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Mashreq Bank Home Loan for Residents

Mashreq Bank Home Loan for Residents
Minimum Salary

15,000 AED

Flat Rate

2.73 %

Reducing Rate

4.59%

Max. Term

25 Years

Salary Transfer

No

Islamic Finance

No

Description

Enjoy a wide range of home loan solutions and discover the best range of house finance options guided by best mortgage experts.

Major Advantage: Fixed rate options also available, Free partial settlement up to 25%

Points to Consider: You need to transfer your salary to get better rate options

Rate Card

Reducing Balance Rate

Customer Type Fixed Rate After Fixed Rate

Salaried

(Preferential Pricing*)

4.59% fixed for 3 years 1.75% fixed margin + 3-month EIBOR (Min. 1.75%)
Salaried 4.99% fixed for 3 years 1.99% fixed margin + 3-month EIBOR (Min. 1.99%)
Self Employed 6.25% fixed for 3 years 2.25% + 3M Eibor (Min. 3.99%)

 

For Preferential Pricing* : Salary >= AED 25k per month 

Features

Interest Rates & Charges:

Reducing Rate (as advertised): Starting from 4.59% fixed for 3 years

Flat Rate: 2.73% p.a.

Pre-Approval Fees: Nil

Processing Fees: 0% of finance amount (Nil for Buyout Cases/ 1% for low doc case and equity release)

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

Partial Settlement Fees: Up to 25% of outstanding amount (once a year)

 

Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 6 Months

Salary Transfer: Not Compulsory

Minimum Down payment:

  • For first property (If property price < AED 5M): 20% for UAE national, 20% 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
  • For under construction property: 50%

 

*Fee Financing Available

 

Key Details:

Maximum Finance Amount: AED 18,000,000        

Islamic Finance: Yes, available

Maximum Term: 25 Years

Finance available for: Ready properties in Dubai, Abu Dhabi

 

Insurance (Compulsory):

Life Insurance: 0.165% p.a.

Property Insurance: 0.06% p.a.

Documents Required

Common Documents:  

  • Valid Passport, Resident Visa and Emirates ID Copy. 
  • Proof of All Personal Ongoing Finance.
  • Rental Income Document (If any).                      
  • Property Documents (If Property is Finalized or Equity Release).
  • Liability Letter (In case of Buyout Finance only).
  • Relevant property documents

 

Salaried Client Documents:

  • Latest Salary Certificate addressed to Mashreq Bank.
  • Latest 6 Months Personal Bank Statement.
  • Six months Pay slips if there is variance in Salary.
  • Salary Transfer Letter (required after pre-approval).

 

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.
  • Offer Letter Copies of All Company Ongoing Finance (For Self Employed).  
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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