Introduction to the Barclays Home Loan in the UAE
Buying your dream home in the UAE is now very easy. Barclays Bank UAE offers attractive home loan schemes to help you purchase your dream home at convenient locations in the UAE. With Barclays Bank Home Loan, you not become the sole owner your property, you can also enjoy a host of attractive benefits.
Features of Barclays Home Loan
- Enjoy flexible repayment tenures that starts from 5 years and extends up to 25 years.
- Get competitive rates of interest.
- The bank offers home loans for both salaried and self-employed professionals.
- Mandatory life and property cover for all financed villas and properties.
- Your first monthly repayment will start on the 30th day from the date of your loan disbursement.
- The mortgage lending rate charged by the bank is 2.08%
Benefits of Barclays Home Loan
You can enjoy the following benefits:
- The bank accepts extra payments on your home loan.
- You can choose your interest rates on home loans. Initially, the bank will charge fixed rate on your home loan for two years. Afterwards, it will change the interest rate when the fixed tenure is over.
Eligibility Criteria for Barclays Home Loan
You need to fulfil the below mentioned eligibility conditions to avail home loans offered by Barclays Bank UAE:
- If you are a salaried employee, your maximum age should not be more than 65 years at maturity.
- If you are a self-employed, your maximum age should not be 70 years at maturity.
Documents Required for Barclays Home Loan
Banks in the UAE usually asks for the following documents for home loan processing:
- Copy of passport.
- Sales agreement /contract
- Proof of down payment made to builder.
- Bank statements( 6 months)
- Proof of address
- Proof of Identity.
- Salary slips.
- Ownership documents of the property.
However, Barclays Bank UAE may ask you to submit additional documents based on its requirements.
Why choose Barclays Home Loan
Home loan offered by Barclays Bank UAE simplifies the process of purchasing a house in the UAE. Besides, the bank offers home finance for completed villas as well. You can enjoy a number of benefits such as competitive interest rates, flexible repayment tenures, low processing fees and quick processing to name a few. Barclays Bank is a British international banking and financial services company, headquartered in London. Having over 300 years of expertise in the banking sector, the bank offers a wide variety of financial products and services including Treasury Services, Loans & Advances, Wealth and Investment Management, Corporate Banking and Personal Banking.
Frequently Asked Questions - FAQs
Is having life cover is mandatory, if I take a home loan from Barclays Bank UAE/
What is the mortgage lending rate charged by Barclays Bank UAE?
What happens to my monthly home loan payments, when home loan interest rates fluctuate?
When does my first monthly home loan repayment start with Barclays Bank UAE?
Does Barclays Bank UAE offers flexible repayment tenures?
Is it possible to make extra payment on my home loan?
Yes, it is mandatory to have life cover with your Barclays Bank Home Loan.
The mortgage lending rate charged by the bank is 2.08%.
When home loan interest rates of Barclays Bank fluctuate, the bank will contact you to inform about the changes and adjust your monthly repayments as per the changes. If the bank interest rate goes up, your monthly repayments will also increase.
Your first monthly repayment starts on the 30th day from the date of your loan disbursement.
Yes, Barclays Bank UAE does offer flexible repayment tenures. You can repay your home loan within a period of 25 years.
Yes, you can make extra payment on your home loan taken from Barclays Bank UAE. However, the bank may charge partial payment charges for it.