You Need to Know About Mortgages Loan From UAE Bank

Dreaming of owning a home in the UAE? With world-class amenities, excellent education, and a vibrant lifestyle, it’s no wonder many choose to settle here. However, navigating mortgage loans from UAE banks can be tricky. A mortgage is a loan specifically for purchasing property, and it’s crucial to making homeownership possible for many. Understanding how the Dubai mortgage calculator works and what different banks offer is essential for making smart financial decisions.

This blog is your guide to understanding mortgage loans from UAE banks. We’ll break down the best banks offering these loans, the types of mortgages available, and what you need to qualify for. From interest rates to repayment plans, we’ll simplify the details to help you make an informed choice.

Make your dream of owning the perfect home a reality! Find out more about mortgage loans from UAE banks. 

Popular House and Mortgage Loans From UAE Bank

With mortgage loans from UAE banks, you can now make it happen. These house loans in Dubai are available for buying houses, land, and renovations.

Knowing your mortgage options is key, whether you’re a UAE national, a GCC citizen, or an expat. Some of the best banks in Abu Dhabi, Dubai, and other prominent locations are as follows:

• • Abu Dhabi Commercial Bank
  • First Abu Dhabi Bank
  • Emirates NBD
  • Dubai Islamic Bank
  • RAK Bank
  • Emirates Islamic Bank
  • Mashreq Bank

• Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank, or ADCB, is a major bank in the United Arab Emirates. They offer regular banking services like accounts, loans, credit cards, investment options, and Islamic banking. Founded in 1985, ADCB has grown to serve over 1 million customers with branches across the UAE.

What Documents Are Required To Get A Home Loan From ADCB?

The documents required for Mortgage UAE to successfully get house loans from one of the best banks in Abu Dhabi are as follows—

For Employed Individuals:

• • Completed application form
  • Valid Passport, Visa & EIDA Card copy
  • Proof of booked property (if any)
  • Declaration of the source of down payment
  • A salary certificate issued to ADCB and dated 30 days or less from the loan application date.
  • 6 months’ bank statements copy
  • Salary transfer letter (if transferring salary to ADCB)
  • Details of existing loans/liabilities

For Self-Employed Individuals:

• • Completed application form
  • Valid passport, visa and EIDA Card copy
  • Proof of booked property (if any)
  • Declaration of the source of down payment
  • 6 months’ bank statements copy for both personal and company accounts
  • Valid Trade Licence copy (If applicable: Memorandum of Association/ Articles of Association / Share Certificates)
  • Last 2 years, audited financial statements (for loan value greater than AED 2.5 Million)
  • Details of existing loans/liabilities

• First Abu Dhabi Bank

Abu Dhabi Bank (FAB) offers a variety of competitive mortgage options with flexible features. You can benefit from low down payments, high financing, and minimal fees. FAB provides competitive fixed interest rates starting at 0.55% + 3 months EIBOR and can finance up to 85% of first-time buyers. Additional benefits include earning FAB Rewards points and cashback offers, no approval-in-principle fee, and exclusive processing and valuation fee deals. With expert mortgage loans from UAE banks advisors to guide you through the process, FAB ensures a smooth and efficient experience for UAE nationals and expatriates looking to invest in property.

What is The Application Process for Mortgage Rates in Dubai at FAB?

To apply for mortgage rates in Dubai at First Abu Dhabi, the process starts by submitting an online form expressing your interest. Next, consult an FAB mortgage specialist to explore your options. After choosing a mortgage, sign an MOU with your agent and schedule a home valuation. Submit the required documents, including the Mortgage Application Form, proof of income, and Sale and Purchase Agreement. Once you sign the home offer letter and get mortgage approval, register your property with the Dubai Land Department (DLD) and start paying monthly instalments to FAB.

• Emirates NBD

Emirates NBD is one of the leading banks in the UAE. It offers a variety of mortgage loans with flexible terms and competitive interest rates. Emirates NBD serves Emiratis and expatriates, providing solutions for purchasing homes, constructing properties, and refinancing existing loans. Emirates NBD ensures a seamless application process and personalised service to help customers achieve their dream of homeownership.

• • For Emiratis

    • Up to 100% financing of construction costs, with loan amounts up to AED 25 million and a fixed-rate interest option.
    • Financing up to 85% of the property value, with loans up to AED 25 million, including government housing.
    • Borrow up to AED 25 million, with an LTV ratio of up to 70%, and take out a loan against property for UAE nationals.
    • The loan amounts to AED 25 million with an LTV ratio of up to 70% for Mulhaq loans. 
    • Government housing programmes with 0% interest on loans up to AED 800k, with no processing fee and discounted valuation fee.

  • UAE Mortgage for Expats

    • Financing up to 80% of the property value, with loans up to AED 25 million or 84 salary multiples (whichever is lower).
    • Borrow up to AED 25 million, with financing up to 80% of the property value and loan tenure up to 25 years for loans against property. 

  • Documents Required 

    • Documents required for mortgage UAE for processes at Emirates NBD are–

  • For Salaried Individuals:

    • Passport and Emirates ID
    • Salary certificate addressed to Emirates NBD
    • Bank statement for the last 6 months
    • Pay slips for the past 6 months, if pay varies more than 10%

  • For Self-Employed Individuals:

    • Passport and Emirates ID
    • Copy of Trade Licence
    • Memorandum of Association (MOA), including all amendments
    • Bank statement for the last 6 months
    • Audited company financials for the past two years

  • Co-Borrower Documents (if applicable):

    • Co-borrowers passport and Emirates ID
    • Income documents (if applicable)
    • Pay slips for the last 6 months if pay varies more than 10% (if applicable)
    • Bank statement for the last 6 months (if applicable)
    • If the co-borrower is a company owner, the MOA and Trade Licence

  • If Moving Your Loan to Emirates NBD:

    • Valid passport and Emirates ID
    • Property documents and title deed
    • Existing bank loan documents

• Dubai Islamic Bank

Dubai Islamic Bank is a leading bank in the UAE, known for its Shari’ah-compliant mortgage products. It offers a range of home financing options tailored to suit the needs of UAE nationals, expatriates, and non-residents. DIB’s mortgage solutions are designed to be flexible and customer-friendly, ensuring you can find the perfect loan for your dream home.

• • MyHome

The MyHome programme from DIB offers a home financing experience built around your needs. You can choose your EIBOR review period and enjoy a fixed margin for life linked to EIBOR, with options for 3, 6, or 12-month review frequencies. This means you can select the review period that suits you best. MyHome also offers fixed rates for the life of the finance, available via an Ijarah contract.

• • DIB Nest

DIB Nest is a sustainable home finance option that lets you achieve your dream home while positively impacting the environment. This programme provides financing for solar panels, sustainable construction materials, and discounted mortgage rates to reward your commitment to sustainability. Additional benefits include reduced fees on due diligence, documentation, and property valuation and free Takaful for the first year on ready properties.

• • First-time Buyers and Existing Homeowners

Whether you’re buying your first home or looking to purchase from an existing homeowner, DIB offers tailored mortgage solutions. Enjoy competitive profit rates linked to EIBOR, with flexible tenures of up to 25 years. Salary transfer is not required, and you can get up to 85% financing for UAE nationals and 80% for expatriates.

• • Non-Resident Programme

The DIB Non-Resident Programme is perfect for those living abroad but looking to own property in the UAE. With the largest approved developer base, this programme lets you easily own a home in the UAE. Suppose you already have a house on mortgage. In that case, you can also benefit from their Home Equity programme, which allows you to use your home as collateral for additional financing for renovations, purchasing another property, or construction projects. Enjoy quick processing, high finance amounts, and attractive repayment tenures with DIB’s non-resident mortgage options.

• RAK Bank

RAK Bank provides flexible and inexpensive home loan solutions to satisfy the demands of UAE citizens and foreigners living abroad. RAK Bank facilitates homeownership through expedited approval processes and interest rates as low as 3.25%. The mortgage rates UAE bank offers up to AED 13 million for salaried persons and AED 20 million for self-employed consumers for properties located in Abu Dhabi, Dubai, and Ras Al Khaimah. Additional features to ensure affordability and convenience for borrowers include a 20% down payment requirement, repayment terms of up to 25 years, and an early settlement cost of just 1%. 

• Emirates Islamic Bank

Emirates Islamic Bank is a leading provider of mortgage loans in the UAE, offering a variety of options to cater to different needs. Their home finance products are designed to help UAE nationals, residents, and non-residents easily secure their dream property. 

Emirates Islamic Bank ensures all their mortgage products are Shari’ah-compliant, providing peace of mind for customers seeking Islamic financing options. Whether you are looking to buy a home, invest in property, or expand your business, Emirates Islamic Bank has a solution to meet your needs.

• • Commercial Property Finance

This option is perfect for businesses purchasing office space, retail units, or residential complexes. It helps finance a wide range of commercial properties and utilises the principles of Ijara for funding. Commercial property finance by Emirates Islamic Bank also helps manage cash flow by optimising capital.

• • Home Finance – Manzili

Manzili home finance is available to both UAE residents and non-residents. It is ideal for those looking to buy, transfer, or release cash for any freehold property in the UAE. It offers mortgage rates in the UAE, flexible financing options, and an easy application process.

• • Home Finance – Bina’a

There is a house financing option called Bina’a for UAE citizens alone. This programme finances a property’s construction using the Islamic concept of Forward Ijarah. After construction, the customer leases the property with a predetermined payback schedule. 

• Mashreq Bank

Mashreq Bank offers flexible and competitive mortgage solutions for UAE residents and non-residents. With loan amounts of up to AED 10 million and repayment tenures extending up to 25 years, Mashreq provides financing options that cater to diverse needs. The bank features attractive interest rates and finances up to 50% of the property value. Their offerings include home loans for residents and non-residents and commercial mortgage loans for UAE residents, making it a comprehensive choice for various property financing requirements.

Documents Required for Home Loan (UAE Residents and Non-residents)

The documents required for mortgage UAE to successfully get loans from Mashreq Bank are as follows—

• For Employed Individuals:

  • Application form
  • Passport copy with a valid visa
  • Salary Certificate addressed to Mashreq Bank
  • Six months’ original bank statements
  • A liability letter from the bank addressed to Mashreq Bank
  • Photocopy of Purchase Contract
  • Photocopy of down payment receipts

• For Self-Employed:

  • Application form
  • Passport copy with a valid visa
  • Six months bank statements (personal and company)
  • A liability letter from the bank addressed to Mashreq Bank
  • Memorandum and Articles of Association
  • Audited financial statements for the past 2 years
  • Board resolution copy
  • Trade licence copy
  • Copy of Chamber of Commerce Registration
  • Business profile on company letterhead
  • Photocopy of Purchase Contract
  • Photocopy of down payment receipts

• Other House Loan from UAE Banks

To know more about mortgage loans from UAE banks and some of the best banks in Abu Dhabi and Dubai, refer to the table given below—

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Frequently Asked Questions (FAQ’s):