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Best Banks for Mortgages in U.A.E

Published on August 2, 2018
Reading Time : 5 Mins

If you’re thinking of investing in a home in the UAE, finding the perfect mortgage is probably foremost on your mind. Dubai has no shortage of banks, so naturally the mortgages offered are quite competitive. When choosing yours, keep in mind factors like the loan tenure (time period a loan will be held), long-term interest rates, early settlement charges, etc. All things considered though, a few banks stand out from the crowd. Here are our top picks of financial institutions with the most favorable home loans.

Abu Dhabi Islamic Bank (ADIB)

ADIB is quite flexible when it comes to offering home financing products, catering to various clients needs. There are home loans for both Emiratis and UAE nationals at very competitive rates. It’s home financing products include; owner to owner financing, buyout, developer purchase, construction finance, equity release.

Some of the other features and benefits of an ADIB home loans are:

  • A 3.75% interest rate
  • A flat rate of 2.06%
  • Repayments up to 25 months
  • No arrangement fee

 

National Bank of Abu Dhabi (NBAD)
The range of NBAD’s loans run the gamut from the NBAD Etihad Guest mortgage loan to the refinance loan, a mortgage loans from an individual, mortgage loans from a developer, and loans for UAE nationals and expats, to name a few.

Some of the other features and benefits of an NBAD home loans are:

  • An early settlement fee of 1%
  • A new home fixed rate of interest is 2.94% up to 1 year
  • A down payment of 20%
  • Free property insurance for elite gold card holders

 

Commercial Bank International (CBI)

CBI’s product offering may not be as large as some of the other banks, but it makes up with great features and customer service. The bank offers home finance and mortgages for all completed residential properties which are entitled to land and mortgage registration anywhere in the UAE. And what’s more, CBI also provides funding at very attractive interest rates, starting from 2.99% per annum.
Some of the other features and benefits of an CBI home loans are:

  • Salary requirement as low as AED 15,000 to issue a new home loan
  • Free property insurance
  • No salary transfer required
  • A 1% processing fee of loan amount

 

HSBC Bank
HSBC offers home loans at a starting interest rate of 3.24%. The British bank provides home loan catering towards both Emiratis and expats. The bank does not charge any processing fee or valuation fee for a buyout.

Some of the other features and benefits of an HSBC home loans are:

  • Repayments up to 25 Months
  • An early settlement fee of 0-1%
  • Salary requirement as low as AED 15,000-20,000 to issue a new home loan

 

RAKBANK
RAKBANK offers flexible and affordable home loans in several emirates, including Abu Dhabi, Dubai, and, of course, Ras Al Khaimah. The bank provides home loans at a competitive rate of 3.25%. Minimum monthly salary requirements are reasonable as well, being AED 15,000 for Emiratis and AED 20,000 for expats.

Some of the other features & benefits of RAKBANK home loans are:

  • A down payment of 20%
  • An early settlement fee of 1%
  • Repayments of up to 25 months
  • Quick approvals with minimum formalities

For more information about buying and renting properties in the UAE, visit https://www.zoomproperty.com/

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