Home loan is finance granted to a borrower by a lender to purchase their dream home. Banks in UAE offer home loans with competitive rates of interest and long tenure periods. Both UAE nationals and expats can avail home loan in UAE with specialised home loans offered by the banks. The loan amount granted and the rate of interest depends on the bank offering the home loan. Each bank has an eligibility criteria that needs to be fulfilled in order to be eligible for the loan.
Eligibility Criteria for Home loan
Listed below is the eligibility criteria for Home Loan in the UAE.
- Age: The applicant needs to be of a certain age to be eligible for the loan. If the applicant doesn’t fit under the age criteria then they can’t avail the loan.
- Employment: The banks require the applicant to be employed or earning income from other sources order to be eligible for the loan.
- Income: If the applicant intends to avail a home loan from a certain bank, they should fulfil the minimum income criteria of the bank. The applicant should earn a minimum income.
- Nationality: Some banks only grant loans to UAE nationals so its important to check beforehand if the loan is available both for expats and UAE nationals if you are an expat.
- Salary transfer account: Some banks need the applicant to transfer their salary accounts to the bank in order to avail a loan.