United Arab Bank Home Finance
There is a certain magic in that word ‘Home’. Build your future along with your dream home with United Arab Bank’s (UAB) specially designed home loan packages. UAB offers the best home loan in the UAE with low monthly instalments, 0% processing fees and exciting promotional offers.
You’re probably eligible for United Arab Bank 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
Your United Arab Bank Home Loan amount eligibility is based on these factors
80% of property value
EMIs of other loans lower
Increase your eligible United Arab Bank 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
United Arab Bank Home Loan Interest RatesUpdated on 28 Oct 2016
|Interest Rate (Monthly reducing balance)||2.99%|
About United Arab Bank
Incorporated in 1975, the United Arab Bank, based in Sharjah, is a collaborated establishment between UAE investors and Société Générale, a French financial company. Operating with 20 branches in UAE, UAB is a leading financial solutions provider across the seven Emirates. UAB has been the bank of choice with a wide range of services encompassing Corporate Banking, Retail Banking, Trade Finance, SME banking and Treasury sectors. With a goal to expand further, UAB launched its premium banking service ‘’Sadara’’ and Islamic Banking services, thereby growing its retail customer base.
UAB Mortgages, Home Loans
Owning a home in UAE is easy with UAB’s exceptional home loan offers, tailor made for retail customers. The bank offers interest rates as low as 3.99% including flexible and fixed interest rate options. Customers can also enjoy special offers on loan pre closure fees and the initial loan processing fees. The loan tenure is generally up to 25 years with financing available up to 80% of the property value. Loans are offered on all completed properties with title deeds and customers also have the facility to avail refinance on their unencumbered properties. UAB provides Islamic financing options in accordance with Shari'ah principles. Additionally UAE Nationals can also avail financing for their private villas.
UAB Home Loan: Eligibility Criteria
To avail a UAB home loan the following eligibility criteria needs to be met:
- Salaried professionals
- Self Employed individuals
- UAE Nationals / Non-UAE Nationals
- UAE Nationals with a minimum monthly income of AED 15,000
- Foreigners with a minimum monthly income of AED 20,000
- Self Employed individuals with a minimum monthly income of AED 50,000
‘Step up’ to UAB’s special rate scheme
UAB offers a unique ‘Step Up’ fixed interest rate scheme for as long as 3 years with interests as low as 3.29% per annum on home loans. After completing the fixed rate period, the variable interest rate is linked to an attractive retail base rate from UAB.
UAB’s property and life coverage
As add-ons, UAB also offers property shield and life shield options for all home loan customers.
Customers have to enrol online for availing the property shield, facing no hassles with paper work. The property shield covers a wide range of features benefitting the UAB customers. Temporary accommodation costs for 24 months and un-occupancy provisions for 90 days are primarily accommodated in this. At times of natural disasters like fire, explosions, earthquakes, storm and floods the bank provides reinstatement of 100% of the sum of the property assured.
A UAB home loan customer can also enjoy a life shield at the time of his investment. The life shield scheme comes with attractive options. Online enrolment has to be done for a life shield with no medical examination required.
The UAB Life shield includes the following benefits:
- 24 hour worldwide cover for Death and PTD
- Hospital Cash benefit covering EMI waiver
- Terminal Illness
- Pre Existing conditions after 12 months
- Suicide after 12 months
- Passive war risk
- Covers crew on duty
- Covers joint borrower
- Covers own occupation in case of PTD
Other products offered by United Arab Bank are:
Frequently Asked Questions - FAQs
- What is the Shariah law about?
- What are the benefits of availing home finance from United Arab Bank?
- How do I apply for a home loan in case I am not able to visit the branch?
- I plan to buy a villa in the UAE. Does UAB provide finance for villas?
- What is ‘Step Up’ feature that is offered by United Arab Bank?
According to the Shariah law of Islamic banking, acceptance of specific interest or fees for money loans (known as Riba, or Usury), whether the payment is fixed or floating is prohibited. Most of the banks in the UAE follow the Shariah principles.
United Arab Bank offers the best home loan deals in the UAE. You can get a free Infinite Credit Card with every home finance you avail from the bank. You can also earn up to 100,000 UAB Reward Points if you apply for a home loan with salary transfer. These points can be redeemed at any merchant.
You can either apply through the bank’s online portal or call on 800474. One of our representatives will get back to you soon and help choose the best home finance deal.
In case you are a UAE national, you can avail financing for your private villa. The loan tenure is generally up to 25 years with financing available up to 80% of the property value. Though finance is offered on all completed properties with title deeds, you can also have the facility to avail refinance on unencumbered properties.
‘Step Up’ is a unique fixed interest scheme provided by United Arab Bank. Under this scheme, the fixed rate of interest’s duration is for up to 3 years, with low rates at 3.29% per annum. Once the fixed rate period is over, variable interest will be calculated, that is linked to an attractive retail base rate from UAB
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.
News about United Arab Bank Home Loan in the UAE
United Arab Bank has poor profit due to rising loan defaults
The net profit of the United Arab Bank has taken a hit and reported that they had a net profit of Dh 72 million from January till September 2015, when compared to the same period of 2014 where their net profit showed to be Dh 498 million. The net profit has been impacted severely due to the provisioning for the loan default increase. The provision was made for Dh 466 million in United Arab Bank higher risk commercial loan portfolio.
15th October 2015