• Home Loans, Mortgages and House Finance in UAE

    Comparison of Home Loans offered by the major banks in the UAE

    Bank

    Minimum Salary requirement

    Interest rate Down payment Maximum loan amount Prepayment charges Loan tenure Bank charges Specifications/benefits
    ADIB Home loan AED 10,000

    Reducing – 2.99% per annum

    Flat – 1.65% per annum

    20% AED 20,000,000 1% Upto 25 years 0%
    • Open to UAE nationals
    • Different product available for expats
    • Free insurance provided for property during loan tenure
    Arab Bank Home loan AED 15,000

    Reducing – 3.99% per annum

    Flat – 2.2% per annum

    25% AED 5,500,000 2% Upto 25 years 1%
    • Arab Bank Visa credit card provided for free with the loan
    United Arab Bank Home loan AED 15,000

    Reducing – 3.29% per annum

    Flat – 1.79% per annum

    20% AED 10,000,000 1% Upto 25 years 0.8%
    • Insurance for property can be availed at an additional amount
    Emirates NBD Home loan AED 10,000

    Reducing – 3.99% per annum

    Flat – 2.2% per annum

    20% AED 5,000,000 1% Upto 25 years 1%
    • This is for UAE nationals
    • Different product is available for expats

    RAKBANK Amal

    Home loan

    AED 15,000

    Reducing – 2.99% per annum

    Flat – 1.65% per annum

    20% AED 13,000,000 1% Upto 25 years 1%
    • Both UAE nationals and expats can avail this loan
    First Gulf Bank Mortgage AED 15,000

    Reducing – 2.99% per annum

    Flat – 1.65% per annum

    20% AED 10,000,000 1% Upto 15 years 1% Both UAE nationals and expats can avail this mortgage

    What is a home loan?

    A home loan is a type of loan given by a financial institution, a mortgage company, or a bank for buying a house. It is given at a fixed or floating interest rate. Under a home loan agreement, the ownership of the residential property is initially held with the lender. Once the borrower makes the full payment, the borrower will be the owner of the house.

    Features of home loans in the UAE

    In the UAE, there are many housing loan providers. You can get the home of your dreams with the help of a home loan offered at great interest rates. Let us take a look at some of the features of home loans in the UAE:

    • There are no hidden charges on loans.
    • The processing fee is low.
    • Home loans are offered at low interest rates.
    • The documentation process is simple.
    • The repayment methods are flexible in nature.
    • Most banks do not require a salary transfer.
    • The repayment period is generally given up to 25 years.
    • Home loans are given to both UAE nationals as well as expatriates.
    • There are different loan features for UAE nationals and expatriates.
    • Home loans are given at fixed or variable interest rates. Fixed interest rates remain the same throughout the loan tenure. Variable interest rates tend to differ with the variations in the market rate.
    • Loans are provided for both residential as well as commercial spaces.
    • Banks typically give pre-approval letters for loan applications.

    Benefits of taking a home loan in the UAE

    With a home loan, you have the flexibility to own your home and design it according to your preferences and tastes. Let us discuss some of the benefits of taking a mortgage in the UAE:

    • Most banks here in the UAE generally offer home loans at low introductory interest rates.
    • Home loans are given up to AED 15 million by most banks.
    • Home loans are offered with insurance with low premium charges.
    • Most banks allow for settlement of existing loans from other banks in the UAE.
    • Banks give loans on both constructed spaces as well as spaces yet to be constructed.
    • Many banks give reward points when you apply for a loan in the UAE.
    • You will get funds for up to 80% of your property’s value.
    • Some banks in the UAE allow for overpayment of home loans without any redemption fines.
    • Most banks will not ask you to transfer your salary when you need a home loan.
    • Borrowers can choose from both conventional and Islamic home finance.

    Factors to consider while taking a mortgage in the UAE

    When you are applying for a mortgage in the UAE, you need to consider a few factors and they include:

    • Credit score: Check your credit score before you apply for a home loan. If it is low, you need to work on it and increase it. A high credit score is essential for your loan to be accepted.
    • Rate of interest: This will show the amount you need to pay for your loan every month. Knowing your interest rate will help you plan your funds efficiently.
    • Down payment: You will have to pay a down payment when you take a mortgage. Hence, you need to keep a good amount of money ready for your down payment.
    • Income: You will have to fill the loan application form with your income details. Make sure you do not shift jobs just before taking a mortgage as lenders look for steadiness in income before approving a loan. You can learn more significant factors to consider while securing a mortgage.

    Types of home loans in the UAE

    In the UAE, there are different kinds of mortgages that can be paid through different methods. Some of the kinds of home loans are:

    • Fixed rate mortgages: They are commonly described as ‘vanilla wafer’ mortgages. These mortgages follow a fixed rate of interest throughout the mortgage. The interest rate is decided before the borrower signs the mortgage agreement. This type of rate will help you plan your funds as the rate remains constant. You can also lock in a certain rate of interest in case you predict a rise in mortgage rates.
    • Variable rate mortgages: For these mortgages, the interest rate changes depending on market factors. This rate is good when there is a possibility for a decline in mortgage rates during your loan tenure.

    Mortgage payment methods

    You can repay your mortgage through various ways. Some of the common mortgage payment methods are as follows:

    • Payments with interest only: In this option, you will not have to repay capital. You need to repay only on the interest amount. This is given only on spaces that are being constructed.
    • Capital and interest: You will have to make payments on capital (principal) as well as interest. This mortgage is also known as repayment mortgage.
    • Part repayment and part interest-only mortgages: Under this method, you can choose a part of your mortgage to be repaid with capital. The other part will be repaid through interests only.
    • Introductory mortgage rates are generally offered at 2.45% and the prevailing mortgage rates are given at 3% to 4%.

    Eligibility criteria

    Following are the eligibility criteria for securing a home loan in the UAE:

    • There is a minimum income requirement for home loans provided by most banks in the UAE.
    • Most home loan providers tend to have a minimum loan tenure.
    • Some banks in the UAE have a list of approved employers and it is sometimes preferred if you work in any of these companies.
    • Home loans can be taken by wage earners as well as self-employed individuals.
    • Both UAE nationals and expatriates can apply for home loans in the UAE.

    Documents required

    When you are applying for a home loan in the UAE, you need to present a few documents compulsorily. Let us view the documents that are generally asked by banks in the UAE:

    • Salary certificate addressed to the bank
    • Information regarding all liabilities
    • Copy of passport and stamped valid visa
    • Copy of Emirates ID
    • Bank statements for latest 6 months for your personal account
    • Latest payslips
    • A copy of title deed with floor plan
    • Copy of latest tax returns
    • Copy of Labour Card or Work Permit or Employment Identity Card
    • Undated monthly security cheques

    Also Checkout: Home Loan documents required

    Home loan application process

    In the UAE, the loan application process is quite simple and convenient. Following are a few points regarding the loan application:

    • You can apply for loans offered by banks by visiting a bank branch or by calling a customer representative or by visiting the official website of the bank.
    • Loan approvals are generally given within 48 hours.
    • You may have to pay a processing fee of 1% of your loan amount for certain loans.

    Home loan EMI calculator

    A home loan calculator is a tool that calculates the monthly repayments needed to be made for a loan. It compares loans offered by different banks and displays equated monthly instalments for several loans. You will have to key in details like loan tenure, loan amount, and interest rates, and the loan calculator will give you many results.

    You can avoid manual calculations with this tool. It also shows information regarding amortisation and processing fee. You can learn more about the uses of a home loan EMI calculator.

    Home loan balance transfer

    When you are repaying your home loan, you may sometimes feel like moving your mortgage balance to another bank or financial institution. This can happen when the other bank offers better benefits. A few benefits when you make a mortgage balance transfer include higher tenure, better interest rates, higher loan amount, permission to make pre-payments, and so on.

    There is eligibility criteria for a mortgage balance transfer just like any other home loan. You will also have to submit documents while applying for a transfer. You can get complete information about home loan balance transfer.

    Home loan guarantor

    A home loan guarantor is a person who assures to repay the loan amount if something happens to the loan borrower such as disability or death or if the borrower is not financially able to repay. In this case, the bank will hold the guarantor liable and not the original borrower. Any person can be a guarantor.

    If the borrower has a weak credit score, you will have to assess carefully if he or she will be able to pay back the home loan amount. This will help in making it less risky.

    Home loan pre-approval

    A pre-approved home loan is a loan offered by a bank or housing company before the borrower selects a residential property. A pre-approved loan is given by the financial institution after it evaluates the borrower’s credit history and financial stability. It is a loan given before approval.

    Features of pre-approved home loan

    Some of the features of pre-approved loans in the UAE are:

    • Pre-approved loans are not loans that are completely sanctioned.
    • The lender does not have any obligation and the borrower has no rights.
    • Pre-approved loans offered by some banks generally come with discounts.
    • With a pre-approved loan, you can bargain with a loan provider for a proper home loan product.
    • You will have to pay certain costs on pre-approved loans and these costs will not be refunded even if you do not take the loan.

    Mistakes to avoid while applying for a home loan

    When you are taking a home loan, you should be extremely careful about the terms and conditions. You should be cautious to avoid certain things while taking a home loan and they are:

    • Never fill your application form incompletely: If your loan application form is not filled fully, banks will take very long to approve your loan.
    • Always ask for a pre-approval: You need to have a pre-approval in order so that you will be aware of how much you should repay every month. With a pre-approval letter from a bank, you can ask for fair loan deals from lenders.
    • Never forget to compare: A home loan is a very big investment. So you should definitely make it a point to compare loans offered by different companies. You can make comparisons by using online loan calculators and by reading up about the benefits of each loan.
    • Never fail to check the terms and conditions: Always remember to take a look at each term and condition before you sign any loan agreement. If you have any questions about the loan, get them clarified immediately. You can know some more mistakes to avoid while procuring a home loan.

    More Read: Home Loan mistakes to avoid

    Best home loans in the UAE

    In the UAE, many home loan options are offered to both UAE nationals as well as expatriates. Let us take a look at the top home loans offered by banks in the UAE:

    ADCB home loans and mortgage services

    Details of the loan:

    • ADCB mortgage is offered with a repayment period of up to 25 years.
    • The monthly installments can even AED 5,275.
    • The early settlement fee is 0%.
    • Local professionals will help you find the most suitable mortgage depending on your needs and preferences.
    • You can choose between Islamic and conventional home financing products.

    ADIB mortgage

    Details of the loan:

    • ADIB mortgage products include mortgage overdraft, mortgage refinance services, and international mortgage services.
    • The interest rate ranges from 5.25% to 5.49%.
    • ADIB home loans are given up to AED 20 million to UAE nationals and AED 15 million to expatriates.
    • Property insurance is paid by ADIB for the entire loan tenure.
    • Salary transfer is not compulsory for ADIB home loans.
    • ADIB does not charge early settlement fees if you sell your house.

    Emirates NBD home loan

    Details of the loan:

    • Emirates NBD home loan is offered up to AED 15 million or 70 times your income, whichever is lower.
    • The loan tenure is given up to 25 years.
    • There is an option for pre-approval.
    • You will get financing up to 75% of the property value.
    • The current base rate for this home loan product is 4.5%.

    RAKBANK Amal home loan

    Details of the loan:

    • The minimum income for this loan is AED 15,000.
    • The reducing interest rate is 2.99% p.a. and the flat interest rate is 1.65% p.a.
    • The loan tenure is up to 25 years.
    • The loan is given up to AED 13,000,000.

    HSBC home loan

    Details of the loan:

    • The interest rates for this home loan product start from 3.24% p.a.
    • This loan product does not ask for a salary transfer.
    • The minimum income for this loan is AED 15,000.
    • No arrangement fee is charged for this product.
    • Every year, you can make free overpayments of up to 25% on the unsettled amount.

    Purchasing a home is a huge commitment, involving a great deal of money. With banks and financial institutions cropping up across UAE, buying a home has become easier, thanks to home loans and mortgages, but availing such facilities without thinking twice could come back and haunt you. Here are certain key questions you can ask yourself to ensure that your dream home doesn’t turn into a financial nightmare.

    1. Did I do my homework? – With such a wide array of options before us, it is easy to get swayed and opt for something which does not serve our purpose. It is for this reason that doing research before walking into a bank can help you save time and money.
    2. Fixed or variable interest rate? – Choosing the right interest rate option can help you plan your finances accordingly, with the fixed rate ensuring that you pay a fixed amount to repay your loan whereas a variable rate can have you paying interest based on market conditions.
    3. How much money do I need? – Not knowing how much money is needed to buy a house could see you falling short of or overshooting your requirements, which would mean that plenty of compromises need to be made. Doing a background check to determine the market rates could help you get the right figure.
    4. Do I have means to repay the amount? – Availing a loan is often the easy part, repaying it however, is hard and tedious. Failing to repay the loan on time could see you lose your home, which is why it is crucial to ensure your EMIs are within your budget.
    5. Islamic or conventional finance? – Each finance method has advantages and one should see which one is more beneficial. Islamic finance involves the bank purchasing a property on behalf of a buyer and selling it at a certain cost, removing the hassles of interest.
    6. How much down payment is needed? – Down payment is a mandatory requirement when it comes to availing loans, with the amount varying according to multiple criteria. Lower down payments could help you get more money immediately, helping you get down to the crucial task of constructing a house.
    7. Should I choose a reducing balance or flat rate? – This mathematical calculation can get confusing. While the flat rate implies that you pay a certain amount on the basis of your initial principal amount. In the reducing balance method, the interest is calculated on your balance due, with the amount changing after each payment.
    8. Should I opt for prepayment? – It is possible to come across sufficient funds to repay the loan before the term expires. One should however keep in mind that most banks charge a prepayment charge for early closure of loan. While an early repayment offers peace of mind, it also means that your wallet gets lighter on account of the fine.

    The decision to buy a house is a huge one and asking a few basic questions to yourself can help you find the right answer.

    Now selecting the best Home Loan in UAE is made easy by BankBazaar, a leading online financial services provider dedicated to helping users choose the best financial products. Mentioned below are some of the benefits of BankBazaar:

    • You can compare between a numbers of home loan schemes offered by various banks and find the lowest rates in the market. Interest rates are constantly monitored at BankBazaar to keep you updated.
    • You can check your eligibility for home loan online by using BankBazaar’s unique home loan eligibility calculator.
    • Know your EMIs instantly by using BankBazaar’s unique Home Loan EMI Calculator. Also, it provides you loan amortization table.
    • Get end to end service assistant from BankBazaar’s customer friendly helpdesk.

    1. When can I apply for a home loan?
    2. Customers can submit their applications for home loans after they have made a decision to construct or buy a property, even if the construction has not begun or the property is not selected.

    3. How do I apply for a home loan?
    4. Customers can apply for a home loan by visiting any branch of the bank and picking up an application form, or downloading the form from the bank’s website and submitting the same in addition to all the required documents as well as the processing fee. Customers also have the option to apply for home loans online.

    5. Do I get tax benefits by taking out a home loan?
    6. Yes, customers are eligible for tax benefits so far as the principal payment and interest components are concerned. However, benefits vary from year to year so you will have to consult a financial advisor to get a better understanding of tax benefits.

    7. Can I avail a home loan and use the money to make improvements to my existing home?
    8. Yes, you can avail a home loan and use it to either purchase a home, construct a home, make repairs or improvements to your home and home extensions.

    9. Will the rates vary if I’m an expatriate?
    10. Yes, the rate of interest on rate of interest on home loans charged by each bank varies for residents and expatriates. Most banks have special home loan schemes targeted at expatriates. You must consider those loans as they come with terms and conditions that are easier for expatriates to meet.

    11. What are fixed and variable rates in terms of home loans?
    12. A fixed rate implies that a borrower will have to pay the same interest over a period of years. Variable rates are dependent on the market, with fluctuations observed, meaning that a borrower might have to pay different amounts depending on market conditions.

    13. What is a down payment on a home loan?
    14. Most banks do a survey of the property before providing a home loan. Post this survey, banks will offer loans to the tune of 80-85% of the total property value, with the borrower expected to pay the rest in order to purchase it.

    15. Does the down payment amount vary for different individuals?
    16. Yes, generally the amount a borrower pays as down payment varies, with different amounts for locals and expats, with the credentials of a borrower determining the amount to an extent.

    17. Is it compulsory to take an insurance policy on my home?
    18. Yes, it is mandatory to have a property insurance if you wish to avail a loan.

    19. What is the difference between flat and reducing interest rates?
    20. Flat interest rates refer to the process where the interest is computed on the full principal. A reducing interest rate involves interest computation on the amount which is left to be paid, i.e. outstanding amount for a particular period.

    What should you know about the interest rates on Home Loans?

    The main factor while taking a home loan however is the interest rate. Home loans are easily available from various banks across the UAE and the interest rate that is applicable on these loans depends on the bank that offers that loan. It is the rate of interest on the Home Loan that affects the EMI and hence your monthly budget throughout the tenure of the loan.

    A Guide to Mortgages for First Time Property Buyers

    Planning to buy a property for the first time in your life and that too on mortgage? It is a huge expense and a massive commitment to get involved with. Hence there are certain things you will need to know about it before you can proceed.

    Mortgage Transfer to another Banks

    Ever felt like changing your lender? There are lots of things that make refinancing a mortgage a good idea and the chief among them is that if can help ease the pressure of monthly payments. You can also walk away with lots of benefits, depending on the bank.

    How to get cash finance at low rates against existing property?

    Did you know that you can avail finance by tapping into the positive equity of your property? Instead of letting your property to sit idle, you may use it to avail finances. Many banks provide cash advances against properties for a lower rate of interest. Using properties as a collateral will help get cash advances of a higher amount at a very low rate.

    What are the Buy-to-let mortgages?

    Buy-to-let mortgages are best suited for the people who want to make an investment in the property with just the intention of letting out the property for rent. But since their purpose differs much from the regular mortgages, so does their other attributes. Hence it requires a well informed decision before opting for it.

    What are Home Equity Loans in the UAE?

    Home Equity Loans provide the facility for homeowners to borrow funds by putting up the equity in their homes as leverage. Home Equity Loans or Second Mortgages are among the easiest sources of cash a customer could wish for. And these being tax deductible, offer an additional benefit.

    What are Home Refinance Loans?

    Home Refinance Loans provide an option to the customers to opt for an additional finance on the existing property so as to get a better term and rate of interest than offered by their current mortgage. The second mortgage can be taken out once the first has been repaid.

    How do the Subprime Mortgages work?

    Subprime Mortgages provides mortgages for the acquisition of residential real estate, sanctioned to customers with a bad credit history. Hence the risk of default on these loans is significantly higher and so are the fees to make up for the extra risk.

    Home Loans for the Senior Citizens in the UAE.

    Reverse Mortgages are a special kind of mortgages targeted only at the customers who have crossed the age of 62 years. The banks or the lenders provide the money against the equity in the existing property and also do provide for the payments to be made either monthly or occasionally in lump sums.

    What are Interest only Mortgages in the UAE?

    Interest only Mortgage in the UAE provide the facility to the customer to pay off the interest on the mortgage before the principal amount. Interest only mortgages come with a fixed term and have so many benefits apart from low initial payments and are suggested for the customers who intend to sell the property after the end of the mortgage.

    What are the Fixed Rate Mortgages in the UAE?

    Fixed Rate Mortgages offer finance at fixed rates throughout the loan tenor and hence the monthly payments due on fixed-rate mortgages also remain the same. They are the exact opposite of adjustable rate mortgages in which the monthly payments may be low during the initial stages of the mortgage but could potentially increase to almost double the initial interest rates which will increase the monthly payments.

    Relevant Blog Posts on Home Loan

    Check the Cost of Your Home Loan in UAE

    Are you taking a home loan in UAE? If yes, then you must be prepared for the costs associated with taking a home loan. The fees associated with a home purchase includes closing costs, loan discount points and prepaid items. Read More…

    News about Home Loan in UAE

    • Home ownership in the UAE

      Over 80% of the UAE residents who don’t have a home are planning on making a purchase in the coming years. Buying a home requires financial discipline and careful planning. You will have to work hard to make the dream of owning a home come true. You must start a budget for the deposit. If you are in a place to pay 25% of the property value yourself, the bank will finance the remaining 75%. If you want to have at least AED300,000 saved up within the next 5 years, you will have to start saving AED5,000 each month. You must also keep in mind the fees and charges that you will incur. Most people forget about the legal and broker fees. Home loan is a major commitment, therefore, you must choose the best home loan being offered. It is important that you compare the loan features and choose the best option for yourselves.

      13th March 2017

    • Dubai Mortgage deals doubled in the past 7 years

      The Dubai real estate market double in the past 7 years. But, the surge in the home loans has lowered the sale transactions. The property transactions have fallen by 3%. The cash transactions take 15 – 30 days, but the mortgage transactions are taking close to 30 – 60 days. Downtown and Palm Jumeirah reported the highest amount of mortgages. Arabian Ranches have the highest mortgage to sales ratio. The homeowners are now getting comfortable with mortgages. Government developers account to 60% of mortgage activity. Despite the curb on the mortgages by the Central Bank, there has been increasing demand for mortgages.

      31st January 2017

    • Investors choose mortgage to expand their portfolios

      A huge number of investors are taking mortgage to expand their portfolios. There has been a 119.5% increase in number of people looking for mortgage since last year. This shows increase in UAE real estate market and positive trend. The criteria for the mortgage for first property is based on the risk appetite and the customer’s financial situation. Customers compare their mortgage and the payments against the current rent to evaluate their affordability. The investors are also asked to base their decision on the stress testing. Most people prefer to take a mortgage as the rental earning cover the loan instalments.

      11th January 2017

    • More Dubai residents are taking home loan

      There has been 119.5% increase in the number of people searching for mortgages. The end users in Dubai are looking to take out a mortgage to buy property. According to the data provided by Dubai Land Department show the unit transaction sales for November were worth AED850.21 million, out of which the mortgage transactions were AED462.81 million. Completed projects get a higher loan to value of 75% than an off-plan mortgage. The property sales for AED5 million and above is less because of the higher deposit requirement. Most mortgage consultancies are seeing a good demand for townhouses and apartments which are priced below AED1 million.

      30th November 2016

    • Mortgages enquires doubled during the third quarter in the UAE

      The UAE residents searching for mortgages have doubled in the third quarter of 2016 when compared to the same period in 2015. According to the survey conducted by Core Savills, over half of Dubai’s tenants are looking to buy their own place of residence. Out of this over 62% were leaning towards buying to own rather than buying to let. The survey mentioned that the buyers are facing difficulties in securing finance on homes. Most people are trying to take advantage of the low prices of the property and are eager to take on a finance so that they don’t miss out on a great deal.

      17th October 2016

    • UAE residents looking for home loans have doubled

      Dubai has been a host to new housing developments and property giants are showing off plenty projects which will be ready by 2020. UAE residents are now more interested in buying a property and there is a 119% increase in people searching for mortgages. People are looking at taking advantage of the lower property prices and they are eager to take finances to make sure that they are not missing out on a good deal. Half of Dubai’s tenants are now on a lookout to buy a place of their own out of which 62% are buying to own and not buying to let out. More than half of those looking for a place want to make a purchase in the next 1 year.

      13th October 2016

    • UAE’s property premiums rose by 10.4% in 2015

      With the resurgence of the UAE’s construction sector, the premiums written in property and liability insurance increased to AED27.5 billion in 2015. A 10.4% increase was recorded by the Insurance Authority in the Annual Report on the Insurance Sector in the UAE for last year. Economic diversification efforts have contributed to the UAE’s position of that of a stable investment destination. A lot of foreign investments have been coming in to the UAE. Qatar was listed as the least corrupt country in the Arab earlier this year.

      12th October 2016

    • Delays of up to 5 Years Cause Emirati Home Loans to Reduce Wait Time

      Emiratis now have reason to sigh a breath of relief with a reduction in wait time to receive government housing or home loans. Khalifa Al Hemeiri, the executive director the Abu Dhabi Housing Authority has said that the authority plans on introducing a new time frame for receiving the home loans after receiving a slew of requests to speed up the process.

      Wait times incurred by Emiratis have gone up as high as six years in some cases. Even those who are eligible to avail government housing loans have had to wait long period of times. The new time frame will help many families as they are currently residing in rented residences that put a financial strain on the family.

      10th May 2016

    • Emirati homes get new designs from Abu Dhabi Housing Authority

      Emirati housing loan recipients can now opt from 58 new housing designs that have been released by the Abu Dhabi Housing Authority. In order to simplify the process of buying and building homes for Emiratis, the designs were released as part of the Bayti (my home) initiative.

      Director General of the Authority, Saif Bader Al Qubaisi, stated that the initiative will support building residential communities based on the highest standards of quality and efficiency, in turn guaranteeing the provision of security and comfort to the citizens now and in future.

      Mahra Al Qassimi, Bayti project manager at the authority, also stated that Emiratis can choose the land and size from the catalogue and then build on that according to their own choices and designs. The 58 designs, in different styles, range from modern, Andalusian, Islamic and heritage. The homes will be available in Abu Dhabi, Al Ain and the Western Region, and can be built within two years, while the average expected cost for each house is Dh 2 million.

      13th January 2016

    • Mortgages rise in the UAE

      UAE homeowners are feeling the pinch due to the mortgage rise as a result of Fed rate increasing. The variable rates are beginning to increase since the beginning of January, 2016. The repayments have been raided and are interest rates will go up soon for the first time in 5 years. This rise in the mortgage rate will bother those who have just about sufficient income to pay the mortgage and it won’t be affecting the rich. The rate rise will effect heavily on those who have taken variable mortgage. The pressure to increase the rates are because of tightening of liquidity in the banking sector. The rise will come as a blow to the property sector which is hit due to the strong US Dollar.

      08th January 2016

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