NBF Home Loan in the UAE with Excellent Home Loan Offers
"Home is where the heart is". A home is where you truly belong, where you make your memories and enjoy the journey called life. Whether you are looking for the ideal home or the ideal location, the National Bank of Fujairah (NBF) makes it easy for you to own your dream home with their excellent home loan offers.
You’re probably eligible for National Bank of Fujairah Home Loan if you are
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum income required
Your National Bank of Fujairah Home Loan amount eligibility is based on these factors
Loan capped is AED 20 million
EMIs of other loans lower your eligibility
Increase your eligible National Bank of Fujairah Home Loan amount by these steps
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure loan up to 25 years
Alternatively add your parents
Documentation needed to apply for an National Bank of Fujairah Home Loan
- 1.A copy of your valid passport
- 2. An original salary certificate from your employer
- 3. Bank statements dating back to the past six months
- 4. A pre-approval processing fee cheque
National Bank of Fujairah Home Loan Interest RatesUpdated on 05 Dec 2016
|Interest Rate (Monthly reducing balance)||3.49%|
Know your Bank: National Bank of Fujairah
Since 1982, the NBF has established itself as a leader in areas of corporate and commercial banking, recently expanding its services into personal banking too. As a UAE native, NBF believes in innovating, focusing and delivering on all its commitments thereby establishing long lasting relationships with customers. The bank's services are tailored to suit the requirements of customers in an ever changing marketplace. NBF strives to achieve excellence in every aspect and is always on the forefront while establishing global partnerships.
Owning a home gives you stability and the security that you desire in addition to making a solid investment. NBF makes it easier for you to own a house, providing you a loan that requires minimal approvals and flexible payment methods. Depending on the customer's financial situation and eligibility, NBF will cater the best possible home loan solution. Customers availing NBF home loans can enjoy well guided processes by NBF relationship managers, sanctioned approvals even before the selection of the property, competitive rates and fast approval times.
NBF Home Loans: Features
- Financing up to 80% of the property's value
- Interest rates starting from 3.99%* (*linked to 6 months EIBOR. Terms and conditions apply)
- Up to AED 10 million
- Flexible repayment periods of up to 25 years
- Financing for both freehold and leasehold properties
What does an NBF home loan customer need to know?
- NBF evaluates a customer's financial situation i.e., his debts, his income and other liabilities to determine the maximum loan amount
- NBF requires that the customer's salary meets its minimum criteria
- At the time of the loan maturity, the customer should be 65 years old (or retirement age) and the property should be no more than 30 years
- NBF also provides pre-approved Mortgage loans/ Charges are applicable
- Life and Property insurance are mandatory requirements will availing a NBF home loan
- Up to four co-owners/co-borrowers are allowed while applying for a NBF home loan
NBF Home Loans: Eligibility Criteria
The following pre-requisites are needed to be eligible for a NBF home loan.
- Customer should be a citizen of UAE
- Should be over the legal age of 21
- A proof of income should be provided
NBF Home Loans: Documents Required
To avail a NBF home loan, please visit the nearest NBF branch, fill in an application form and submit the following documents (as applicable):
- A copy of your valid passport
- An original salary certificate from your employer
- Bank statements dating back to the past six months
- A pre-approval processing fee cheque
- What is the required minimum length of service with my current organisation for me to be eligible for the NBF Home Loan?
- What are the charges associated with processing the home loan?
The bank requires confirmation that you have spent at least one year with your current employer.
Charges associated with processing a mortgage loan include but are not limited to a loan processing fee, mortgage and property registration charges and valuation fee. Here is the schedule of charges:
- Loan Processing fee AED 1,000.
- Processing Fee (FoL) 1% of the value of the loan with a minimum of AED 2,500.
- Early Settlement Fee via Other Bank Buyout 5% of the outstanding loan amount
- Early Settlement via Cash 1.5% of the outstanding loan amount (if settlement done within 5 years thereafter nil).
- Property Valuation Fee AED 2,500.
- Late Payment Charges AED 100 per instalment if deferral persists for more than 7 days.
- Loan Rescheduling Fee AED 800.
- Clearance Letter Fee AED 50.
Yes. Upon loan maturity, you should be 65 years old or at retirement age, whichever is lower.
The bank needs to consider your debt-to-income ratio, which is a comparison of your gross income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or personal loan payments. The bank also consider the amount of cash available for down payment, credit history, your age, etc. when determining your maximum loan amount.
Yes. Life and Property insurance are both mandatory requirements.
Yes, it is advisable. NBF works out your maximum eligibility before you look for probable properties. Once approved, you could look for the property that would be most affordable. Charges are applicable.
No more than 30 years at the time of loan maturity.
The main factor while taking a home loan 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.
Buying 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
News about NBF Home Loan
National Bank of Fujairah’s rating affirmed to ‘BBB+’
The international credit rating agency Capital Intelligence affirmed the National Bank of Fujairah’s Financial Strength rating at ‘BBB+’ owing to the bank’s above average asset quality, good capital adequacy, sound profitability and good liquidity. The bank’s long term and short term currency ratings are said to be at ‘A-’ and ‘A2’.The ratings are emphasized by the bank’s excellent management, good financials and support from UAE government. The capital adequacy ratio and total asset ratio still remains to be pretty strong. Rising business value has led to a strong profitability ratio.
07th September 2015