credit Card

✔  Zero Balance Transfer offers.

✔  Interest rate on this card is 2.99 %.

✔  Discounts with Agoda.

✔  Redeem points for Skywards miles or cashback.

✔   Minimum Salary Required is 8000 AED.

Benefits of CBD Visa Platinum Credit Card

  • Attijari points can be converted for Emirates Skywards or Etihad Guest Miles.
  • Repayment period of 52 days.
  • Attijari Points Rewards Program – earn up to 2.5 points for every Dirham spent.
  • Get Airport Dining Discount Program with Dragon Pass.
  • Offers free multi-trip travel insurance

Click here to Apply for CBD Visa Platinum Credit Card. 


4. ADIB value plus card

 

adib no fee annual

 

ADIB Visa Credit Card

Card Description :

The ADIB Value Plus Card could be the one worth considering , if you’re looking for a card that will give you valuable cash rewards on every purchase.

Earn reward points while you spend and enjoy the flexibility of converting them into shopping or dining vouchers, airline tickets and more.

Main Features of ADIB Value Plus Card

✔  An Islamic Credit Card with low salary requirement.

✔  Interest rate on this card is 3.09%.

✔  Get rewarded for local and international spend

✔   Minimum Salary Required is 5000 AED.

 Benefits of ADIB Value Plus Card:

  • Access to airport lounges across GCC/MENA Region.
  • Get up to 25% discount on select dining outlets across the UAE.
  • ADIB Reward Points can be redeemed for airline tickets.
  • Earn 1 reward point for 1 AED on domestic spend & 2 reward points for every 1 AED on international spend.
  • Facilities like Road side assistance.
  • You can redeem points for shopping vouchers.

    Click Here to Apply For ADIB Value Plus Credit Card


 

5. Noor Bank Priority World Credit Card

 

Noor Card

Noor Credit Card

Card Description:

The Noor Bank Priority World Credit Card has been designed with UAE golfers in mind.

If you’re a frequent golfer, you may be able to reap some rewards for doing what you love.

Main Features of Noor Bank Priority World Credit Card

✔ This card is an Islamic Card.

✔ Free Access to Premium Gyms (T&C Apply).

✔ Free Golf for two people (T&C Apply).

 Balance Transfer and Credit shield facilities.

✔ Minimum Salary Requirement is 35,000 AED.

Benefits of Noor Bank Priority World Credit Card

  • Free access to selected gyms in Dubai and Abu Dhabi.
  • Get 6 free valet parking services per month at selected locations.
  • Unlimited Airport lounges access around the world.
  • Airport pick up and drop off (6 times a year).
  • Marhaba meet and greet services.
  • For every Dirham you spend on your credit card, you earn 1.5% cashback on domestic spends and 2% cashback on International Spends

Click Here to Apply for Noor Bank Priority World Credit card


 

6. Najm Platinum Cashback Credit Card

 

NAJM ANNUAL FEE NO

Najm Platinum Credit card uae

 Card Description  :

The Najm Platinum Cashback Credit Card is designed for saving money on groceries.

You can maximize your savings with this card and get exclusive category discounts and offers at Carrefour.

Main Features of Najm Platinum Cashback Credit Card

✔ Free for Life Credit Card.

✔ Balance Transfer Facility.

✔ Monthly cashback savings of up to AED 200.

✔ Dedicated check-out counters at Carrefour.

✔ Visa Platinum Extended Warranty.

✔ Minimum Salary Requirement is 7000 AED.

Benefits of Najm Platinum Cashback Credit Card

  • 3% Cashback every Tuesday and 1.5 % everyday at Carrefour.
  • Free unlimited Valet Trolley at Carrefour.
  • Visa Platinum discounts on dining,shopping, travel & cinemas.
  • Visa Platinum Purchase Protection.
  • Weekly category discounts & exclusive offers at Carrefour.

Click here to Apply for Najm Platinum Cashback Credit card


How to Choose No Annual Fee Credit cards in UAE

There is no single best  “no annual fee credit card” as the cardholders have different expectations and requirements, here are some of the factors you can prefer while choosing them.

Fees: Consider other fees like foreign transaction, balance transfer fees, and more in a No annual fee credit card.

Rewards Rate: Choose the credit card that provides the higher value for each purchase and look for cashback offers.

Staying Power: Go with a credit card that favors long-term utility over short-term rewards, this is suitable if the cardholders prefer to hold the credit card for several years.

Sign up Bonus: Prefer no annual fee credit card that offers sign up bonus so that you can avail set of benefits with them.

Other Perks: Also check whether the no annual fee credit card has some other unique benefits like airport lounge access, discount on movie tickets etc.

Related: Best Cashback Credit cards in UAE 2020

Offshore Bank Accounts UAE | Offshore Banking Dubai – C4B

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Offshore bank accounts dubai

 

An account held in a foreign offshore bank, is often described as an offshore account. Typically, an individual or company will maintain an offshore account for the financial and legal advantages it provides, including:

  • Greater privacy 
  • Little or no taxation (i.e., tax havens)
  • Easy access to deposits (at least in terms of regulation).
  • Protection against local, political, or financial instability.

 Legally, offshore banking does not prevent assets from being subject to personal income   tax on interest

Offshore banks can sometimes provide access to politically and economically stable jurisdictions. This will be an advantage for residents of areas where there is a risk of political turmoil, who fear their assets may be frozen, seized or disappear.

Offshore banking is often linked to other structures, such as offshore companies, trusts or foundations, which may have specific tax advantages and first security bank solutions incorporated in particular jurisdictions.

Offshore banking Dubai: Typical banks in different jurisdictions

(The information given below may change as per the policy changes of the UAE Central Bank or of the individual banks)

BankAccount Type
Type of usageMinimum Average balanceCurrencies
Noor BankCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 120,000 or equivalentAED, USD, EURO, others
Emirates Islamic BankCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 200,000 or equivalentAED, USD, EURO (multi-currency account allowed)
Emirates NBDCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 200,000 or equivalentAED, USD, EURO (multi-currency account allowed)
Commercial Bank International (CBI)Corporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 50,000 or equivalentAED, USD, EURO (multi-currency account allowed)
RAK BankCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 200,000 but success rate of opening is lowAED, USD, EURO, others
Abu Dhabi Islamic Bank (ADIB)Corporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 150,000 AED, USD, EURO, others

 

Offshore Bank Accounts Dubai

Dubai has introduced DIFC (Dubai International Financial Centre) and this business scheme particularly allows free trade in Dubai, which aims at the exponential business growth of the city.

Prongs to keep notice of, about offshore business in UAE are;

  • You need to hold a valid residence visa to proceed with offshore banking in Dubai.
  • An offshore account holder can freely import and export funds from the UAE, without making currency declarations.
  • Offshore banks are experts in international bank transfers which has made it a money-spinning venture for UAE.
  • Major leading offshore banks of the world like HSBC offshore, Abbey National Offshore, ABN Amro, Dresdner and Barclays have marked their eminence in UAE. Keeping this in instance there are greater chances of more offshore accounts in the UAE.
  • Though, all the banking activities of the emirate are under the regulation of the UAE Central Bank you will not find any difficulty transferring or depositing money in different currency denominations if you have an offshore account.
  • Offshore banking in Dubai is increasingly secure, reliable and stable.
  • Opening an Offshore bank account in Dubai is very easy and it takes only about one week after incorporating your company.
  •  Investors who have undertaken Dubai offshore banking can easily track all their worldwide transactions through Internet banking. This facility is available with almost every offshore bank account in Dubai.
  • Dubai offshore bank accounts do not have facilities of ATM, credit and debit cards.

Offshore company jurisdictions in UAE

In UAE there are three offshore jurisdictions – Dubai (Jebel Ali Offshore Company) Ras Al Khaimah and Ajman. They offer similar services but serve different strategic goals of offshore company registration.

The Jebel Ali Offshore Company is an International Business Crown/holds the only offshore vehicle that is permitted to own / hold real estate in the Emirate of Dubai. JAFZA Offshore operated under JAFZA Free zone.

The RAK Offshore and the RAK International Company (RAKICC) are international business companies. They provide a flexible and credible option for foreign investors to register an offshore company in UAE without the need to establish a physical presence in the UAE.

RAKICC is also allowed to hold the freehold property in Dubai.

Documents required to open an offshore account in UAE

  1. Shareholder’s passport copy with the stamp of entry in the United Arab Emirates.

2. Copy of main pages of MD passport, in case he/she is not a shareholder.

3. Company License

Some banks may also require additional documents such as CV of a shareholder, existing contracts, reference letter from business partners, business plan, Memorandum and Articles, the disclosure of the source of funds, Company structure tree diagram on Company Letterhead, Certificate of good standing etc.

If the account is to be opened in a Shareholder’s Company name, then the shareholding company’s documents notarized by court and MOFA are also required.

For offshore accounts, you will need to share a whole lot of information about your business like your primary business area, a total number of deposits, revenues, main suppliers, customers etc.

Banks adhere to strict and international rules and regulations to identify money of criminal origin. But if you have a correctly filled application form and provided all the documents that were required by the bank your offshore account is safe and guaranteed.

The process of opening an account may take from few days to three weeks usually but for offshore accounts, it may take more time due to bank’s financial compliance and management approval.

The fees will be competitive and interest rates will be high. Bank account holders have the option to utilize online banking. This is beneficial for those who cannot go to the bank for every single transaction.

Off shore Banking services in Dubai and UAE

Offshore banking provides a range of business products like;

  • Deposit-taking.
  • Credit
  •  Wire and electronic funds transfers
  • Foreign exchange
  • Letters of credit and trade finance
  • Investment management and investment
  •  Custody
  •  Fund management
  •  Trustee services and corporate administration.

Services may vary depending on the bank you choose. 

Benefits of offshore accounts in Dubai

The major benefits can be classified to seven, which are as follows:

1) Security

By using an offshore bank, in a highly regulated and transparent jurisdiction in UAE , you can feel secure that your money is safe.

2) Service

Offshore bank accounts in UAE usually provide a highly personalized service, giving you round-the-clock access to your money through online and telephone banking, seven days a week, 365 days of the year.

A relationship manager may also be assigned to your account, so you will always have a personal point of contact.

The best banks offer the highest service levels, which can be appealing for expats who have international financial obligations and opportunities.

3) Convenience

As an expatriate, being able to keep your bank account in one place, no matter how many times you move countries, is a major benefit. In fact, this reason alone is enough for you to open an offshore bank account in UAE.

4) Tax

Tax benefits can range from keeping your money outside of the tax jurisdiction of your home country, to protecting it from taxes in the country in which you are currently living.

5) Investing

A good offshore bank will provide you with a wide choice of funds and investments.

Investing through an offshore bank is straightforward, and there may be advice or tools on hand to help you create an investment portfolio appropriate to your risk profile and the outcomes you want to achieve.

6) Foreign exchange services

With multi-currency accounts usually coming as standard, transferring money between accounts will be fast and free.

And, if you need to transfer money between currencies, some offshore banks provide a competitive foreign exchange rate, compared to a regular banking service.

This is one of the biggest advantages of offshore banking facilities for expats with international financial obligations.

7) Lending and credit

Depending on the bank you choose, some offshore accounts are basically a private banking service – a benefit of which is that lending and credit facilities are often much more flexible and tailored to your needs.

Frequently Asked Questions (FAQ)

 

 

Business Accounts in UAE 2020 (Updated) | Compare4Benefit

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Business Accounts in UAE

This blog covers all you need to know about business accounts in UAE.

With so many options, choosing a business account in UAE seems challenging.

The UAE could be an alluring polestar for investors to locate their business as it
has one of the most liberal trade regimes and attracts strong capital flows with a
well-established infrastructure, strong banking system and a stable political
system.

The UAE also provides for a window of free trade zones that can allow
100% foreign ownership and a nil taxation regime (subject to certain limitations).

For running a successful business you need a good system for managing your
funds. This is when the importance of a business account peeks in.

Now let’s see what is a business account?

A business bank account is an account that helps business owners to track their expenses, manage cash flow, and make it easier to calculate tax liabilities.

Business bank accounts are different to private or personal bank accounts as they are made specifically for businesses.

 

Process to Open Business Accounts in UAE

Usually it starts with a face to face meeting with a bank in the UAE before they’ll
offer you a business account. Then you’ll need to take along paperwork and
provide signatures before your account will operate.

The time period to setup your account may vary depending on the bank, the
account type, and your business. It may take relatively a short period of 2 to 4
months in case of Free Zones and locally registered LLCs, including your face to
face meeting.

When choosing the best business bank account for your company, it is
recommended that you look for one that offers low charges and good interest rates.
It largely depends on what the normal business operations are.

For example, if you expect to primarily make payments electronically, the best business bank account would offer low-cost or free electronic transactions. On the other hand, if your business involves using primarily cheques, you should look for lower charges for
paper transactions.

Many agencies are there to guide you for opening a business bank account. They can be very helpful in starting an account which is apt for your business.

Documents required to open a business account in UAE

These are the type of documents you need to have for opening a business bank
account in the UAE. Be sure that you have all the required documents as per the
banks protocols (may vary for different banks) in hand before you proceed further
for a business account.

THE LIST OF DOCUMENTS ARE LIKELY TO INCLUDE

CategoryDocuments
Application formA completed application form
Identity and
Address proof
Passports or other government ID for the owner and all
shareholders
Documents related
to business
 Company certificate of registration and trade
license
 Share certificates
 Company Memorandum and articles of association
 Board resolution meeting minutes confirming the
opening of the account has been approved properly
Other Documents Letter of reference through the business partners
 Information related to the kind of activities to be
performed on the account.

Banking fees for business or corporate accounts in UAE

Fee structure can vary depending on the bank and the type of account you choose.
Most accounts need a minimum balance requirement, if not maintained you may be charged an additional fee. This may end up being expensive if you have not opted
the right business account for your needs.

Benefits of a business account in UAE

It is a good idea to have a business account in UAE. Take a look at these 8 benefits of a business account:

1. Your business records will be organized

You can keep your business accounting program records organized with a business
checking account. All your business transactions are tracked on a separate
statement.

Thereby ensuring an accurate book keeping which helps with a clean
record for the accountant at the year-end while payment of income tax.

2. Accurate taxes and deductions

A business account helps to ensure you file taxes accurately. You look at your
business account statement and record the figures on your tax return. There by you
can deduct business expenses from your tax return.

3. You can accept credit cards

You limit your customer pool and potential sales when you only accept cash
payments. Many consumers pay with credit cards over cash.

Accepting credit cards helps you serve a larger number of customers. You can also set up a credit acceptance system through the bank with your business account.

4. Business loans

Having a corporate account can be helpful to obtain a credit card or can be
beneficial if the owner wishes to take a loan for their business.

5. You look professional and gain bank relationships

Whether you are a startup or an established business, you want to look
professional. Do you pay vendors with cheques that have your personal
information printed on them? Or, do you tell customers to issue payments to your
personal name? A business bank account gives you a more qualified look.

6. Minimum account balance

Many banks in the UAE offers low to zero balance accounts to the organizations
making it easier to manage cash flows.

7. International Remittance

Banks in UAE offers the facility of making International Remittance on business
bank accounts.

8. Multiple Currency

Apart from UAE dirham, these bank accounts can be opened in many other major
currencies across the globe.

These are the reasons why you would need a business / corporate account in UAE
As you continue to grow your company, keep these business bank account benefits in
mind.

Types of Business Structures in UAE

1. Offshore Company 

UAE Offshore company registration is a very popular method of doing business in
the Middle East region.

In UAE there are three offshore jurisdictions – Dubai (Jebel Ali Offshore Company)  Ras Al Khaimah  and Ajman. They offer similar services but serve different strategic goals of offshore company registration.

They offer similar services but serve different strategic goals of offshore company registration.

The Jebel Ali Offshore Company is an International Business Crown/holds the only
offshore vehicle that is permitted to own / hold real estate in the Emirate of Dubai.
JAFZA Offshore operated under JAFZA Free zone.

The RAK Offshore and the RAK International Company (RAKICC) are
International Business Companies. They provide a flexible and credible option for
foreign investors to register an offshore company in UAE without the need to
establish a physical presence in the UAE.

RAKICC is also allowed to hold the freehold property in Dubai.

UAE Offshore companies offer the following benefits:

 No Corporate tax
 100% foreign ownership
 100% Capital and Profit Repatriation
 UAE Bank Account
 International Invoicing
 Limited Liability Company
 No TIEAs
 Absolute Privacy and Confidentiality
 Ability to maintain multi-currency Bank accounts in the UAE
 Virtual office facilities available in the UAE

2. Sole proprietorship

A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship is a type of enterprise that is owned and run by
one person and in which there is no legal distinction between the owner and
the business entity.

The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts.

Every asset of the business is owned by the proprietor and all
debts of the business are the proprietor’s. It is a “sole” proprietorship in contrast
with partnerships (which have at least two owners).

A sole proprietor may use a trade name or business name other than their or its legal name. They may have to legally trademark their business name if it differs from their own legal name, the process varying depending upon country of residence.

3. Dubai/UAE Free zone Companies

It is possible to establish branches of foreign companies in the UAE free zones or
to incorporate a free zone entity.

The types of entities which may be incorporated include single shareholder entities, commonly known as free zone establishments, and free zone companies with commonly two to five shareholders.

In most free zones, both free zone establishments and free zone companies will have limited liability, however, this does vary between free zones and therefore the rules and
regulations as to whether a single shareholder company is given limited liability
should be considered

4. Limited Liability Company in Dubai

A limited liability company (LLC) is the US-specific form of a private limited
company. It is a business structure that can combine the pass-through taxation of
a partnership or sole proprietorship with the limited liability of a corporation.

An LLC is not a corporation under state law; it is a legal form of a company that
provides limited liability to its owners in many jurisdictions.

LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a
partnership, and, under certain circumstances, LLCs may be organized as not-for-
profit.

5. Private share holder company

Except for provisions regarding the public subscription of shares and debentures,
the provisions governing public joint stock companies are the same as those
applicable to a private joint stock company.

Can I open a business bank account in UAE with a foreign expat entity?

Of course, you can open a business bank account in UAE with a foreign expat
entity. It is legal but there are quite a few hoops to jump through to fulfill local
legislation, which include;

 Most documents originating outside the UAE must be notarized and
legalized through diplomatic channels prior to being submitted to the UAE
authorities. Once legalized it is usually necessary to obtain a certified Arabic
translation of corporate documents before these can be submitted to the UAE
authorities. This latter requirement does not apply to free zone license
applicants.

 You will be asked to share a lot of information with your bank about
yourself, your business and your future plans, to fulfill their duty to stop
illegal activity or money laundering.

Frequently Asked Questions (FAQ) on business accounts in UAE

 

1: Can I open a business bank account as a non-resident?

Legally there is no restriction for a non resident to open a business bank account in
UAE but it completely lies on the discretion of the bank to whether or not you can
open an account – and on the facilities available. Generally the types of accounts
offered by most banks may be limited for non-residents.

2: Which bank should I choose?

The four major banks in the UAE include:
 First Abu Dhabi Bank
 Emirates NBD
 Abu Dhabi Commercial Bank
 Dubai Islamic Bank

You can primarily start with any one as these banks provide options for business
of different sizes with a wide range of business banking products.

3: How long does it usually take to open an business account in UAE?

The time to set up an account may vary depending on the type of account, your bank and your business. It may take relatively a short period of 2 to 4
months in case of Free Zones and locally registered LLCs.

 4: What are the general banking fees charged by banks in UAE for
business bank accounts?

Banking charges vary depending on the bank and the type of account. Normally
these accounts will need to have a minimum balance requirement if not maintained
the bank may charge you an additional fee.

 5: Can a Foreign entity open a business account in the UAE?

Yes, a foreign entity can open a business account in the UAE. But you will require
complying with the criterion of the local legislation, which can be costly and time
consuming.

 6: Are there any minimum holding requirements for banks in the
UAE?

There is a minimum balance requirement for a business accounts which if not
maintained charges a nominal fee to the account. Banks typically require the
account to maintain an average monthly balance between AED 20,000 (approx.
US$ 5500) and AED 150,000.

 7: Can I open a ‘no minimum balance account in UAE’?

There are a few banks in Dubai that provide unique benefits regarding interest rate,
minimum balance, monthly fee and money transfer fees. You will not definitely
find a bank account where you can keep your balance zero, but there are some
banks which keep minimum balance almost zero. Those bank accounts are often
called ‘zero balance account in UAE’ though they require a minimum cash flow to
stay active.

 8: Do a Sole proprietorship company need to open a business account in the UAE?

No, there is no legal requirement for a Sole trader to open a business account as
you are legally authorized to use your personal account for business and non-
business transactions. Still it is advisable to have one as it makes you look more
professional and makes it easier for you to check on your income and expenses of
your business.

 9: Do an Offshore Company require a business account in the
UAE?

Yes, whether an offshore or an onshore company, it definitely needs a bank
account to carry on a business in the UAE. As it keeps the record of cash flow in
and out of the company which makes it easier for smooth financial functioning of
the company.

10: Can I know about some business account products available in
UAE?

Different types of business account products are Business Basic Account, Business Advantage Account, Business Preferred Account, Business Call Account and Fixed Deposit;
each of these accounts provide unique benefits making it flexible for your
differential business needs.

Best Mortgages in Dubai 2020 | Compare4Benefit

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Best Mortgages Dubai
Mortgage Dubai 2020

This is the most comprehensive step-by-step approach for applying and attaining  Mortgages in Dubai.

Let’s get started.

What is a Mortgage?

In short, A mortgage is a type of loan you obtain to pay the value of a property.

Generally, a mortgage for your residential property is called a home loan.

Commercial properties can include warehouses, office spaces and other properties used for commercial purposes.

When it comes to mortgage in Dubai, most procedures are similar to conventional banking; however, a few key factors do change.

So, you need to understand each aspect of finding and getting a mortgage for your property in Dubai.

 

Summary of  Best Mortgages in Dubai 2020

BANKRATE OF INTEREST
(Starting from)
MINIMUM SALARYLOAN AMOUNT (MAX)
Standard Chartered Mortgage One3.4% (reducing)15000 AED18 Million AED
RAKBANK Home in One2.69% (reducing)15000 AED20 Million AED
CBD Mortgage Loan for Expats2.39% (reducing)15000 AED (Salaried people);
20000 AED (Self-employed)
10 Million AED
Emirates NBD Home Loan for Expats 3.29% (reducing)15000 AED15 Million AED
Standard Chartered Home Suite2.99% (reducing)15000 AED18 Million AED
ADIB Home Finance for Expats3.49%15000 AED15 Million AED

Getting a Mortgage in Dubai

If you decide to purchase a property in the UAE, the best-suggested destinations are Dubai and Abu Dhabi.

Between the two, Dubai is most popular for the availability of top-notch residential and commercial spaces.

The cost of these properties can seem a pressure on your current financial state. But don’t worry! You can get a mortgage to purchase your very new office or a new place to live in.

To successfully complete the process of getting a mortgage, you should understand all about the eligibility criteria, according to the guidelines of the UAE Central Bank.

UAE Nationals and Expats have to complete different eligibility criteria provided by the UAE Central Bank.  In our previous blog, we covered about expat’s guide to buying a property in UAE

An LTV value, which is also known as Loan to Value, is an overall loan value you get with respect to the property price.

There was a time before 2008 economic depression when candidates applied and obtained loans with very low and convenient down payments. This requirement used to go down to 5 percent as well. But the post-depression period got introduced with new guidelines regarding mortgages and their down payments.

Down payment for a mortgage in Dubai

There are no exceptions when it comes to current down payment guidelines provided by the Central Bank in UAE.

All applicants have to contribute a payment portion.

Maximum LTV or Loan to Value to purchase a ready property:

In case of first property buying through Mortgage, the LTV stands 80% (Only a
few banks are following it)

For expatriates who want to purchase ready properties-

  • If the property value is 5 million in AED or below, the LTV stands 75%.
  • If the property value is more than 5 million in AED, the LTV stands 65%.
  • If you are buying a second investment property or a home, the LTV stands about 60%.

For example, a bank can offer about AED 750,000 for a property with 1 million value in AED, depending on eligibility.

Similarly, a bank can offer about 3.25 million in AED for a property with 5 million price value in AED, depending on the eligibility.

For UAE nationals who want to purchase ready properties-

  • If the property value is 5 million in AED or below, the LTV stands 80%.
  • If the property value is more than 5 million in AED, the LTV stands 70%.
  • If you are buying a second investment property or a home, the LTV stands about 65%.
  • These LTV values are applicable to freehold as well as leasehold ready properties.

Maximum LTV or Loan to Value to purchase an off-plan property:

The off-plan properties have the same 50% of maximum LTV for both UAE nationals as well as expats.

A step-by-step approach to applying and attaining a mortgage in Dubai

At a single glance, applying and attaining a mortgage can seem daunting. But you can divide the process into different smaller steps and reduce stress.

Here is how you can do it:

Step #1: Choose your property

dubai property

There are many platforms online to find properties in the UAE. You can select a few of many reputed sites to check their property listings.

With the lists of properties, you will gain different options of ready properties and off-plan properties.

However, ready properties are more popular among buyers. This way, a home or an office comes with all facilities and developments.

So, you can move right away to utilize the property or get immediate rent. This allows you to start getting an appreciation of your invested capital.

At the same time, bank guidelines are stricter when it comes to off-plan property mortgage.

Step #2: Get an agreement from the property seller

Mortgage Agreement Dubai

You can either purchase directly from a property developer or utilize the secondary market. In case of direct purchase, you need to get the sale contract from the developer.

To ease the process, you should consider a licensed broker or a reputed real estate agency to complete the property transaction.

In any case, your involvement in the contract creation matters the most. Know your rights and go through the contract with some help from a professional.

Sellers try to negotiate a higher down payment. You should take the help of your real estate broker or consultant

Step #3: Calculate mortgage using Mortgage Calculator and find a list of best-suited mortgage options

Mortgage Calculator Dubai

After you have an agreement regarding the purchase price of the selected property, it is time to calculate mortgage.

You can use the Mortgage Calculator provided by Compare4Benefit. The calculator makes mortgage calculation a simple task:

Provide mortgage-related information

You already have your property price in AED.

Include that in the calculator along with the Finance amount you desire, the interest rate you expect and the years of repayment.

After entering all the required information, you can calculate your mortgage with a single push of a button.

 

Mortgage Calculator WorkingThe results provide mortgage repayment associated details.

The tool also provides information about approximate bank charges as well as the charges required for the land department in UAE.

The calculator shows an amount you will have to pay with respect to the details you enter. This amount has to be convenient as per your financial condition.

Using the results of mortgage calculation, you can obtain a list of best-suited mortgage options available in UAE.

Compare4Benefit shows mortgage products with details regarding maximum terms, interest rate, required salary and more.

Step #4: Collect and review all the required documents

required documents mortgage

You can get professional mortgage assistance to review your documents. A professional ensures that you collect all the required documents.

This step is critically important to avoid unwanted delays during the approval process conducted by the bank.

Documents Requirement For a Salaried Employee:

  • A copy of a valid passport.
  • Expatriates need a valid visa.
  • A valid Emirates identification.
  • Latest salary certificate.
  • Bank statements with salary credits for the latest 6 months.
  • Disclosure of every monthly liability such as a car loan, credit card, personal loan, etc.
  • Six-month payslips in case if there is salary variance.
  • Availability of fees required for mortgage processing.
  • Down payment proof

Documents’ requirement for a self-employed:

  • A copy of a valid passport.
  • Expatriates should present a valid visa.
  • A valid Emirates identification.
  • Trade License Copy
  • MOA or Memorandum of Association, plus, incorporation documents.
  • Audited financials of previous 2 years (Not a compulsory requirement by all banks).
  • Six-month company bank statement.
  • Six-month personal bank statement.
  • Disclosure of any company monthly liability such as a business loan,
    auto loan, company facility, etc.
  • Disclosure of any monthly liability such as a car loan, credit card, personal loan, or others.
  • Some sale-purchase invoices.
  • Mortgage pre-approval fees.
  • Down payment proof.

Along with all this, you should collect property associated documents such as the agreement (MOU) and title deed. Property documents can be submitted to the bank after pre-approval

The documentation requirement can increase depending on the guidelines followed by the selected financial institution for a mortgage.

Step #5: Submit your documents

Documents dubai mortgage

You can fill the form on the top to finalize the bank for your Mortgage requirement by taking assistance from the Mortgage representative.

You need to fill the bank forms and provide your documents along with them.

Your mortgage representative or you can submit the forms and the required documents to the bank authorities.

Then, the bank authorities review all the submitted documents.

This is the time when you can present your request to obtain a pre-approval.

When it comes to deciding your eligibility, banks follow the same approach as for a personal loan.

The Debt to Burden Ratio or DBR is calculated with respect to your financial condition and the asked loan amount.

Step #6: Get the pre-approval issued from your mortgage provider

Preapproval dubai Mortgage

Bank authorities review documents along with the clarifications you provide. This leads to the process of getting a pre-approval from the bank.

This is a letter, which includes the name of the applicant along with the amount of loan approved by the bank.

Along with that, the pre-approval letter also shows tenure of the loan and the interest rate. You can see the conditions written in this letter that help in obtaining the final approval successfully.

The validity of a pre-approval letter lasts for 30 to 90 days. The exact time period depends on the guidelines followed by the selected bank or a financial institution.

A few banks ask some fee to provide a pre-approval letter.

Step #7: Ensure property identification

Mortgage Evaluation

Property identification is the process of inspection before the purchase procedure begins. You need to make sure that you are protected in terms of the commitments made to the mortgage finance provider.

This requires getting copies of title deed, floor plan, contracts and other documents to strengthen your position as a buyer.

Step #8: Wait for Property Evaluation

Mortgage Evaluation

At this stage, the bank asks you to pay property valuation fees which ranges between AED 2500 and AED 3000 along with taxes.

Bank hires a third-party evaluator to complete the property valuation and submit the valuation report.

The evaluator company can take up to 3 consequent working days after the property inspection to provide its valuation report to the bank.

Step #9: Obtain an Offer Letter

Offer Letter UAE Mortgage

When the bank receives the valuation report, the final offer is initiated.

This is the phase when all the conditions presented in the pre-approval are fulfilled to get the offer approval.

The bank sends you a letter approving its final offer. You and your mortgage representative can review the letter.

Only after thoroughly inspecting and accepting the offer letter, you should sign all the documentation provided by the bank.

Step #10: Go through a medical check-up

Medical Mortgage UAE

Life insurance is compulsory with most of the banks equivalent to the Mortgage amount. In some cases, insurance companies can advise you to go through some medical check-ups (which is mostly advised in case of higher finance amount or in the case of the elderly age client).

Step #11: Fulfill the request for a certificate of no objection

First of all, get all the signed documents and property-related documents in order. The bank asks for a developer NOC or No Objection Certificate from the buyer (if its applicable).

If you are dealing with real estate brokers, they take care of arranging this letter.

Step #12: Complete the property transfer

A representative from the bank schedules the property transfer.

The process takes place at one of many Land Department trustee offices in Dubai.

Some transfer processes take place at the respective developer office.

Step #13: Receive documents and the key

Mortgages Dubai Documents

It is Land Department’s responsibility to provide you with a Title Deed.

The Title Deed should have your name as the property owner. Plus, the bank is represented as your mortgage provider.

The lender of the mortgage becomes the property owner if you select an Islamic Finance and you become the lessee.

You only receive a copy of the prepared Title Deed, as the original Title deed is received by the lender bank. Plus, you receive a key of the property from the seller.

After completing the last step, your mortgage becomes effective right away. So, your installments begin, which you need to pay every month.


What should be the expected interest rate or profit rate for a mortgage in Dubai?

Home loans are considered secure among other types of loans, which is why you get lower interest rates for the mortgage.

Usually, the interest or profit rate stays around 2.99 to 7 percent. This range of percentages makes negotiation a necessity for you.

The rate of interest should go down as much as possible. Even if you get a tiny discount, it creates a big impact on your overall mortgage.

You should look at the big picture here and calculate the benefits of a reduced interest rate with respect to the loan period.

How long can it take to get a mortgage approved?

These days, lenders don’t waste too much time. There are more efficient ways to conduct and complete required assessments.

Generally, a salaried employee has to wait for 7 working days to get the mortgage approved.

However, the approval of mortgage for a self-employed individual can take a longer time period.

How to ensure the protection of assets?

In certain cases, lenders ask to get life insurance from them against the amount of mortgage.

The insurance providers are offered by the lenders. This allows you to keep your assets protected, in case of your sudden death.

But to get this protection, you will have to pay an insurance premium along with your monthly mortgage installments.

Does pre-approval matter?

Pre-approval is always a good choice to guarantee your eligibility and safeguard your final approval of the mortgage.

Imagine a situation when you pay your down payment to the seller, but then, the bank rejects your mortgage application. No one wants that.

How does the Islamic home mortgage work?

Islamic home mortgage works in compliance with Shariah banking.

Most individuals in the Muslim community prefer this mortgage approach.

The Shariah banking doesn’t ask for interest for the home finance. Also, the finance structure differs from the regular mortgage structure.

In Shariah banking, the roles of lender and borrower turn into Lessor-Lessee. The finance institution works as your lessor, while you borrow mortgage as a lessee.

Monthly installments are called rent and the finance provider operates as the property owner until you pay the whole mortgage back.

The property registration process at the Land Department Dubai

The property registration in Dubai is possible at one of many Land Department trustee offices. Registration is necessary to generate evidence of owning a property.

According to Article 22 in the applicable law, the Land Department ensures the rights of real property by providing the title deed.

The title deeds are provided according to the records available currently in the registers of real properties.

  • The New Law Article 6 gives property registration rights to the Land Department only. This registration authorization includes leases for long terms and property rights altogether.
  • You, as the purchaser, can sign the transfer form provided by the Land Department. This transfer form is used internally in the department.

The process of property registration is chargeable. The buyer has to pay a 4% charge to the Land Department (2% in case of Abu Dhabi property).

Why should you compare different mortgage options?

Mortgage comparison in UAE is a wise move, as there are many options available. You can choose the best-suited mortgage option by comparing the interest rates, tenure, and other features.


What are the hidden costs to consider when looking for a mortgage in Dubai?

When a new home is your ultimate goal, you easily get emotional and make mistakes in terms of money.

Home buying, if requires a mortgage, you need to have a rational approach. You have already read the different steps required for mortgage approval.

And all those steps can present with sudden expenses, which you should be aware of.

  1. Application, documentation, and processing fee

The mortgage provider can ask fees in different ways for the documentation, application, and processing as well. The fee amount can range from 0.25 percent to 1 percent with Vat. Some lenders can even go beyond those percentages. You have to have a clear talk regarding the processing and other fee associated with the procedure. Ask your lender if they charge fees for pre-approval and/or any other process.

  1. Valuation fees

The valuation fees are asked by the bank, which reaches a valuation company. This company provides valuation report regarding the property. The valuation authorities can ask for an amount AED 2500. However, it is possible that the bank adds a margin and asks you to pay up to AED 3,000.

  1. Bounced cheque charge

If any installment cheque bounces, you become liable to pay an additional charge.

  1. Pre-pay charges

In case you successfully pay your loan early, it damages the expected interest. So, the bank charges a penalty for pre-pay to recover the losses.

Some banks give a benefit of free partial settlement up to some percentage.

  1. Loan transfer charge

You can transfer your loan from one provider to another in the middle of your tenure. However, this facility comes with additional fees. The bank or the lender will charge you a fee. Plus, you will have to pay an additional amount of money to the Land Department as well.

Buying your dream home or office in Dubai is possible now! You just need to understand the mortgage process thoroughly and utilize a Mortgage Calculator to find the best-suited loan features. This way, you can secure your financial situation and purchase a property you desire.

For a smooth completion of the process, you should surround yourself with qualified professionals. At the same time, don’t forget to improve your property and mortgage knowledge to make smart decisions.


Who can apply for a mortgage?

An individual working as an employee in UAE can apply for a mortgage. Also, a businessman or any other self-employed person can also apply using the available financial institutions.

Non-residents have to follow different guidelines, but they can also use the available mortgage facilities in Dubai. The eligibility criteria can differ for such candidates.

 

Best Mortgage rates in UAE 2020 | Compare4Benefit

1
Mortgage rates

Looking for Better Mortgage rates in UAE?

In fact, this blog helps you find the same.

You will find some of the best mortgage rates in UAE, and it is also a reason why it attracts many expats each year.

For the average person here in the UAE, owning a house is a legitimate reality. This is possible due to the availability of low mortgage rates.

                                     Check Live Rates Now!!!!                                                

A mortgage is a legal agreement, which allows a bank to lend the debtor money in exchange for the deeds to the property.

In the UAE, there is a multitude of banks that offer best mortgage rates to both expatriates and nationals.

Related: Mortgage Calculator in UAE

Compare Mortgage rates UAE 2020

Here is a list of some of the most financially advantageous ones and how they will benefit you:

BANKRATE OF INTEREST
(Starting from)
MINIMUM SALARYLOAN AMOUNT (MAX)
Standard Chartered Mortgage One3.4% (reducing)15000 AED18 Million AED
RAKBANK Home in One2.69% (reducing)15000 AED20 Million AED
CBD Mortgage Loan for Expats2.39% (reducing)15000 AED (Salaried people);
20000 AED (Self-employed)
10 Million AED
Emirates NBD Home Loan for Expats 3.29% (reducing)15000 AED15 Million AED
Standard Chartered Home Suite2.99% (reducing)15000 AED18 Million AED
ADIB Home Finance for Expats3.49%15000 AED15 Million AED
  1. Standard Chartered Mortgage One:

 

Mortgage rate standard chartered

Standard Chartered is one of the most well-renowned banks in the world and comes with an assurance of the best available rates and features.

 

Under their Mortgage One scheme, the reducing rate is around 3.49%, and the fixed rate is 2%.

The fixed rate is somewhat fluctuating over the course of around 25 years, which is the maximum term, but it will always hover around the 2% mark.

The advantage of taking up this loan is that the tenure of the loan will be shorter as the majority of the payment goes towards the principal and not the interest.

There is, however, a minimum salary requirement of 10000 AED. The down payment can be around 20% of the property price, and the bank offers up to 18 million AED.

For those of you looking for property in and around Abu Dhabi, Dubai, and Ras Al Khaimah; this should be your first choice.

      Click Here to Apply For Standard Chartered Mortgage One

 

2. RAKBANK Home in One:

 

RAK Mortgage rates

RAKBANK Home in One offers a combination of a current account holding and a home finance.

The interest on the loan is calculated on a daily basis, and you can withdraw your money at any time.

 

The reducing rate is 3.24%, and this can fluctuate over the course of the repayment period.

The minimum salary requirement is 15000 AED, and there is virtually no cap on the amount you can take.

The mortgage can be taken out for a maximum time period of 25 years, and you can purchase any property in Dubai, Abu Dhabi, and RAK.

The only condition is that the property needs to be ready, and you can only purchase under construction property in Dubai.

              Click here to Apply for RAKBANK Home in One

 

3.Emirates Islamic Manzili Home Finance:

 

Mortgage rates Emirates Islamic

Emirates Islamic  bank offers one of the lowest mortgage rates, with a fixed rate of just 1.81%, which is adjusted for 25 years.The reducing rate is around 3.2% per annum.

There is also a minimum salary requirement of just over 15000 AED. You also get a credit card when you take this mortgage option and a 2-month installment deferment. You also have to be a salaried employee for just over 6 months to choose this mortgage.

You can get up to 20 million AED in the mortgage, which will have to be paid over the course of 25 years. This offering also comes with a two month deferment period, which is good and can be availed every year.

    Click Here to Apply for Emirates Islamic Manzili Home Finance

 

4. CBD Mortgage Loan for Expats:

 

Cbd Mortgage Rates

If you are an expatriate looking for the best mortgage loans that will help you buy the house you have been dreaming for, this is it.

The CBD offering is a very lucrative one.

The extremely low fixed rate of just 2.1% over 25 years and the reducing rate of 2.99% per annum are all good for any expatriate looking to put down their roots.

There is a requirement of 12000 AED minimum for salaried individuals and 20000 AED for self-employed people.

You can take up to 10 million AED, which is enough to land you a fantastic place.

The only qualm is that this mortgage is available if the project is already complete.

If you have been waiting this long to buy a house, this option is by far the most cost-effective.

           Click Here to Apply for CBD Mortgage Loan for Expats

 

5. United Arab Bank Home Finance for UAE National:

 

UAB Rates Mortgage

If you are an Emirati national and are looking for the most effective mortgage, this home finance from UAB is the way to go.

With a lowly 1.69% fixed rate per 25 years and a 2.99% reducing rate; for any of you looking to get a brand new villa or put down a real estate investment, this option is the one.

However, you need to have a minimum salary of 15000 AED, and those who are self-employed, the requirement is a steep 50000 AED.

You can get up to 10 million AED and purchase any property with a title deed in Emirates. Such flexibility allows you to invest in the widest range of options and where you feel is going to pay off big dividends.

You also get a pre-approved credit card when you take upon the mortgage option.

Click Here to Apply for United Arab Bank Home Finance for UAE National

As you can see, the choices are endless. This gives you tremendous freedom in choosing the best option, one which will suit your long-term plans as well as your family’s plans.

The UAE is a thriving place where the standard of living seems to shoot up each year.

If you have been in the country for a long time or you are a native, getting a house right now would be a very prudent investment.