Finance the purchase or construction of your residence.

Mortgage loans to individuals for financing the purchase / construction of property for residence.

Major Advantage: High finance amount; Only Rental income products available

Major Concern: High salary requirement

Reducing Balance Rate

Rates are based on reducing balance and from second year onwards variable rate starts which comprise of MBR.

Major Features:

• Only rental income options available

Interest Rates & Charges:

Reducing Rate (as advertised): 3.99% p.a. (fixed for 2 year then variable rate linked to MBR)

Flat Rate: 2.32% p.a.*

Processing Fees: 1% of the finance amount; Nil for Buyout cases

Property valuation Fees: AED 3,000

Early Settlement Fees: 1% of outstanding amount (max cap AED 10,000)

Partial Settlement Fees: 1% of the amount partially paid

Finance Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 6 Months for salaried; 2 Years for Self Employed

Salary Transfer: Not Compulsory

Minimum Down payment:

• For first property (If property price < AED 5M): 20% for UAE national, 25% for Expats
• For first property (If property price > AED 5M): 30% for UAE national, 35% for Expats
• For second property: 35% for UAE national, 40% for Expats

Key Details:

Maximum Finance Amount: AED 20,000,000

Islamic Finance: No

Maximum Term: 25 Years

Finance available for: Listed properties in Dubai and Abu Dhabi

Insurance (Compulsory):

Life Insurance: 0.0365% per month on outstanding balance

Property Insurance:  0.05% p.a. (on property value)

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 FAB BANK.
• Latest 6 Months Personal Bank Statement.

Self-Employed Client Documents:

• Valid Trade Company 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 (if available).
• Offer Letter Copies of All Company Ongoing Finance (For Self Employed).

• 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.