• Noor Bank Home Finance, Mortgages, Home Loans in the UAE


    Noor Bank Home Loan

    Formerly known as Noor Islamic Bank, Noor Bank is the leading financial organization in UAE. Located in Dubai, the bank was established in January 2008 by Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum. The bank is open seven-days-a-week. The bank has experienced considerable growth during a short period of time and its branches have spread to various parts of UAE including Abu Dhabi, Al Ain, Dubai, and Sharjah. To its credit, the bank received the ‘Best New Bank’ award at the Bankers Middle East Industry Award in 2009. The bank offers a number of products and services such as personal and corporate banking, insurance service, wealth management, treasury and trading. Noor Bank ensures a unique and satisfactory banking experience. Noor Bank has made it very easy for both UAE and Non-UAE residents to buy their dream homes in UAE with its unique home finance offerings.

    You’re probably eligible for Noor Bank Home Loan if you are

    Noor Bank Home Loan Minimum Age

    No Info

     Noor Bank Home Loan Maximum Age

    No Info

    Noor Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Noor Bank Home Loan Minimum Income

    Earn more than the minimum
    income required

    Your Noor Bank Home Loan amount eligibility is based on these factors

    Noor Bank Home Loan Minimum Salary

    AED 40,000 for non-residents

    Noor Bank Home Loan Maximum Loan to property value

    80% of property value

    Noor Bank Home Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible Noor Bank Home Loan amount by these steps

    Noor Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    Noor Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 25 years

    Noor Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents

    Noor Bank Home Loan Interest RatesUpdated on 21 Oct 2016

    Noor Bank Home Loan Details
    Interest Rate (Monthly reducing balance) 3.49%

    Features and Benefits of Noor Bank Home Loan

    • The rates of profit start at 3.49% for each year.
    • These profit percentages are simple to comprehend and are valid for all transaction.
    • A wide variety of completed properties with exclusive UAE off-plan projects.
    • It is not necessary to have the applicant’s company listed.
    • There is no requirement for salary transfer
    • The services are intended to be efficient and hassle-free.
    • Stocks are now available for purchase by existing Home Finance customers on their own properties at competitive rates.

    For UAE residents

    • The rates of profit start at 3.49% for each year.
    • Buyouts, equity release and purchases finance available.
    • The product is available for both salaried and self-employed applicants.
    • This scheme provides 80% loan to value (LTV) for UAE nationals and 75% for Expats living in UAE.
    • The scheme allows individuals to take a loan of up to AED 25 million.
    • The repayment tenure can last up to a period of 25 years.

    For Non-Residents (Residents of GCC and G20 Countries)

    • The rates of profit start at 4.99% for each year.
    • Non-UAE residents in the 20 GCC and some other potential investors may obtain loan of an amount of up to 70% of the value on ready properties
    • The scheme allows individuals to take a loan of up to AED 15 million.
    • The minimum monthly income of salaried individuals should be at least AED 40,000 which is around USD 10,890
    • Salary transfer is not required.

    Off-Plan Finance for Residents and Non-Residents

    • The rates of profit start at 4.99% for each year.
    • Residents include: UAE Nationals and Expatriates as well as Non-Residents
    • The maximum loan percentage of the property value that can be sanctioned is 50%.
    • For residents, maximum loan amount: AED 25 million for Residents, and for non-residents maximum loan amount is AED 15 million.

    List of approved nationalities for Non-Resident - G20 Nationals:

    Austria, Hungary, Qatar, Australia, India, Romania, Bahrain, Ireland, Russia, Belgium, Italy, Saudi Arabia, Bulgaria, Japan, Singapore, Canada, Kuwait, Slovakia, Chile, Latvia, Slovenia, Cyprus, Lithuania, South Africa, Czech Republic, Luxembourg, South Korea, Denmark, Malta, Spain, Estonia, Netherlands, Sweden, Finland, Oman, Turkey, France, Portugal, Pakistan, United Kingdom, Germany, Poland, USA, Greece.

    1. Can expatriates own a home in Abu Dhabi and Dubai?

      Yes. Whether you are a UAE National or an expatriate from any other country you are now legally entitled to purchase a home at any of the developments designated for that purpose in the Emirate of Abu Dhabi and Dubai.

    2. Do I need to register my property with the Land Department?

      Yes, your property and mortgage need to be registered with the Land Department. For further details, please contact us.

    3. Can the income of more than one person be considered for eligibility calculations?

      Yes, the bank can consider this. However, all the people whose income will be considered will have to be co-borrowers to the loan.

    4. Do all owners of property have to be co-borrowers to the loan?

      Yes, it is important for all co-owners of the property to be co-borrowers. All co-borrowers must be either blood relatives or married.

    5. What are my responsibilities when applying for a loan?

      • Refuse to sign any blank documents
      • Do not buy property for someone else
      • Be honest in all your answers
      • Do not overstate your income
      • Do not overstate how long you have been employed
      • Do not overstate your assets
      • Accurately report your debts
      • Be truthful about your credit problems, past and present
      • Do not provide false supporting documents
      • Do not underestimate your existing liabilities and obligations
      • Make sure you still have sufficient funds to save for other things you want
      • Please ensure you read and understand everything before you sign
      • Please ensure you keep sufficient funds for registration of your Property and mortgage
      • In case of resale, ensure you are aware of all the terms highlighted in the MOU. (e.g MOU validity, buyer/seller responsibilities)
    6. Does Noor Bank offer finance for off-plan property?

      Yes the bank offers off-plan finance for residents and non-residents, with maximum finance of up to 50% of the property’s value. Residents can avail up to AED 25 million and for non-residents the loan amount is AED 15 million.

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

    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.

    A Guide to Mortgages for First Time Property Buyers.

    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.

    Home Loan 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.

    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.

    Buy-to-let mortgages in the UAE

    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 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.

    Home Refinance Loans in the UAE

    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 in the UAE.

    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.

    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.

    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.

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