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 27 Oct 2016
|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:
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