National Bank of Fujairah Home Finance

  • Minimum Salary AED 15,000
  • Flat Rate
    1.63%
  • Reducing Rate 2.89%
  • Max. Term 25 Years
  • Salary Transfer No
  • Islamic Finance No

Description

From searching for the perfect location to choosing your new furniture, you have enough on your mind when looking for a home. An NBF Home Loan makes it easier for you with minimal approvals and flexible payment periods

Major Advantage: High finance amount, Fixed rate options also available, Favorable for self-employed customers

Rate Card

Reducing Balance Rate 

For Salaried:

For Salaried Client Fixed Year Period  After Fixed Year Period
2 Years Fixed Rate

2.89%  (Two years fixed)

Starting from 1.49% + 3M EIBOR (Min. 3%)

3 Years Fixed Rate

2.99% (Three years fixed)

Starting from 1.49% + 3M EIBOR (Min. 3%)
5 Years Fixed Rate 3.49% (Five years fixed) Starting from 1.49% + 3M EIBOR (Min. 3%)
Variable Rate Starting from 1.59%+ 3M EIBOR (Min. 3.5%)

 

For Self-Employed:

For Self Employed Client Fixed Year Period After Fixed Year Period
2 Year Fixed Rate

2.99%  (Two years fixed)

Starting from 1.75% + 3M EIBOR (Min. 3.25%)

3 Year Fixed Rate

3.09% (Three years fixed)

Starting from 1.75% + 3M EIBOR (Min. 3.25%)
5 Year Fixed Rate

3.59% (Five years fixed)

Starting from 1.75% + 3M EIBOR (Min. 3.25%)
Variable Rate 2.05%+ 3M EIBOR (Min. 3.5%)

 

*3M EIBOR: 3 Months EIBOR rate

*Note: Rates mentioned above are starting rate and it can vary with the profile of the client

*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 

Features

Interest Rates & Charges:

Reducing Rate (as advertised): Starting from 2.89% p.a.

Flat Rate: 1.63% p.a. (as per 25 years calculation)

Processing Fees: 0.525% of the finance amount

Property valuation Fees: AED 2,625

Early Settlement Fees: 1% of outstanding loan amount or AED 10k (whichever is lower)

Partial Settlement Fees: 1% of outstanding loan amount or AED 10k (whichever is lower)

 

Finance Requirements:

Minimum Income Requirement:

  • For salaried client: AED 15,000
  • Expat self-employed client: AED 30,000 (Minimum income)
  • UAE national self-employed client: AED 25,000 (Minimum income)

 

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, 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

 

Key Details:

Maximum Finance Amount: Up to 50 Million (Depends on the profile of customer)

Islamic Finance: No

Maximum Term: 25 years

Finance available for: All ready properties including commercial properties in all Emirates

 

Insurance (Compulsory):

Life Insurance: 0.035% per month on outstanding balance

Property Insurance:  0.040% p.a. (on property value)

 

Other Features:

  • Free for life platinum credit card
  • The bank promises no hidden charges, minimum documentation requirements, quick processing time

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 National Bank of Fujairah.
  • Latest 6 Months Personal Bank Statement.
  • Six months Pay slips if there is variance in Salary.

 

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.
  • 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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