All projects will be financed as long as there is a title deed in place, or if it will be issued at the time of transfer

ü       Fixed rate at 4.99%

ü       Loan to value of 80%

ü       Repayment period up to 25 years

Product Details:

Loan Amount:               Maximum AED 10 Million

Tenor:                          Up to 25 years (subject to a maximum age of 65)

Option 1:                       

Rate of Interest:           4.99% fixed for one year

Option 2:                   

Rate of Interest:           5.99% fixed for 5 years

Rate after fixed term   RBR (currently at 2.93%) + 2.75 %*

Rate after fixed term   RBR (currently at 2.93%) + 3.5 %*( for self employed)

LTV:                             Up to 80%

LTV:                             Up to 75 %( for self employed up to 70 years)

Processing fee:            1% of the loan amount (AED 1000 at the time of submitting the application, remaining amount at the time of Final approval)

Early settlement charges

1 to 3 years        : 2% of outstanding loan amount

3 to 5 years        : 1% of outstanding loan amount

Above 5 years    : Nil 

Partial payment can be done once annually 20% of the outstanding loan amount without any penalty

Charges:

Valuation Fee:              AED 3000

Life Insurance:             0.40%p.a on outstanding balance of mortgage amount

Property Insurance:     0.05% of property purchase price

Documents Required for Salaried Individuals  

• Salary Certificate latest not more then one month old
• Passport copy, second ID proof (National ID card/Driving license)
• Latest 6 months bank statements – showing salary transfer.
• Cheque of AED 1000 (This AED 1000 will be adjusted against the 1% processing fee of the loan amount charged by the bank)