Which Bank is Best in UAE For Mortgage Loans?
In UAE, getting a mortgage loan is a simple procedure. Several banks in the UAE, deliver mortgage loans with complete paperwork. If you are thinking of investing in a Home, then searching for the best mortgage probably comes to your mind. We all know that Dubai is one of the large hubs of business like real estate, trade, and banks. There is no lack of banks in Dubai. So basically the mortgage loan offers are quite ambitious. When you are selecting your mortgage loan, keep in mind some factors like loan tenure, long-term interest rates, early settlement charges, etc. These are all things you get in some banks. Many individuals prefer to get a mortgage loan in Dubai from the bank that they use for other financial transactions. While there are advantages to this, you also search other banks as well in cases of mortgage rates.
Best Banks in the UAE for Mortgages
As a non-resident, possessing a home in Dubai is just like a complete dream. The real estate market is full of property mortgages in Dubai that suit in any funding and fill all anticipations. Properties that are under five million require a down payment of 20% or properties above this amount require a down payment of 30%, according to the Mortgage Cap Law of the UAE. This simply means that the whole property worth comes from the mortgage loan. In the UAE, banks deliver competitive mortgage loan rates. Some of the best banks that deliver the finest offers for mortgage loans in Dubai.
1. Abu Dhabi Islamic Bank (ADIB)
In UAE, ADIB bank is a popular bank, and quite flexible when it comes to delivering home financing products, victual for several customers required. This bank delivers home loans for both Emirates and UAE nationals at very reasonable rates. Its home financing products include owner-to-owner financing, buyouts, developer purchases, construction finance, and equity release.
Some of the other features and benefits of an ADIB home loan are-
- A 3.75 interest rate
- A flat rate of 2.06%
- Repayments up to 25 months
- No arrangement fee
2. National Bank of Abu Dhabi (NBAD)
The varieties of NBAD’s loans operate the gamut from the NBAD Etihad Guest mortgage loan to the refinance loan, a mortgage loan from a person, a mortgage loan from a developer, and loans for UAE nationals and expats, to name a few.
Some of the other features and benefits of an NBAD home loan are-
- An early settlement fee of 1%
- A new home’s fixed rate of interest is 2.94% for up to 1 year
- A down payment of 20%
- Free property insurance for elite gold cardholders
3. Commercial Bank International (CBI)
CBI’s development schemes may not be as extensive as some of the other banks, but it is created with excellent components and customer service. The bank delivers mortgage loans in Dubai for all completed residential properties that are permitted to land and mortgage registration in the UAE. CBI also delivers funding at very unique interest rates, starting from 2.99% per annum.
Some of the other features and benefits of CBI home loans are-
- The salary requirement is as low as AED 15,000 to issue a new home loan.
- Free property insurance
- No salary transfer requirement
- A 1% processing fee of the loan amount
4. HSBC Bank
The HSBC bank delivers home loans at a starting interest rate of 3.24%. The British bank delivers home loan catering for both Emirates and expats. This bank does not charge any extra fee or valuation fee for a bring.
Some of the other features and benefits of an HSBC home loan are-
- Repayments up to 25 months
- An early settlement fee of 0–1%
- Salary requirements as low as AED 15,000–20,000 to issue a new home loan
5. RAKBANK
In the UAE, RAKBANK delivers adjustable and reasonable home loans, in a few Emirates cities like Abu Dhabi, Dubai, and Ras Al Khaimah. The bank delivers home loans at a competitive rate of 3.25%. To get this loan, the monthly salary of Emiratis is AED 15,000, and AED 20,000 for expats.
Some of the other features and benefits of RAKbank home loans are-
- A down payment of 20%
- An early settlement fee of 1%
- Repayments of up to 25 months
- Quick approvals with minimum formalities
A mortgage broker in Dubai helps people search for good homes and home loans, connect with lenders and search out the best lender for the home seeker’s financial situation and interest-rate required. A mortgage broker performs as an mediator between borrowers and leaders in the real estate market. These mortgage brokers can also help you to complete paper and get a mortgage loan in Dubai. These mortgage brokers can save you time and quickly find good options of lenders for you and they also suggest some good banks to get a mortgage loan in Dubai.
