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United Arab Bank Home Finance for Expats

  •   July 17, 2017


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
United Arab Bank Home Finance for Expats
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