CBD Mortgage Loan

  • Minimum Salary AED 12,000
  • Flat Rate
    1.94%
  • Reducing Rate 3.39%
  • Max. Term 25 Years
  • Salary Transfer No
  • Islamic Finance No

Description

CBD Mortgage Loan rate for expats starts from 3.39%

The perfect combination of a great rate, easy buyouts and flexibility to owning your dream home.

Major Advantage: Available for both salaried and self-employed, Low minimum salary requirement

Points to Consider: There is a down payment requirement

Rate Card

Reducing Balance Rate - Fresh Purchase

For Salaried
Expat Mortgage Loan Rate applicable for Fixed Year After Fixed year period
1 Year Fixed Rate 3.39% p.a. 2.40% + 6 Months EIBOR
2 Year Fixed Rate 3.89% p.a.

 

For Self Employed
Expat Mortgage Loan Rate applicable for Fixed Year After Fixed year period
1 Year Fixed Rate 4.43% p.a. 2.60% + 6 Months EIBOR
2 Year Fixed Rate 4.93% p.a.

Features

Interest Rates & Charges:

Reducing Rate (as advertised): 3.39% p.a. (fixed for 1 year)

Flat Rate: 1.94% p.a. (calculated as per 25 years tenure)

Processing Fees: 1% of the finance amount (Min AED 5,000)

Property valuation Fees: AED 3,000

Early Settlement Fees: 1% of outstanding amount

  • If paying from own sources, then Max cap is AED 10,000
  • If buyout to another Bank, then No Max cap

 

Partial Settlement Fees: 1% of the amount partially paid

 

Finance Requirements:

Minimum Income Requirement:

  • For salaried AED 12,000
  • For self-employed AED 20,000

 

Minimum Length of Service Required: 6 months for salaried; 3 years for self-employed

Salary Transfer: Not Compulsory, but there is an interest rate discount if you transfer your salary

Minimum Down payment:

  • For first property (If property price < AED 5M): 25% for Expats
  • For first property (If property price > AED 5M): 35% for Expats
  • For second property: 40% for Expats

 

Key Details:

Maximum Finance Amount: AED 10,000,000

Islamic Finance: No

Maximum Term: 25 Years

Finance available for: All Ready Villas or apartments registerable with Lands department and for approved off plan properties

 

Insurance (Compulsory):

Life & Property Insurance: The bank will provide the quotation

Documents Required

Common Documents:  

  • Valid Passport, Resident Visa and Emirates ID Copy.
  • Offer Letter Copies of All Personal Ongoing Finance.
  • Rental Income Document (If any).                      
  • Liability Letter (In case of Buyout Finance only).
  • Relevant property Documents.

 

Salaried Client Documents:

  • Latest Salary Certificate addressed to CBD BANK.
  • Latest 6 Months Personal Bank Statement.
  • Six months Pay slips if there is variance in Salary.
  • Salary Transfer Letter.

 

Self-Employed Client Documents:

  • Valid Company Trade license.
  • MOA (Memorandum of Association) including all amendments.
  • Latest 6 Months Personal Bank Statement.
  • Latest 6 Months Company Bank Statement.
  • Audit Financials of last 2 years.
  • Offer Letter Copies of All Company Ongoing Finance.

Additional Info

  • All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
  • Reducing rate is converted into flat rate as per 25 years calculation.
  • Terms and conditions apply.

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