Imagine having your own home in the busy city of Dubai or the peaceful areas outside Abu Dhabi. The UAE has many properties that appeal to locals and expats. Whether you’re drawn to tall apartments with amazing views or comfortable villas in quiet areas, owning a home is possible. However, making this dream come true comes with a hefty price tag. But this is where mortgage loan in UAE comes into play. This guide makes that process easier by giving you all the information about best mortgage loan in UAE , 2024.
What is a Mortgage Loan in UAE?
Mortgage loan in UAE help people buy property by giving them most of the money needed upfront. In exchange, the borrower pays back the loan with interest over a set period. Many banks in the UAE offer competitive mortgage loans with good interest rates, repayment terms, and eligibility requirements.
In today’s blog, we will explain all the important details related to the best mortgage loan in UAE.
Features & Benefits of Mortgage Loan in UAE:
Here are the main features and benefits of getting a mortgage loan in UAE:
- High Financing Amount: Banks can finance up to 85% of the property’s value.
- Flexible Tenure: You can repay the loan over up to 25 years.
- Competitive Interest Rates: Many banks offer attractive interest rates on home loans.
- Low Processing Fee: The processing fee is typically around 1% with most banks.
List of Top Banks Offering Mortgage Loan in UAE – 2024:
Mentioned below are the top banks that are offering the best mortgage loan in UAE:
FAB Islamic Home Finance:
Features:
- Fixed profit rates start from 3.94% annually; variable rates are also available. Enjoy more flexibility with our variable profit rates:
- First Year: 0.55% per year + 3 months EIBOR
- From the Second Year Onwards: 1.5% per year + 3 months EIBOR
- Up to 85% for first-time buyers.
- Up to AED 10,000 in FAB Islamic Rewards, exclusive deals on fees, and discounted valuation fees.
Eligibility:
- Minimum Salary Required: AED 15,000 (for salaried people) & AED 25,000 (for non-salaried people)
Required Documents:
- Valid ID, passport, residence visa, Emirates ID, and proof of income.
How To Apply?
- Go to this URL.
- Click on “Apply Now” on the screen.
- Please provide details such as your first and last name, company name, phone number, email, emirate, monthly salary, and nationality.
- Read and agree to the terms and conditions carefully.
- Click on “Apply Now”.
Note: Additional documents may be required during the application process.
Emirates NBD Home Loan for UAE Nationals:
Features:
- Financing up to AED 20 million up to 25 years
- Enjoy competitive interest rates.
- Get up to 85% of the property value financed.
- Includes free life and property insurance.
- There is no fee to apply.
- You can pay off up to 20% of the loan early without any fees.
Eligibility:
- Minimum monthly salary: AED 10,000.
Required Documents:
For salaried individuals:
- Valid passport and Emirates ID.
- Salary certificate or income proof.
- Bank statements (last 6 months).
Self-employed:
- Emirates ID and copy of your passport
- Copy of trade License required
- Memorandum of Association (MOA), including all amendments
- Bank statements for the last 6 months required
- Audited company financials for the last two years
How To Apply?
- Go to this URL.
- Scroll down and click on “Apply Now” on the screen.
- Please provide the details such as your name, email address, phone number, employment status, property type, employer, and monthly income.
- Click on “Continue Application”. And similarly follow the next steps to apply.
Note: Additional documents may be required during the application process.
RAKBANK Home in One Loan:
Features:
- Interest rates start from 4.03% p.a. (reducing rates, fixed for 5 years).
- Pay interest only on the remaining loan amount after deducting the credit balances in your Home in One Current Account.
- No In-Principle Approval Fees
- Withdraw available balance anytime.
Eligibility:
- UAE nationals and UAE residents
- Minimum monthly salary: AED 15,000 (for salaried employees). & AED 10,000 (for single and joint ex-pats)
- Max. loan amount for salaried employees: AED 13 million
- Max. loan amount for self-employed people: AED 20 million
Required Documents:
- Valid ID, passport, residence visa, Emirates ID, and proof of income.
How To Apply?
- Go to this URL.
- Click on “Apply Now” on the screen.
- Enter your name, email address, phone number, and monthly income.
- Click on “Submit”.
Note: Additional documents may be required during the application process.
CBD Mortgage Loan:
Features:
- Financing up to AED 20 million with a tenure of up to 25 years.
- 0% processing fees on buyouts.
- Flexible repayment options up to 15 % of your outstanding once every year without any charges
Eligibility:
- Salaried individuals: Minimum monthly income of AED 12,000. (minimum 6 months in service)
Age: 21 – 65 (at loan maturity)
- Self-employed individuals: Minimum monthly income of AED 20,000. (minimum 3 years in business)
Age: 21 – 70 (at loan maturity)
Required Documents:
If you are a salaried individual:
- Application form, consent letter, and authorisation letter for a credit check
- National ID or valid passport, residence visa, and Emirates ID
- You need to show original bank statements for the last 3 months (for new customers)
- Salary certificate
If you are a self-employed:
- Application form, authorisation letter for lending, and consent letter for a credit check
- Copy of trade license, Chamber of Commerce registration, and Memorandum and Articles of Association
- Original company and personal bank statements for the last 12 months (for new customers)
How To Apply?
- Go to this URL.
- Scroll down and click on “Apply Now” on the screen.
- Give your number and enter the OTP sent to your number.
- You may enter details such as your name, email address, phone number, and monthly income.
- Click on “Apply”.
Note: Additional documents may be required during the application process.
HSBC UAE Home Loan:
Features:
- Financing up to AED 5 million.
- Financing options for buying property, balance transfers, and green home loans.
- Discounted rates for HSBC Premier customers.
- Variable rate based on 3-month AED EIBOR plus a fixed margin.
- Example: 3-month EIBOR (4.99%) + HSBC Fixed Margin (1.19%) = 6.18% total rate.
Eligibility:
- Those who live in the UAE
- Age: 21 – 65 years old
- Buying the property in Dubai or Abu Dhabi only
- Minimum monthly income: AED 15,000
- If you need a home loan of AED 350 000 or more, with a term of 5 – 25 years
Required Documents:
- Valid passport, Emirates ID, proof of residence, salary certificate, details of pending debts
How To Apply?
- Go to this URL.
- Scroll down and click on “Get started” on the screen.
- Scroll down and click “Let’s start”.
- Please provide details such as the type of home loan you are interested in, who’s applying, property value & down payment amount, how much down payment you can make, when you will apply for the home loan etc. Click on “Continue”
- Then, provide your first and last name per the passport, ID type, ID details, and DOB, and click “Continue.”
- And similarly to apply, simply follow the next steps given on the screen after completing each step carefully.
Note: Additional documents may be required during the application process.
ADIB Home Finance:
Features:
- Financing up to AED 30 million for UAE nationals and expats.
- Profit rates as low as 3.99% p.a.
- Financing up to 80% of property value.
- Special rate for handover payments to developers.
- ADIB covers property insurance for full tenure.
Eligibility:
For Salaried Individuals:
- Monthly Salary: AED 10,000 if you transfer your salary to the bank, AED 15,000 if you don’t
- Age: At least 21 years old when applying; up to 70 years old for UAE nationals and 65 years old for expatriates at the end of the loan term
- Property Location: Anywhere in the UAE
For Self-Employed Individuals:
- Annual Turnover: AED 3,000,000
- Age: At least 30 years old when applying; up to 70 years old at the end of the loan term
- Property Location: Only in Abu Dhabi and Dubai
Required Documents:
For Salaried Individuals:
- Valid passport and Emirates ID copy
- Valid residence visa copy (for expatriate residents)
- Family book (Khulasat Al Qaid) for UAE nationals
- Salary certificate
- Bank statement for the last 3 months
- Liability letter (if applicable)
- Property ownership documents
For Self-Employed Individuals:
- Valid passport and Emirates ID copy
- Valid residence visa copy (for expatriate residents)
- Family book (Khulasat Al Qaid) for UAE nationals
- Company ownership documents
- Bank statement for the last 3 months
- Liability letter (if applicable)
- Property ownership documents
Note: Additional documents may be required during the application process.
How To Apply?
- Go to this URL or visit the nearest branch.
- Click on “Apply Now” on the screen.
- Please provide details such as your full name, mobile number, email address, emirate, type of finance, income range, and preferred time you would like to be contacted.
- Read and agree to all the terms and conditions carefully.
- Clear the captcha and click “submit request”.
Click “Apply Now” to Apply For the Best Mortgage Loan in UAE:
Mentioned below are the top 6 banks that are offering mortgage loan in UAE, and by clicking on “apply here”, you can simply apply to these loans by following the steps above:
| Bank Name | Click here to Apply |
| FAB Islamic Home Finance | Apply Now |
| Emirates NBD Home Loan for UAE Nationals | Apply Now |
| RAKBANK Home in One Loan | Apply Now |
| CBD Mortgage Loan | Apply Now |
| HSBC UAE Home Loan | Apply Now |
| ADIB Home Finance | Apply Now |
Calculate EMI of Your Mortgage Loan in UAE:
An Equated Monthly Installment (EMI) is the fixed amount you repay each month as part of your loan repayment plan. It’s used for loans like home loans, car loans, personal loans, and more.
To calculate the EMI for a mortgage loan in UAE, you need:
- Loan Amount (P): The total amount you’re borrowing.
- Interest Rate (R): The annual interest rate.
- Loan Tenure (N): The number of months or years over which the loan will be repaid.
The formula to calculate EMI is:
- EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Here’s a simple guide on how to calculate the EMI:
- Convert the Annual Interest Rate to a Monthly Interest Rate:
- Monthly Interest Rate (r) = (Annual Interest Rate / 12) / 100
- Convert the Loan Tenure to the Number of Months:
- Loan Tenure in Months (n) = Loan Tenure in Years x 12
- Use the Formula to Calculate EMI.
Example Calculation:
- Loan Amount (P): AED 100,000
- Annual Interest Rate (R): 10%
- Loan Tenure (N): 5 years
- Convert the Annual Interest Rate:
- Monthly Interest Rate (r) = (10 / 12) / 100 = 0.00833
- Convert the Loan Tenure:
- Loan Tenure in Months (n) = 5 x 12 = 60
- Calculate the EMI:
- EMI = [100,000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60 – 1]
Using the formula, the estimated EMI for the given example is approximately AED 2,124.77.
Please note that this formula gives an approximate EMI value and may not include additional fees or charges. Always check with your lender or use their online EMI calculators for precise information.
Final Takeaway:
So, that was all about the best mortgage loan in UAE, 2024. Choosing the right mortgage loan in UAE means carefully considering factors like interest rates, repayment terms, and eligibility criteria. By learning about different banks’ offers and following this step-by-step guide, you can make an informed decision and smoothly go through the mortgage loan process in the UAE.
Are you looking for a personal loan in UAE? Look no further, check out our guide on where you can get a personal loan in the UAE without any hassle.
Frequently Asked Questions (FAQs):
Q. What is the tenure of mortgage loan in UAE?
Mortgage loan in UAE usually have a maximum tenure of 25 to 30 years. The loan term significantly impacts the monthly installment amount and the total interest paid over the life of the loan.
Q. Is it easy to get a mortgage in the UAE?
Anyone can get a mortgage in the UAE if they can show their income.
Q. What is the minimum salary for a mortgage in the UAE?
- UAE Nationals: Minimum salary of AED 10,000.
- UAE Residents: Minimum salary of AED 15,000.
- Expats: Must be employed in the UAE for at least 3 years, with at least 1 year in the current job.
- Age: Not older than 65 years if salaried, or 70 years if self-employed, when the loan matures.
Q. How much time is required for a mortgage loan?
The time required for mortgage loan in UAE approval varies by lender. It can take up to 30 business days. If you meet all the eligibility criteria and submit all required documents on time, the approval process can be much shorter.
