If you are looking to buy a house or a commercial property, then mortgage loans should be considered. Mortgage loans are loans that you apply for if you are considering purchasing a property. It usually deals with fixed assets such as a house or a property required for business.
In a mortgage, the bank provides you with funds to buy your property and you need to return that money with monthly installments, including interest over a fixed tenure. The property bought acts as collateral for the security of the loan.
There are various mortgages schemes in the UAE offered by various banks across the country. Here is a list of the ten best Mortgages within the UAE so that you can compare and select the one that fits you best.
FAB Mortgage Loan
First Abu Dhabi Bank is among the most trusted bank in the UAE. It provides attractive offers and security, which have gained the trust of its customers. Here is everything FAB has to offer.
- Fixed interest rate starting from 2.49% for the first five years.
- Competitive reducing interest rates.
- 85% of the property’s finance is to be provided by the bank for first-timers.
- The maximum loan amount that can be financed is 20 million AED.
- The long tenure of up to 20 years.
- The minimum salary required is AED 15,000.
- Processing fee, as well as early settlement charges, applied.
Standard Chartered Mortgage One
It provides good service flexible loans and is considered among the best mortgage options. Here is what it has to offer.
- 5% fixed interest for one year.
- Reducing interest at 3.55% per year.
- Maximum loan amount of up to 18 million AED.
- Repayment period up to 25 years.
- No balance transfer fee is required.
- 24 hours banking for your convenience.
- Saved interest withdrawal available.
- Eligible salary starts at AED 10,000.
RAKBANK Home in One
RAKBANK comes under the most trusted and famous bank in the UAE. Its mortgage features are sure to attract you. Down below is what it facilitates.
- The fixed interest rate for 1 to 3 years starts at 2.39% per annum.
- 24% p.a. reducing interest rate.
- A loan of up to 20 million AED can be financed.
- Low processing fee of 0.25% and 0.50% for salaried and self-employed respectively.
- Life insurance discounts are available.
- Maximum Tenure of up to 25 years.
- The minimum salary required is AED 15,000.
CBD Mortgage Loan
Commercial Bank of Dubai is yet another great option, especially if you are an expat. It provides competitive interest rates and compliant banking. Here is everything offered by it.
- Fixed Interest rates start at 2.29% per year.
- Reducing interest rates starts at 3.64% per year.
- The maximum finance amount that can be availed is 20 million AED.
- Minimum monthly salary of AED 12,000 required.
- 25 years of maximum repayment term offered.
United Arab Bank Home Finance
It provides attractive offers and is a bank that must not be missed. Following are some of its features.
- Reducing interest rates or 3.69% per annum.
- The maximum loan amount that can be financed is 10 million AED.
- 80% of the property amount can be sanctioned for a loan.
- Exclusive private villa financing is available for UAE nationals.
- The eligible salary required is AED 15,000.
CBD Commercial Finance
Commercial bank of Dubai offers another scheme, especially for business owners. Down below is what it has to offer.
- 64% reducing interest rates.
- Down flexible payment options.
- Up to 20 million AED can be financed.
- Only applicable for properties in Dubai and Abu Dhabi.
- Minimum monthly salary requirements stand at AED 20,000.
- Various types of commercial properties are covered.
- Fixed tenure.
Emirates NBD Home Finance
It is another great option to consider. It provides financing to both expatiates and UAE nationals. Here is everything Emirates NBD features.
- Fixed interest rate starting at 2.09% per year.
- Reducing interest rate starts at 3.29% per year.
- Maximum financing that can be availed is up to 15 million AED.
- 85% value of the property can be approved as a loan.
- Loan tenure of up to 25 years offered.
- A minimum salary of AED 15,000 is required.
ADIB Home Finance
Abu Dhabi Islamic Bank offers Shari’a-compliant banking. It provides exciting offers and secured banking. Down below is what it offers.
- Reducing interest rate starting at 3.75% per year.
- A maximum loan amount of 10 million AED can be availed.
- Provides Islamic banking.
- A down payment of 20% is required.
- Repayment term up to 25 years.
- Eligibility criteria are AED 10,000 monthly.
DIB Home Finance
Dubai Islamic Bank is another Islamic banking option that can be considered. It offers one the highest financing amount. Here is everything that it features.
- 24% reducing interest rates.
- Maximum finance amount of up to 50 million AED.
- 80% value can be financed.
- The maximum tenure is of 25 years.
- Non-salary transfer option available.
- The minimum monthly salary required is AED 12,000.
Emirates Islamic Manzili
Last but not least banking options are available for both ex-pats and UAE nationals. Down below is what it has to offer.
- Competitive interest rates start at 3.19% reducing the interest.
- Maximum finance amount of up to 20 million available.
- 80% value of the property for Ex-pats and 85% value for nationals available for loan.
- Islamic banking compliant.
- Easy and fast service.
- A minimum salary of AED 15,000 is required.
- A processing fee is charged.
This brings us to the end of the best mortgage options available in the UAE. Keep in mind that the eligible age for applying for loans in the UAE is from 21 years to 65 years. Various documents and ID proof are required that will be informed to you by your respective bank. Your credit score might also be considered while deciding your term.
Before selecting an offer, compare and think ahead of time if you would be able to pay off the funds borrowed without any shortcoming. A failure to pay off the loan on time may result in the bank seizing your property. We hope that this article proved itself useful to you in deciding which bank to consider.
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