United Arab Bank Home Finance for Expats


    Min SalaryAED 20,000
    Flat Rate (As Advertised)1.79% p.a.
    Reducing Rate (est. equivalent)3.29% p.a.
    Arrangement Fee0.8%
    Down payment25%
    Max Finance Amount10,000,000
    Fixed/VariableFixed Then Variable
    Early Settlement Fee1%

     

    MAIN BENEFITS

    • Maximum loan amount of AED 10,000,000
    • Repayment up to 25 years
    • There is an option to choose a fixed rate for up to three years or a ‘step-up’ rate: You can opt for a fixed rate for one year starting at 3.99%, for two years starting at 4.49% or for three years starting at 4.99%. Alternatively, you can choose a ‘step-up’ rate which is 3.29% for the first year, 3.79% for the second year and 4.29% for the third year.
    • A pre approved credit card with your mortgage.

    OVERVIEW OF FEATURES

    • For your first property, the down payment is 25% if the property value is under AED 5M and 35% if property value is above AED 5M. For your second property, the down payment is 40%. For under construction, the down payment is 50%.
    • The maximum loan amount is 75% of property value.Repayment period of 25 years.
    • You require a minimum salary of AED 20,000 per month to be eligible.
    • It is not a requirement to transfer your salary to apply.
    • The processing fee with salary transfer is 0.8% of the finance amount. Without salary transfer, the processing fee is 1% of the finance amount. If you transfer your loan from another bank, the processing fee is 0%.
    • The early settlement fees are 1% or AED 10,000 whichever is lower, whether paid through own source or by another bank
    • There is a life insurance fee of 0.40%
    • There is an option to choose a fixed rate for up to three years or a ‘step-up’ rate: You can opt for a fixed rate for one year starting at 3.99%, for two years starting at 4.49% or for three years starting at 4.99%. Alternatively, you can choose a ‘step-up’ rate which is 3.29% for the first year, 3.79% for the second year and 4.29% for the third year. In both cases, after three years, a variable rate (based on EIBOR) plus a margin is applicable by the bank.
    • The rate is fixed for up to three years. Thereafter the bank charges a variable rate based on the UAB Retail Base Rate (RBR). The current RBR is 1.65%, and it is revised bi-annually.
    • The reducing rate of this finance is 3.29% and the equivalent flat rate is 1.79%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
    • Loans offered on all completed properties across Emirates in UAE with title deed

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