- Shorter Loan Period: Since your payments go more towards your principle amount and less towards the interest, your loan tenure will be shorter.
- Interest Savings: Interest is calculated daily on the difference between your loan balance and the money in your account.
- Flexibility to withdraw funds at any time
Interest Rates & Charges:
Reducing Rate (as advertised): Minimum 3.55% p.a.
Flat Rate: 2.04%* (calculated as per 25 years calculation)
Processing Fees: 0.5% of the finance amount (Nil for Balance Transfer)
Property valuation Fees: Up to AED 2,500 (AED 3,500 for express)
Early Settlement Fees: 1% of outstanding amount (3% on Buyout)
Partial Settlement Fees: 1% of settlement amount
Minimum Salary Requirement: AED 10,000
Minimum Length of Service Required: 6 Months for salaried; 2 Years for Self Employed
Salary Transfer: Not Compulsory
Minimum Down payment:
- For first property/self-occupancy (If property price < AED 5M): 20% for UAE national, 25% for Expats
- For first property/self occupancy (If property price > AED 5M): 30% for UAE national, 35% for Expats
- For second property or IPRE/Investment: 35% for UAE national, 40% for Expats
- For Under Construction Properties: 50% of property price
Maximum Finance Amount: AED 18 million
Islamic Finance: Yes
Maximum Term: 25 Years
Finance available for: Almost all ready properties in Dubai, Abu Dhabi & Ras Al Khaimah and Under Construction properties to selected developer and segments
Life Insurance: 0.3% p.a. of loan amount (Optional)
Property Insurance: 0.046% p.a. (on property value)