NBQ Home loans with 2 Home Finance Schemes
National Bank of Umm Al Qaiwain (NBQ) offers you flexible and affordable home loan options to turn your dream of owning a home into a reality. Now you can move into your own home using our hassle-free home loan processes and flexible payment methods.
You’re probably eligible for National Bank of Umm Al-Qaiwain Home Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum income required
Your National Bank of Umm Al-Qaiwain Home Loan amount eligibility is based on these factors
Loan capped is AED 5 million
EMIs of other loans lower your eligibility
Increase your eligible National Bank of Umm Al-Qaiwain 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 20 years
Alternatively add your parents
Rakbank Home Loan Interest RatesUpdated on 19 Jun 2018
|Interest Rate (Monthly reducing balance)||2.99%|
Know your Bank - National Bank of Umm Al Qaiwain (NBQ)
Established in 1982, the National Bank of Umm Al Qaiwain (NBQ) has about thirty branches around the seven Emirates. The National Bank of Umm Al Qaiwain re-launched in 2005 with a new corporate identity as NBQ. NBQ offers a wide range of services and products specifically tailored to meet its customers' needs. NBQ has been constantly striving to innovate, strengthen its operations and upgrade its technology to deliver on customer requirements. NBQ has won awards for its commitment towards the society and for its role in creating job opportunities for UAE nationals. The bank was honoured by the Ministry of Labor and Social Affairs for its efforts in Emiratisation and effectively developing and hiring human resources.
NBQ offers you a variety of options with easy documentation, simplified processes and competitive interest rates. The NBQ home loan also covers costs of reconstruction and renovation of existing property. No financial penalties are levied for pre-closure of the loan after the first three years. Customers also have the option of overpaying during the entire tenure of the home loan.
There are two home loan options available to UAE nationals.
Bayti - Housing loan without Mortgage
An attractive home loan scheme offered by the bank with the following features:
- Available with salary transfer up to AED 4 Million
- Attractive profit rates
- Repayment/Loan periods up to 180 months
- High margins of finance
- ATM Cards at no additional cost
BAYTT AL TAYSEER - Islamic Housing Finance without Mortgage
Baytt Al Tayseer based on the concept of organised Tawaruq, which involves buying an item from a trader in instalments, is offered at NBQ. This has been approved by the bank's Shari'ah Board.
- Available with salary transfer up to AED 2.5 Million
- Profit rates that are competitive and attractive
- Loan tenures up to 180 months
- High margins of finance
How do you apply for an NBQ home loan?
These loans can be availed of by visiting the nearest NBQ branch at Umm Al Qaiwain, Dubai, Abu Dhabi, Al Ain, Ghusais, RAK and Sharjah. Alternatively, the bank will reach out to applicants once contacted.
Other products offered by National Bank of Umm Al-Qaiwain are:
Frequently Asked Questions - FAQs
- Is Islamic banking available at National Bank of Umm Al-Qaiwain?
- What is Baytt Al Tayseer?
- Do I require any insurance if I take out a home loan with NBF?
- What is the Insurance Coverage on home loans to UAE Nationals?
Yes. NBQ has notable Islamic banking schemes, which provide attractive interest and repayment options. In general, these schemes are based on Shari'a laws and draw upon the financing available for Islamic financial systems. The Islamic housing without mortgage is called Baytt Ay Tayseer.
Baytt Al Tayseer, an Islamic housing finance without mortgage, is based on the concept of organised Tawaruq, which involves buying an item from a trader in instalments, is offered at NBQ. This has been approved by the bank's Shari'ah Board.
Yes. Life and Property insurance are both mandatory requirements.
NBQ offers a unique protection benefit which safeguards you and your family. The offer is designed to ensure continued financial stability to you and your family by taking away the financial burden on them to pay loan outstanding in the event of your unfortunate Loss of Life or Permanent Total Disablement. The protection benefit would provide you absolute peace of mind by waiving off your entire loan outstanding with NBQ in case of any eventuality subject to terms and conditions of the Insurance Company
You may also read these articles related to Home Loans and Mortgages in the UAE:
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.