It combines your current account, interest savings and mortgage facility to provide a single, easy-to-manage solution with a range of benefits.
Major Advantage: Higher is your deposit in your current account; lower is your interest rate
Reducing Balance Rate
|3 Year Fixed Rate||7 Year Fixed Rate||Follow Up Rate/ Varibale Rate|
|For Salaried Clients (Non Elite) - 80% LTV||4.69% (Fixed for 3 years)||6.33% (Fixed for 7 years)||3 Months EIBOR + 1.99% Margin|
|For Salaried Clients (Elite) - 80% LTV||4.49% (Fixed for 3 years)||6.13% (Fixed for 7 years)||3 Months EIBOR + 1.79% Margin|
|For Self Employed (Non Elite) -75% LTV||4.89% (Fixed for 3 years)||6.53% (Fixed for 7 years)||3 Months EIBOR + 2.19% Margin|
|For Self Employed (Elite) - 80% LTV||4.69% fixed for 3 years||6.33% (Fixed for 7 years)||3 Months EIBOR + 1.99% Margin|
*ELITE product eligibility: Income should be AED 50,000 per month or property value should be AED2.5M
Interest Rates & Charges:
Reducing Rate (as advertised): Starting from 1.99% p.a.
Processing Fees: 0.525% finance amount (Nil for Buyout)
Property Valuation Fees: AED 1942.50
Early Settlement Fees: 1% of outstanding amount or AED 10,000 (whichever is lower)
Partial Settlement Fees: 25% per year of capital balance without penalty (after fixed period)
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:
Fee Financing: Up to 4.5% of the fees financed, same rate and term of the mortgage
Islamic Finance: No
Maximum Term: 25 years
Finance available for: Ready properties in Dubai, Abu Dhabi & Ras Al Khaimah. Under construction properties only in Dubai
Life Insurance: 0.0242% per month (on outstanding balance)
Property Insurance: 0.035% p.a.
Salaried Client Documents:
Self-Employed Client Documents: