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Mortgage mistakes first time home buyers should avoid

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This post highlights potential mortgage mistakes first time home buyers should avoid.

You don’t buy a home every day. It is a critically important decision that requires a strategy to perfection.

But, a first-time home buyer is more likely to make a few mistakes. Most mistakes happen when you decide to select a mortgage for your first house.

It is a common concept that we learn from our own mistakes. However, your house mortgage is not something you can afford to make a mistake with.

Related : Check Mortgage rates in UAE

Five First-time Home-Buying Mistakes to Avoid

 

  1. Not knowing multiple loan options

The biggest mistake you can make it not investing your time and effort in mortgage product research.

There are various options provided by the banks in the UAE for mortgage loans. Each comes with their specific benefits and features. But if you stay unaware of those features, mistakes happen.

People tend to ask a family member or their realtor and make their decision. You can’t afford to make an uninformed decision.

Thanks to online comparison sites for financial products, you can conduct comprehensive research in advance.

This way, you can find an exact match of mortgage for your needs.

Related : Compare Mortgages in UAE

2. Forgetting about a credit score analysis and pre-approvals

According to many people, finding a mortgage can take more effort than searching a property in the UAE.

There is a whole list of factors that go under evaluation before you get loan approval.

Banks, generally, look into your monthly income, credit score, and other factors to decide the loan amount you can acquire.

You can use Mortgage Calculator to determine your monthly finance repayments as well as the additional fees which is required to buy property and take mortgage in UAE.

This is the reason why you have to understand all the required pre-approval information. Then, get your credit score analysed before applying for a mortgage.

3. Applying for a too big of a mortgage

Banks are ready to offer the maximum mortgage amount, for which, you qualify. But, do you actually need that maximum amount?! This is the question smart home buyers ask in order to avoid a big mistake.

Big mortgage means a longer repayment period, which can impact your life in a big way. You need to think about the future plans and necessary phases of your life.

While banks evaluate the maximum amount of mortgage you can get. You should evaluate the minimum mortgage amount required.

Sit with your financial adviser to understand your daily, monthly and annual budget. Then, use the conclusions to align with the repayment method of a mortgage.

4. Not looking at house acquisition additional expenses

When buying a new house, you don’t just pay the asked price for the selected property. The acquisition process includes several additional costs.

Generally, you have to spend money as a valuation fee, land department fee, property registration fee, mortgage registration fee, processing fee for the mortgage and others.

These additional expenses can boost your payable amount up to 31 percent.

No need to say, you can’t afford to ignore these expenses. Otherwise, it will delay the mortgage acquisition and restrict you from getting your home.

See Also : How to Buy a Home in Dubai with a monthly salary of 10000 Dirhams?

5. Ignoring the annual home maintenance cost

When selecting your mortgage, you can’t only focus on the payment you give back for that mortgage. You are buying a house, which also puts pressure on your financial state.

If it is a big house, you will be spending money every year for its maintenance. Repair and other costs are factors that people forget when looking at their mortgage payments. You shouldn’t make this mistake.

Why make mistakes when you can prepare to perfection! You can strategize your mortgage for a new house by avoiding the mistakes mentioned above.

Do this and you will find yourself relaxing in your dream home soon. That too, without worrying stressing over the mortgage you have acquired.

Suggested Article : Dubai Mortgage for Non Residents in UAE

Car Registration in Dubai and UAE – A Short Guide | Compare4Benefit

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Car registration Dubai

Thinking of renewing your car registration? Here is a simple guide to car registration in Dubai.

In Dubai and other cities of the UAE, you are required to register your car every year.

In the case, you have freshly purchased a car; the car dealer will handle the complete registration process in the first year.

But, from the second year, car owners must complete the procedure themselves.

The car owner in Dubai needs to spend approx. Dh 500 for car testing and renewal of registration.

car insurance UAE

It can be done by the owner himself through online means or taking the help of any other agency.  

Since April 2018, new toll gates set up on roads across Abu Dhabi have been scanning cars which pass by for checking whether they are registered.

Related : Looking for Online Car Insurance? Get Best deals on Car Insurance from Compare4benefit.

Thus, annual registration of your car is mandatory by law. The good news is that authorities in the UAE have made the process of renewal simple and seamless.

The car owners are given a 30-day grace period for renewing expired registration. This permits car owners to conduct necessary repairs on their car if it fails the inspection procedure. This is why car insurance policies are 13 months long.

Formerly car owners had to pay Dh 10 for every month that they failed to renew the car registration after the 30-day grace period.

But, since April 2018, the fine has increased to Dh 500 and four black points while they pass via new toll gates in Abu Dhabi. Such cars can be impounded for 7 days, and in some cases, the drivers have lost their licenses.

Car Registration in Dubai Renewal Process

  • Documents required:

Firstly, pay up all bills related to the car like unpaid traffic fines.

You must also resolve any black points with the Dubai or Abu Dhabi police.  

For renewing registration, you require your Emirates driving license and Emirates ID as well as 3 important documents: car test certificate (car must pass the exam), old registration card and renewed motor vehicle insurance.

  • Getting the car tested

In their first two years, new cars are exempt from testing.

After this, you will need to visit one of the RTA or ADNOC vehicle testing centres to have your car assessed and earn the ‘passed’ certificate.

This is to ensure that the car is roadworthy and its tyres, suspension, steering, braking systems as well as chassis are in good condition.

Based on the vehicle category, you must also display your fire extinguisher, spare wheel, and safety triangle.

The test costs around Dh 170, takes 20 to 40 minutes, based on customer volumes and is valid for 30 days.

In the case, validity lapses or car fails test; it must be subject to a re-test which needs fees to be paid again.

Where To Go?

When you buy a car freshly from a dealer, he will take care of renewing registration in the first year.

But in the second year, you must do the renewal yourself. The UAE authorities have several conveniently located centres to complete renewal.

How to Renew Car Registration in Dubai

You have two options:

  • In person

Wait in the registration center; pay the renewal fees and pick-up the renewed registration card.

You will be handed with a new registration sticker with a fresh expiry date. Place the new number plate on the old one.

  • Online

Try the online route by heading over to the RTA website or e-service portal of the Abu Dhabi police.

Simply select your vehicle, submit relevant documents and confirm delivery method (pick up or courier). Your application will be processed in 5 days.

  • Outside agency

In the case, you don’t have time for the above; you can use “Personal Appearance Service” of the RTA.

A pin will be provided after submitting registration details at the RTA centre. You can then use any other person to do the renewal process on your behalf using this pin.

This pin expires with one visit by your representative and must be renewed for further visits.

This is the process of car registration in Dubai and the rest of the UAE.  

Best Personal Loans in UAE 2019 (Updated) – Compare4Benefit

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Personal Loan UAE 2019
Find the Best Personal in UAE
Find Personal Loans from a wide range of banks in UAE that best suits your needs. 

This post contains all the relevant information regarding Personal loans in UAE.

Looking for a some little extra money?

If this situation sounds familiar, you may want to consider a personal loan.

If you are in the search for a personal loan, you must ensure that you have the ability to pay back the amount you borrow.

Personal loan UAE - No Salary Transfer

Save your valuable money by paying off the loan at the earliest, if you can afford to. So plan things accordingly.

Your next big choice is going to be where to get your personal loan.

Infographic Uae Personal loan

We rounded up the most trusted and reputable personal loan companies, so you can count on getting the best rate and deal possible.

Find the best personal loans in UAE and compare rates and features and choose a loan based on your circumstances.

 

Popular Personal Loans in UAE  2019

Personal LoanInterest RateProcessing FeeSalary Required
RAK Bank Personal Loan3.18%1% of outstanding amount5000 AED
Citi Bank Salary Transfer Loan3.73% 1% of the finance amount8000 AED
Emirates NBD Personal Loan2.69% 1% of the finance amount5000 AED
Emirates Islamic Personal Loan3.99% 1% of the finance amount5000 AED
United Arab Bank Personal Loan2.87%1% of the finance amount7500 AED
Commercial Bank of Dubai Personal Loan5.50% reducing per annum1% of the finance amount10,000 AED
Standard Chartered Bank Personal Loan3.55%1% of the finance amount30,000 AED

Compare Personal Loans in UAE 2019

 

1. RAK Bank Personal Loan

 

RakBank Personal loan UAE

For people who need a large loan, RAK Bank Personal loan can be an ideal choice as they provide loans Up to 20 times of your salary.

This effective interest rate of 3.18% is easily one of the lowest in the market for 4 year loans.

Furthermore, RAK Bank personal loans may be a good fit for low-income borrowers, as they provide loans to individuals with salaries of at least 5000 AED, which is much lower than other banks.

Summary of Rak Bank Personal Loan Features

      ▣ Minimum Salary Requirement is 5000 AED
      ▣ Flexible Loan Payment Options.
      ▣ Salary transfer is compulsory to avail Rak Bank Loan.
      ▣ *Loan Payment Period is limited to 4 years. (5 Years for Armed Forces Employees).
      ▣ Free Rak Bank Life Time Free Credit cards.
      ▣ Top up loan is available with a tenure of 1 year.
      ▣ 1 % of the loan amount is charged as the processing fee.
      ▣ Flat interest rate is 3.19 %

                      Click Here to Apply for RAK BANK Personal Loan                     

 


 

2. Citi Bank Salary Transfer Loan

 

Citi Personal loan UAE

Citi Bank Salary Transfer Loan is likely one of the best options in the market for those who are looking for a High Finance personal loan in UAE and expect to be able to pay it off within 3 years.

 

They provide loans to salaried people without much obstacles and company listing is not a big factor unlike competitors.

For loans of 1–4 years, Citi banks’s effective flat interest rate is 3.73%. Citi bank also provide personal loan in uae without salary transfer.

Summary of Citi Bank Salary Transfer Loan Features

▣ Minimum Salary Requirement is 8000 AED

    ▣ Optional Insurance.
    ▣ Flat Interest rate is 3.73%
    ▣ Fast Approvals is the major advantage of this loan.
    ▣ 1 % of the loan amount is charged as the processing fee.

                Click Here to Apply for Citi Bank Salary Transfer Loan                        


 

3. Emirates NBD Personal Loan

 

ENBD personal loan transfer

Expats working in UAE consider applying for personal loans through Emirates NBD which offers the lowest income requirement for expats, 5000 AED of any bank in our review.This loan comes up with an exclusive loan return option.

Summary of Emirates NBD Personal loan Features

▣ Minimum salary requirement is 5000 AED.

▣ Great for Free bank account with no minimum balance required.

▣ Emirates NBD provides loan deferment option(can skip two non consecutive installments).

▣ Processing Fee is 1% of the loan amount.

▣ An Insurance Fee is charged on the Loan Amount.

▣ Insurance normally comes up with a double credit life coverage.

▣ Flat Interest rate is 2.69%.

                  Click Here to Apply for Emirates NBD Personal Loan                        


 

4. Emirates Islamic Personal Loan

 

EIB Personal Loan

Emirates Islamic Personal Loan is an Islamic Finance which offers finance amount of Up to 2 Million AED to customers.

 

They charge a lower profit rate and there is no over limit fee or any additional charges involved. The profit rate starts from 3.99%.

Summary of Emirates Islamic Personal loan Features

▣ Minimum Salary Required is 5000 AED for Salary transfer Loans and 10,000 AED for Non      Salary Transfer Loan.

▣ No Annual Fee Credit card for the first year.

▣ Fast and Simple Documentation, Approvals in 1 day.

▣ Processing Fee is 2.50% of the finance amount.

▣ Early settlement fee is 1% of the remaining principal amount to date.

▣ Islamic Financing Structure is followed.

▣ There is a Takaful fee involved in this loan which is 0.75% of the Finance Amount.

             Click Here to Apply for Emirates Islamic Personal Loan                     


 

5. United Arab Bank Personal Loan

 

United Arab Loan

If you don’t fall within the income bracket of 8000 AED  and above, United Arab Bank will be your best option with the flat interest rate of 2.87% per annum.

Buy out facility is available from other banks. This loan offers an option to postpone two installments in a year.

Summary of United Arab Bank Personal Loan

▣ Minimum Salary Required is 7500 AED.

▣ Top Up Loan Facility is offered by United Arab Bank.

▣ Loans up to AED 2 Million.

▣ Free credit card for the first year.

▣ Processing Fee is 1% of the loan amount.

▣ Early settlement fee is 1% of the remaining principal amount to date.

▣  Loan repayment up to 4 years.

                  Click Here to Apply For United Arab Personal Loan                         


 

6. Commercial Bank of Dubai Personal Loan

 

Cbd Personal LoanCommercial Bank of Dubai allows you to borrow up to 20 times of your salary. They also provide free life insurance to cover outstanding loan.

Competitive interest rates starting from 5.50% reducing per annum.

Summary of Commercial Bank of Dubai Personal Loan

▣ Minimum Salary Required is 10,000 AED.

▣ Huge Finance Amount to Expats and UAE Nationals.

▣ Free Life Insurance to cover outstanding loan amount.

▣ Processing Fee is 1% of the Finance amount.

▣ Personal Loan buy out is possible with or without topping up the loan amount.

▣ CBD offers deferment options to their customers.

     Click Here to Apply for Commercial Bank of Dubai Personal Loan     


 

7. Standard Chartered Bank Personal Loan

When you really really need a quick source of fund, Standard Chartered Bank offers fast approval personal loan.

 

You can get up to AED 2,500 cashback* post disbursal when you apply online. Interest rates starting from 3.55%.

Summary of Standard Chartered Bank Personal Loan

▣ Minimum Salary Required is 30,000 AED.

▣ 1% of the the finance amount is  charged as the processing fee.

▣ Maximum Finance Amount is 1 Million.

▣ Loan take over facility is available.

▣ Offers Installment Deferment Option( Twice in a year).

▣ Minimum balance requirement is waived during the loan period.

▣ Top up loan facility is available.

        Click Here to Apply for Standard Chartered Bank Personal Loan            


Basic Documents required for Personal Loan in UAE

Personal loans require basic documents like:

  • Copy of ID card issued by Govt. or Labour Card.
  • Passport copy
  • Salary certificate
  • Emirates ID copy
  • Salary transfer letter
  • Bank statements from 3 to 6 months.

For self-employed:

In the case of personal loans for the self-employed, banks will ask for a minimum turnover or will check the average balance in your account for the last 6 to 12 months. Another factor is the length of your business. You will also need additional documents like:

  • Memorandum of association
  • Trade license
  • Audited Financials
  • Power of attorney of expat, clearly indicating borrowing clause (for the sole proprietor)

Tips for Seeking Personal Loans in UAE

personal-loan-uae-dubai

Obtaining a personal loan may seem like a tedious process featuring many potential pitfalls. Banks are experts in disguising harmful terms in fine print. Here are some tips for helping you secure the right loan:

  • Shop around

The first step is to shop around at various banks for the ideal interest rate and loan.

Often, your regular bank will not offer you good terms as they are interested in selling expensive products to their current client base.

Hence, by shopping around, you can gain the upper hand in finding the cheapest loan in the market.

  • Watch out for interest rate

There are two kinds of interest rates offered by UAE banks. These are flat rate and reducing rate.

A flat interest rate implies that the amount of interest paid is fixed at the time of issuing the loan.

It does not reduce with the passage of time. This is an unconventional method used by banks to make interest rate seem lower than the reality.

With reducing interest rates, the amount of interest gets reduced every month, based on principal repaid.

  • Compare and review terms and conditions

The terms and conditions of the personal loan are as crucial as the interest rate. Certain terms and conditions include hidden penalties and fees. So Compare Personal Loans before applying.

It is also vital to note the terms at which the loan can be repaid early.

It is a fact that most bank customers for personal loans have no clue about the interest they are paying, when the repayment will take place and what the terms of the bank are for early repayment.

  • Be aware of additional products

Some of the banks register you automatically for payment or credit protection insurance as soon as you borrow funds.

You must review the terms of the insurance to help identify whether you should stay with it or seek your own insurance policy.


Rules about Personal Loans in UAE from the UAE Central Bank                         

The UAE Central bank has stipulated some rules with regard to personal loans as follows:

  • Limit

The maximum quantum of personal loans has been set as twenty times the monthly salary or total income of the borrower.

This implies that your complete personal loan eligibility is 20 times your monthly gross salary.

For instance, if your monthly salary is AED 10,000, then you are eligible for AED 200,000 of personal loans.

  • Repayment period

The repayment period of personal loans must not exceed 48 months.

  • DBR (Debt Burden Ratio)

Deductions from regular income or salary of any borrower for all kinds of loans issued by banks or finance companies must not exceed 50% of gross salary and regular income from a specific or defined source at a time.

This rule applies to private housing and car loans, credit cards and overdraft facilities and also personal loans. DBR for retirees is fixed at 30% of pension salaries.

  • Security check

Finance companies and banks may only take from the customer, the number of post-dated cheques covering the installment and value not exceeding 120% of the value of loan or debit balance.

  • Loans to self-employed

Loans extended to companies and sole proprietorship, secured by salaries of owners of partners will be treated in the same way personal loans are treated and will be subject to the same terms and conditions.

  • Loans for Armed Forces

DBR is fixed at 50%. In case banks do not adhere to such rules, the Armed Forces may transfer salary to any other bank, without referring to the bank which extended the loan.

  • Application forms

Personal loans can be extended as per application by the customer to be approved by the finance company or bank with a standard agreement.

  • Processing fee

This fee on personal loans cannot exceed AED 2500.


Processing of Personal Loan in UAE

UAE Personal Loan Process

The process of taking a personal loan is straightforward:

  1. You get in touch with a bank or finance company via any medium like a branch office, sales team, online service, etc. and express your desire to apply for a personal loan.

2. Bank will ask for following documents: Duly filled form of application, valid copy of              passport, valid copy of visa, copy of Emirates ID, Labour Card and Company ID,                bank statement of 3 to 6 months, original letter of salary transfer.

3. After all this information has been verified by bank representatives, it is entered into          the  loan system and documents are passed onto the processing centre (Physically or          electronically).

4. The officials at the processing center verify details and conduct credit checks like Etihad Credit Bureau checks, internal system checks, Central bank system checks etc.

5. After this, the application is forwarded to the underwriter who declines or accepts the      application after considering different aspects like if you fit in the internal policies of the bank, rules of the central bank, etc.

6. After this, the bank may place call verification at the office of your employer.

7. When the verification have been completed, your application is sent for issuing your            loan.

8. You will be notified about loan approval and money will be credited to your account.


Why are Personal Loans rejected?

You have applied for a personal loan, but it is rejected. Some of the reasons for this are:

  • High DBR: If Your DBR exceeds 50%, you are refused loan as per Central Bank rules.
  • Poor credit history: Banks can access your credit history via Etihad Credit Bureau. If you have not repaid other loans on time, your fresh loan will be rejected.
  • Irregular transactions in banks: In case your bank account exhibits irregular transactions such as full withdrawal of amount after crediting of salary, your personal loan request may be rejected.

In sum, to get positive approval of personal loans in UAE, you must keep up a healthy credit profile, a good bank statement and not apply for loans in more than one bank. Because of consolidation of records of all UAE banks at Etihad Credit Bureau, banks will now have access to your credit profile and your current outstanding applications.

Get up to 100% discount on Dubai traffic fines – Money Clinic

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Dubai New Traffic Fines

Dubai Police has taken an initiative in the Year of Tolerance with 100% traffic fine discount. Motorists are offered a chance to remove all their current traffic fines.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has directed the launch of this initiative.

car insurance UAE
During the press conference organized at the headquarters of Dubai Police, the initiative was discussed by the Commander-in-Chief of the department of Dubai Police.

According to the Commander-in-Chief Major General Abdullah Khalifa Al Marri, motorists don’t need to pay their existing traffic fines, as per the specified rates.

However, this is possible if they keep on following the traffic rules this whole year.
Assistant Commander-in-Chief, Major General Mohammed Saif Al Zafeen explained that this initiative is applicable to all Dubai registered vehicles.

The condition is that a driver has to follow all traffic regulations and laws without committing any traffic rule violation throughout this year, right from the month of February 2019.

The idea behind this initiative is to increase customer happiness and satisfaction living in the UAE. It also aligns with the initiative of the Year of Tolerance.

Though the drivers can obtain a 100% discount, the discount depends on the number of months a driver spends without any traffic rule violation:

1. Following the traffic rules for at least 3 months- 25% discount
2. Following the traffic rules for at least 6 months- 50% discount
3. Following the traffic rules for at least 9 months- 75% discount
4. Following the traffic rules for 1 year- 100% discount

Are you looking for discounts on Car Insurance too?  Get Discounts on Car Insurance 

Al Zafeen also explained that this discount initiative is only for the vehicles that are privately owned. All vehicles registered with companies, rental offices or businesses don’t come under this initiative. This includes both private as well as public transport companies.

Car Insurance Cost in UAE

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Car Insurance cost UAE

Deciding on the car for yourself is easier but determining the insurance type you need and the cost of the insurance covered is tedious. The car insurance cost in Dubai is low when compared to other countries, but let me ask you something how many of you know the reasons for your car insurance cost?

You need to know about the various factors that produced a significant impact on your car premium namely the car type, age, etc. Sort out different option you have when choosing a policy and calculate the car insurance cost as per your budget and other requirements reliably. Today we will check on the value of your car insurance and additional related information in depth.

Related: Get VAT Free Car Insurance in UAE

Car Insurance Cost – Getting Started:

There was a revision in the car insurance cost by the UAE Insurance Authorities in the name of Revised Insurance Rates, which indicated a considerable hike in the price.

Everyone might have known about the “ballpark” figure and their different types of caps (Minimum and maximum) number of car insurance caps. The real fact is that the overall rate of your premium car insurance is affected by certain other vital factors (can or cannot controlled ones).

We have listed down few details which will provide a quick look on the variables that affect your car insurance rates in UAE as well as the process of your premium calculation in a detailed way. Apart from the estimates and cost they also will help you in choosing the best price for your new brand cars.

Related: Apply for Auto Insurance in UAE

Proceed below to check out some essential factors that are being the main reasons for making your final premium car insurances.

Drivers driving experience and Age:

Everyone in Dubai knows the fact that Age plays an essential role in the calculation of premium car insurance rates. A new and expensive car need proper care and protection, and therefore it’s necessary you get Comprehensive coverage’s for your vehicle without fail.

A new car will be expensive to replace or repair when there are any damages to them. In this case getting a comprehensive coverage means you are not needed for paying anything from your pocket, this does not mean that you are asked for higher premium rates for a newly brought car as human beings tend to be more careful when they drive a new vehicle.

There is third party liability cover with minimal properties to protect your second hand or older cars, and therefore this makes your premium lighter.

Related: Car Insurance Rates by Age.

Your Car Feature and Type

Whether you have the older car or else adapted to the latest roadster, the car features and type you have chosen brings a significant role on the premium car insurance rates in UAE. Sports, Luxury or any other related expensive cars will lead to an inexorable price when you repair or replace them as they are found to be rare and have high rates for their spare parts.

The faster acceleration in new and higher performing cars can lead to severe accidents and provide a high-cost premium insurance rates. Apart from that insurance agents will take car ratings, safety features of the vehicles, models and other car specifications to calculate your premium car insurance rates.

Related: 21 Cool for buying and Maintaining your car

Deductible or Excess

The amount of money that you agree to spend from your pocket during any accidents that are caused by you is considered to be the deductible or excess part. If you are ready to pay the excess price, then your premium rates will be lower, in some cases excess means the fixed amount in whatever damage or situation.

Agency or Non-Agency Repairs

If your car dealership does the repairs then its derived as the Agency repairs whereas if an external garage mechanic does the repairs, then its referred to as the non agency repairs, this can be accredited by your insurance company. Agency repairs can be included in your existing policy or else can be added to your insurance policy, but you will be asked to pay the additional cost for them.

Other Optional Features

For other optional benefits or add-ons, you will have to add your existing policy, and you will be charged a certain fixed amount for each of the add-ons or features like the international cover, off-road cover, car hire, roadside existence, etc. You need to be very careful to consider all of the above features when picking your insurance policy from the insurers, and they may vary depending on your lifestyle.

How to Estimate your Car Insurance Costs?

Here are some of the basic formula to calculate your car insurance rates in UAE.

● Value of your car < AED 100,000 – Base starting rate is 3.25%.

● Value of your vehicle is less than AED 3000,000 and greater than AED 100,000 – Base starting rate is 3%.

● Value of your car > AED 300,000 and less than a million – Base starting rate is 2.75%

Now apply a few surcharges or discounts as indicated below.

● Age between 23 and 25 – add 25%

● Age between 25 and 30 – add 15%

● Age more than 30 and less than 60 – Subtract 10%

● Drivers License less than a year old – add 25%

● Your car is SUV or any 4 Wheel drive – Subtract 10%

● You have a new brand car – subtract 10%

● Your car is a sports or couple car – add 20%

● Your vehicle is registered in the Northern Emirates or Abu Dubai instead of Dubai – add 5%

● Do you need to get the cover for the personal accident for the driver – add AED 120

● Do you need to get the cover for the personal accident for the Passenger – add AED 30 per person

● Your car > 3 and five years old along with your wish to have an agency repair – add 30%

● For Rental Car Benefit – Add AED 150.

 You are claims free and if you need to prove it then subtract

● One year no claims certificate – 5%

● Two years no claims certificate – 10%

● Three years no claims certificate – 15%

● Four years no claims certificate – 20%

● Five years no claims certificate – 25%

Related: A Complete Guide to Car Insurance in UAE

Dubai Mortgage for Non Residents in UAE

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Dubai Mortgage for non residents
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Find The Best Mortgage, Home Loan In Just A Few Simple Steps!

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This blog is a complete guide on Dubai Mortgage for Non Residents in UAE.

Are you a Non-resident searching for the best property to purchase in UAE? If so, this guide will let you know about the things you need to know before you explore the search.

The number of non- residents people across the world have started investing in buying villas and apartments in the UAE, some of the people prefer tax free capital gains, some others looking for lifestyle investments and few other needs tax free rental yields that can reach about 10% primarily on the smaller apartments.

UAE Market have seen both ups and downs in the real estates, there was a recent change occurred in the UAE regulations and this has made non-residents people to overseas purchasers and has brought a significant impact on their industry.

Banner Mortgage UAE

What places can Non-Residents Purchase in the UAE?

They can be classified into three regions namely Abu Dhabi, Dubai, and The Northern Emirates.

Abu Dhabi:

Non-GCC National people means the one who is not from Kuwait, Bahrain, UAE, Oman, Qatar and Kingdom of Saudi Arabia is capable of getting freehold and leasehold property in specific investment zones around the Abu Dhabi which includes Reem island, Yas Island, Al Reef Village, Raha Beach, Saadiyat Island and much more.

Dubai:

If you are a foreigner and not a person who currently lives in UAE, then Dubai law states that you are capable of purchasing a freehold property in any of the twenty-three freehold areas namely Emirates Hills, Al Barsha South, Dubai Marina, Sheikh Zayed Road, Palm Jebel Ali, Palm Jumeirah and much more. You can also get from any of the leasehold properties.

The Northern Emirates:

Non-residents can purchase both leasehold and freehold properties in Umm al Quwain, Sharjah, Ras Al Khaimah, and Ajman, and you can buy most of the property as the leasehold basis.

Is it possible to get a Mortgage to buy UAE Property as a UAE Non-Resident?

Yes but with restriction! Non-UAE residents are provided rights to buy a mortgage from the UAE lenders with few limits, the UAE Mortgage Cap law needs the Non-UAE people to have down payment cash of 25% of the property value added to the cost of purchase, this is 20% of UAE nationals.

The price may increase to 35% added to the property cost if it goes above AED 5 million, whereas it’s 30% for the nationals of UAE. In the case of getting a second or third property then you need 40% as a down payment cost added to the value of the property.

Related: How to Buy a Home in Dubai with a monthly salary of 10,000 Dirhams.

Down Payment Cost Requirements for Non-Resident and Expats (Non-UAE Nationals)

● If your purchase type is first property and the purchase price is below AED 5 million, then your minimum down payment is 20%, and maximum loan to value ratio (LTV) is 75%.

● If your purchase type is first property and the purchase price is over AED 5 million, then your minimum down payment is 35%, and maximum loan to value ratio (LTV) is 65%.

● If your purchase type is second or third property and the purchase price is any cost, then your minimum down payment is 40%, and maximum loan to value ratio (LTV) is 60%.

● If your purchase type is under construction or off plan and the purchase price is any cost, then your minimum down payment is 50%, and maximum loan to value ratio (LTV) is 50%.

Few steps Non-resident can follow while purchasing a Property in UAE.

Follow the below steps before you purchase a property in UAE as an expat or foreigner.

● Explore what property type you are going to purchase, apartment or villa, commercial space or land or a plot.

● Research in-depth for the available properties online.

● Contact a developer directly or real estate agent or familiar person to know the details of the properties thoroughly.

● Make sure whether nonresident people have the right to purchase the land, you need to have a steady salary as well as should be legal to live in the UAE.

● Choose the right property after checking every document wholly and then pay your deposit.

● You can purchase a home loan or mortgage from any famous, reputed or trustworthy financial institution.

● Transfer deeds and pay the land registry tax correctly.

Related: Compare and Apply for Mortgages in UAE

Fees and Taxes you need to pay

● Abu Dhabi Transfer Fee – 1% to 2%.
● Dubai Land Department Transfer Fee – 4% added to the 540 AED administrative fee.
● Registration Fees – 2000 AED added to the property below 500,000 AED.
● Mortgage Registration Fee- 0.25% of loan + AED 10 fee.
● Registration Fees Cont – AED 4,000 for property above AED 500,000.
● Mortgage Processing Fee- Up to 1% of loan amount.
● Valuation Fee – AED 2,500 to AED 3,500.
● Conveyancing fees (where appropriate) – AED 6,000 to AED 10000.
● Estate Agency Fee – 2% of purchase fee.
● Downpayment – 25% of property cost.
● Oqood fee, for off-plan properties – 4% of purchase price.

Documents needed for getting a Mortgage in the UAE

Most banks will ask for the credit reports from the resident country, liabilities details including loans, credit cards, one-year bank statements and an entire heap of documents.

You require a scanned copy of passport, last three months bank statements justifying that you are working in the present company. There are no requirements for credit check documentation, no liability letters or employment proof.

You also need to attend mortgage offer letter in Dubai at some specific stage of the process, and this cannot be neglected as its mandatory at the final step of purchasing at the DLD (Dubai Land Department).

It would be better if you also made sure about the additional cost included in the transaction of property such as the realtors commission, property valuation free, registering fees, the land department transfer fee and much more.

Are you interested in buying a property in UAE? To live yourself or whether as an investment or need any guidance on the UAE Mortgages? If so, you can request a free consultation with us.

You can use our contact form from our website and then submit your complete details, once we receive the request we will provide a team member from our side to give the consultation with you at some time and date.

Compare4Benefit Contributor GuideLines

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To become a regular contributor at Money Clinic, here are some tips that will help you to get your article accepted and published.

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Contribute your post to Compare4Benefit

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Car Insurance in Dubai and UAE – Compare4Benefit

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UAE Car Insurance Guide
Get Car Insurance Quotes

This blog is a complete guide on Car Insurance in UAE.

What is car insurance?

The car insurance is a type of insurance, which takes care of your car-your prized possession.

It is a plan which takes care of all expenses incurred due to unforeseen events like third-party liability, mishaps, accidents, thefts and other such.

Using this plan, you can protect your car and yourself from financial contingencies and legal liabilities, resulting from a traffic collision, bodily injury and physical damages to yourself, a third party or the vehicles involved in such collisions.

Insurance is an agreement by which an insurance provider guarantees to provide a pre-decided compensation in case of specified damage, losses or death in exchange for a premium.

Car insurance is an auto-insurance plan which is formulated to ensure that the occupants of the car do not suffer any financial setbacks. The policy also provides assistance in event of a road mishap.

car insurance UAE

Benefits of Car Insurance in UAE

Having car insurance in UAE offers the following benefits:

  • Most insurance companies provide services of car registration to policyholders which are otherwise, a tedious task.
  • In case of theft of the car, the insurer will reimburse the value of the car.
  • Car insurance in UAE also covers any damage or loss arising due to the accidental collision on the road with another car, animal or objects like buildings or pillars.
  • Any loss due to natural calamities, manmade events (violence, arson) is also covered.

Types Of Car Insurance in UAE

In the UAE, there are two main types of car insurance policies: Comprehensive and Third Party Insurance.

  • Third Party Liability Car Insurance

Every car owner is required by law to possess this type of insurance cover.

It is the most basic type of cover and provides protection against any third party property damage or bodily injury, caused by the insured vehicle.

But this cover will not compensate for damages to the policy holder’s vehicle or any theft or damage caused to it.

Any person who is purchasing third party insurance must be ready to meet the repair expenses on his own, caused by the accident. Thus this plan has a lower premium than other covers.

  • Comprehensive Cover

This insurance cover protects vehicles from all damages resulting from theft or repairs and also covers third party liability. Typically, it covers the following as basic and add-ons:

    • Loss or damage to your vehicle: Cover for the insured car caused by loss or damage in an accident.
  • Medical expenses: In case of an accident, by the insurer’s car, medical treatment will be offered up to a specific amount, mentioned in the policy.
  • Third-party property damage: Cover for damage to property and materials of a third party caused by an accident. This includes a massive cover-up to AED 5 million.
  • Personal accident cover for drivers/passengers: Cover for driver and passengers of the car who were injured or suffered a fatality in the accident.
  • Onsite repair: In case insured car breaks down on the road, the insurance company will recompense the cost of repair.
  • Agency repair: The policyholder can get a car repaired at authorized dealers of manufacturers, within UAE premises.
  • Towing services: In case, the insured vehicle breaks down or has an accident; the insured will get transport or towing assistance to the nearest workshop.
  • Extraction and removal: Crane assistance is offered to extract or remove the insured car from the place of incident in case of breakdown or accident.
  • Leaking or flat tire assistance: the insurance company will offer assistance to replace or remove the tire, without any labour charges.
  • Unlocking of ignition key: Roadside help is provided to unlock the car in the situation where keys have been accidentally locked inside.
  • Refueling: Fuel assistance is offered when the vehicle runs out of fuel while running on the road.
  • Valet and car hire service: Policy offers options to hire a car along with valet service after the accident, and while the car, is being repaired. The miles, amount, and duration vary from policy to policy.
  • Free pickup and drop: Some insurance companies provide free pickup and drop services to the airport.
  • Emergency accommodation services: Expenses for emergency accommodation are offered if the vehicle is immobilized due to accidental damage.
  • Outside UAE cover: Cover includes damage or loss due to your insured vehicle applicable to all GCC (Gulf Cooperation Council) countries.
  • Roadside assistance: Get 24-hour accident and emergency breakdown car recovery service in the UAE.
  • Personal belongings: Cover will be provided in case of any damage to or theft of the personal belongings of the insurer due to the accident.
  • Natural disasters: Cover is offered for accidental loss or damage to the insured vehicle due to natural disasters like storms, earthquakes, floods, etc.
  • Windscreen repair: covers the expenses to replace or repair windshields in case of accidental damage or loss caused. Otherwise, this is a major expense in case of luxury and sports cars.
  • Emergency medical cover: Some insurance companies offer to policyholders, the facility of availing emergency medical charges up to AED 3500.

 

Exclusions of Car Insurance

Car Insurance in UAE will cease to exist in the following circumstances:

  • Driving without a valid license: In case, the driver drives without a valid license, the car insurance cannot be claimed.
  • Driving Under Influence: In case, the driver has been driving under the influence of intoxicants (drugs or alcohol) and meets with an accident, insurance cannot be claimed.
  • Overloading: In case, the insured vehicle was overloaded or encumbered with excess capacity, any accident insurance will not be provided.
  • Misleading information: In case, misleading or false information is offered to the insurance company at the time of purchase of an insurance plan, insurance claims cannot be pressed.
  • Intentional damage: In case accident was staged or damage was intentionally or deliberately applied, the insurance cannot be claimed.
  • Unethical use of a vehicle: This is the case when the vehicle is used for purposes other than stated in the insurance policy and insurance will be denied.
  • Claims filed after 3 years: Car insurance claims will not be allowed after 3 years since the accident.

Importance of Car Insurance

In the last few years, vehicle insurance in the UAE has witnessed remarkable growth. Auto-insurance industry has contributed to the economic boom and has made the UAE, a financial hub. Now that there are more vehicles on the road, the demand for motor-insurance in the UAE is growing exponentially. Therefore, the number of car insurance providers in the UAE has boomed. For instance, in the last five years, Abu Dhabi witnessed a 700% growth in a number of automobiles.

One can spot the fastest, swankiest and most luxurious cars of the world in Dubai streets. This makes it worthwhile to have car insurance in the UAE. The demand for car insurance in Dubai is on the rise. As car sales multiply over the roof, the risk of road accidents has boomed. This imposes a threat to the lives of pedestrians, fellow car drivers and car owners. A comprehensive insurance plan takes care of your financial safety, even in the worst case scenarios. Also, local laws in UAE find it mandatory for vehicle owners to purchase motor-insurance for their vehicles. Vehicle owners who do not purchase motor insurance for their vehicles are likely to be penalized.

How to Select the Best Plan?

People often wonder how to choose the best car insurance plan in the UAE. Some answer that it is as simple as buying clothes. There are so many insurance companies that offer a variety of plans. Because of this huge number of insurance companies, you can get motor insurance at competitive prices. You can exploit the cut-throat competition among providers of insurance. Every insurance provider aims to earn the trust of insurance customers so that it can get a wider share of the burgeoning car insurance market.

The following are the tips to select the best plan:

  • Consider expectations and needs: When you are clear in mind about what exactly you want, it becomes easier to determine whether a plan fulfils your car expectations or not.
  • Reliability and reputation of insurance company: The reputation of an insurance company helps you know the treatment it will provide for your claims. Also, the financial health of an insurer is the second most crucial factor because it reflects the financial status of the preferred insurance provider.
  • Comparison of prices and plans: If you wish to enjoy the best insurance coverage at the least possible premiums, avoid buying the first plan you come across. Compare online various plans for car insurance in UAE and pick one that meets your needs without burning your pocket. For doing an online comparison of policies in UAE, you can take the help of an insurance web-aggregator. A web aggregator does a comparison of various plans offered by different insurance companies and offers the best plan as per the needs of the insured.
  • Weigh the insurance coverage: When you target a policy, you need to consider sufficient insurance coverage. Buying insufficient coverage is worse than not buying any coverage. Take care that the plan that suits your colleague may not suit you. A better idea is to weigh and compare car insurance coverage and consider whether it meets your expectations.
  • Keep ready documents: For buying or renewing your car insurance, you will have to keep ready following documents – Personal details, Car details, Car registration details, Certificate for car modification (if any), No-claims discount certificate (if applicable), UAE resident certificate, copy of passport, copy of UAE visa, valid UAE drivers’ license.
  • Avail of No-claim bonus: This bonus is a discount offered by the insurance provider to the policyholder for not making any claims in the preceding years. You can avail NCB while the policy is being renewed. While changing the car insurance policy from one insurance company to another, the previous insurance company will provide a no-claim bonus certificate to the insured. This certificate can be offered to the new insurance company, so as to avail of the same benefits. NCB is a discount earned by the policyholder for maintaining a claim-free record. Also, it is regarded as one of the best ways to reduce your car insurance premium. The insured person can claim nearly 20% deduction on the premium, based on a number of claim-free years. But the percentage of discount can vary from one insurance provider to another. Point to note is that NCB is applicable only to comprehensive policy and not to third party liability.

How to Determine the Premium

The overall rate of your car premium is impacted by certain vital factors:

  • Age of car and driving experience

All in UAE know that the age of the car plays an important role in the calculation of premium rates of car insurance. An expensive and new car needs proper protection and care, and it is vital to get comprehensive coverage for your car without fail. In case a new car faces damage and repair, it will prove to be very costly. Thus if you go in for a comprehensive cover, you may not have to spend anything from your pocket. For older cars, third-party liability will be sufficient, and thus, less premium will have to be paid.

  • Your Car Type and Features

Whether you have an old model or the latest roadster, the type and features of your car which you have selected provide a substantial role in the premium car insurance rates in UAE. Expensive cars like a sports car or luxury car will lead to heavy expenses when you replace or repair them as they are found to be rare and cost much for their spare parts. Ratings of cars and their safety features of models are all factors determining the calculation of premiums.

  • Excess or Deductibles

In case, you are willing to contribute money for damages in case of a car accident caused by you; it is calculated as an excess or deductible. If you are ready to pay the excess price, your premium rates will be lower. In some cases, excess refers to the fixed amount in whatever situation or damage.

  • Non-Agency or Agency Repairs

In case your car agency or dealership does the repairs it is called agency repairs. If an external garage mechanic performs the repairs, it is referred to as non-agency repairs. This can be accredited by your insurance company. Agency repairs can be included in your policy or can be added, but you will have to bear the extra cost.

  • Optional Features

For getting other add-ons, you will be charged extra for each add-on like car hire, off-road cover, international cover, roadside assistance, etc. You need to be very careful to consider all the above features while picking your insurance policy from insurers and they may differ based on your lifestyle.

In sum, you can opt for the best policy by comparing prices and features using online sites like Compare 4 Benefit.

Best Companies for Car Insurance in UAE

Following are the best companies in UAE offering car insurance:

  1. Salama Islamic Arab Insurance Company

It aspires to be the topmost insurance company by providing customized and innovative Takaful car insurance plans.

This company strictly adheres to Shariah principles while conducting their business.

It focuses on customers and aims to provide quality service, as defined by international standards. Guided by principles of honesty and fairness, it follows an ethical path.

  • Oriental Insurance

It is one of the major players in the Indian General Insurance market. During the last 65 years, it has expanded globally and is operating in UAE. In collaboration with Armab Insurance Works LLC, this company also operates in the GCC. Today, it has become one of the leading providers of car insurance in the UAE.

  • Adamjee Insurance Co. Ltd.

It is one of the top insurance companies in Pakistan. It has registered in the UAE market and is committed to offering the best car insurance in the UAE. It has earned the trust of many insurance buyers in the UAE by providing best car insurance plans.

  • Union Car Insurance

Set up in 1998 and is listed on the Security Exchanges of Abu Dhabi. It is a trusted car insurance provider, which provides an option for customized insurance packages.

  • Watania Insurance

It has been providing excellent coverage against car damages, since 2011. The company was the result of a tie-up of Abu Dhabi National Energy Company, Abu Dhabi National Insurance company, Aldar Properties and Abu Dhabi National Islamic Finance. In 2014, there was a shake-up in ownership.

  • Method of Claiming Insurance

Your claim can get rejected if you do not follow the right claiming procedure. You need to adhere to the following claims procedure for claims success:

Step 1

You must get in touch with the car insurance provider as fast as you can.

Step 2

You must co-operate and offer complete information like policy number, full name, policy duration, time & date of accident, a copy of driver’s license and license plate number as well as contact information of concerned parties.

Step 3

Go to the nearby police station and lodge a formal complaint. Ensure that you get a copy of the complaint as it is required by some insurance companies.

Step 4

After you have informed your auto-insurance provider, a professional will be assigned to your case for evaluation. The surveyor will assess your case and examine and inspect your vehicle, such that your claim can be duly processed.

Step 5

Your case will be resolved by the professional based on your opted plan and its coverage.

In sum, these are all some facts about car insurance in UAE.

 

 

Car Insurance is one of the mandatory options in UAE, so everyone has to select an insurance policy based on their requirements for the purpose of protection and security. Choosing the best and suitable car insurance policy in UAE is tedious as there are multiple options available with the best benefits.

You should always ask yourself specific questions like what is the best car insurance policy available?, Which would be the best car insurance for their needs?, What benefits the needed insurance policy should cover? , Which type of car insurance you need to choose, cheapest or the trendier one? etc to pick the right car insurance policy for you.

Synopsis

    • Purpose of a Car Insurance In UAE
    • Types of Car Insurance in UAE
    • Other Add-Ons to Focus to enhance your Premium
    • Annual Premiums to focus while getting your car insurance policy.
    • Documents Required

Purpose of  Car Insurance in UAE

In UAE, every vehicle should own a Car Insurance cover in order to protect your car from any accidents or natural calamities, in this case, you will be paid for any defects occurred by the insurance company as per your chosen insurance rules and regulations.

Types of Car Insurance in UAE

You can choose the preferred types based on two crucial aspects namely your basic requirements and the risk capacity. The provisions indicate your wish of benefits that your insurance policy should cover.

The possibilities of defects and damages to be high or low determines the risk capacity so you should be aware of the answers to choose the right type of insurance.

Proceed below to find the detailed explanations of each car insurance types.

Comprehensive Insurance:

As per the name, the policy will provide the vast range of protection to your vehicle, the set of benefits includes

Covers the defects caused by yourself or any third parties occurred due to an accident or other issues.
Covers the damage caused to your vehicle during any fire, vandalism or theft.

The insurance of this type will cover all damages for any parties, and therefore most of them stick to go for the car insurance policy.

TPL (Third Party Liability) Insurance

The TPL insurance policy Insurance cover is a limited one, and this will work out only if you have damaged other people vehicle, this policy does not provide any benefits for your car if they defect in an accident or other issues.

If an accident happened without your fault, then you need to check out whether the opposite party has the TPL policy covered to pay for the damages caused for your vehicle.

The premium is low when compared to the comprehensive policy as the insurance cover is limited, most of the beginners prefer this insurance as they are affordable without knowing it’s a blunder mistake.

Other Add-Ons to Focus to enhance your Premium

Here are some of the additional add-ons you need to know before choosing an insurance policy cover. The following Add-ons will be a significant aspect of increasing your premium.

GCC Coverage: If you are the one who often travels to nearby GCC nations then you definitely need a more comprehensive insurance cover plan registered as few countries like Oman will never leave you inside their place until you have a standard GCC or International Insurance with you.

Roadside Assistance: This is one of the best insurance covers everyone should adopt as this plan offers you a towing service or a mechanic when your vehicle stops without fuel or gets break down in an important trip or journey.

Car Rental: Some policies help in covering the cost of your vehicle when it’s left to rent if you have put over them in the workshop.

Agency Repair: Your car will run in good condition if it’s serviced and repaired from an official and authenticated dealer rather than from a local car mechanic shop so make sure you have this option covered in your car insurance policy.

The passenger, Personal, Personal Belongings Accident Cover: In the case of death or any other life-threatening issues or if your personal belongings have been stolen, and these cover will cover the cost of the damages occurred.

Apart from the above Add-ons, there are also some of the essential add-ons you need to look namely Storm, Fire or Tempest Cover, Alternative or Rental Vehicle Covers etc.

It’s good that everyone has all these benefits covered by your car insurance policy.

Annual premiums to focus while getting your car insurance policy
Once you have selected the type of insurance policy you need to focus on the premium you need to pay annually, here are some of the factors you need to consider for getting an exceptional deal when calculating an annual premium. In this, you need to pay a certain amount to the Insurance Agency for getting the damage and injuries covered over your policy.

Here are some of the answers for the questions to check out while picking your annual premium in an insurance policy.

The validity of your Insurance Policy

Unlike other Countries, UAE provides the insurance policy for 13 months instead of 12 months, and this extra one month is considered to be the period for re-registering your car by the Road Transport Authority.

How will be your Premium Insurance Policy Calculated?

Premium is something you are paying to your vehicle insurance agency to protect your car from any defects and other issues, i.e. to keep insured for 13 months, this cost factor depends on various impacts like the model of your vehicle, cost of your car, your age, your experience on driving, your license, the car manufacturer, car specifications and much more.

You need to pay an extra amount as the premium if you are less than 30 years old, if you have a record of prone driving or if you have a three years old exclusive car model.

The below table will provide a clear-cut idea regarding the Insurance Premiums.

Aspects Insurance Premium in terms of Low or High
The Age of the applicant is less than 30 years High Premium
New Model Car with all essential Safety Factors Low Premium
Off-Road Insurance Coverage High Premium
GCC Coverage High Premium
The applicant with less driving experience High Premium
Breakdown Coverage High Premium
The price of the vehicle is costly High Premium
Perfect Driving License with no prone to accidents Low Premium

 

How to lower your Premium?

There are certain things you can perform to keep the insurance premium within your budget.

Going for a ‘No Claim’ Certificate: The certificate means that your car has not faced any accident in the past years, which means you are going to get the discount when you renew your insurance policy.

Opting for Essential Add-Ons: You need to make sure whether you are in need of any other vital add-ons before claiming the insurance, if you think they are not mandatory then you can skip them.

For example, if you are the person who only travels within your country, then you will not need a GCC Policy covered on your car insurance.

If you are ready to Pay Extra Fees: If you agree to pay the fees for the accident that is caused by you, then you can lower the annual premium. The higher the amount you agree to pay means lesser the annual premium amount.

In Short,

● You need to compare the premiums three to five times before you grab them yours.
● Keeping a clean record on your driving experience.
● Going for a reliable, authenticated and trusted garages rather than sticking with the local mechanical car shops.
● Choosing the best and needed Add-Ons.
● Calculating the right estimated value of your car and the premium insurance.

Related: 5 Tips to find the new car insurance policy in UAE

How to Buy the Car Insurance Policy?

You can get your vehicle car insurance policy from any of the UAE Road Transport Authority Renewal Centers, the other way for purchasing the premium is by contacting the leading Car Insurance Agencies and ask them for a quote.

The Insurance agency will ask you for the following documents and the annual premium fees for providing the car insurance policy.

● A copy of your ID card (Emirates)
● A copy of the car Registrations Documents
● No claim Certificate if its applicable for your policy.
● A Copy of your license(Driving).

As an end, choosing the right type of car insurance policy can be simple if you are legitimately following the above ideas. You just need to balance everything with your budget and the safety coverage types while opting for the best car insurance in UAE.

Another important point is to compare the maximum car insurance available with your needed benefits before opting for your vehicle insurance policy, and this will definitely help in choosing the legitimate insurance car cover for you.

Best No Annual Fee Credit Cards in UAE 2019 | Compare4Benefit

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Find  Best Credit Cards In Just A Few Simple Steps!

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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 Credit card

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 2018