Looking for Better Mortgage rates in UAE?
In fact, this blog helps you find the same.
All of us have at some point dreamt of owning our own house; it could be a lavish two-storey bungalow or a simple 2-bedroom apartment.
The concept is the same, and it is a part of the ideal lifestyle that we have all be accustomed to. If you also want your own home and feel that right now is the perfect time to lay down your roots, it just might be.
Related: Mortgage Calculator in UAE
The United Arab Emirates is one of the most booming and developing places in the world. The bank rates in the country are significantly low, and the lifestyle is something that entices everyone.
You will find some of the best mortgage rates in UAE, and it is also a reason why it attracts many expats each year.
For the average person here in the UAE, owning a house is a legitimate reality. This is possible due to the availability of low mortgage rates. A mortgage is a legal agreement, which allows a bank to lend the debtor money in exchange for the deeds to the property.
Related: Compare Mortgages in UAE
The condition is that once the money has been given back the conveyance of the title becomes void. When looking for property, one need not necessarily pay the full thing via a mortgage. If you have some savings, you can use it as a down payment and take the rest out as a mortgage.
In the UAE, there is a multitude of banks that offer best mortgage rates to both expatriates and nationals.
Here is a list of some of the most financially advantageous ones and how they will benefit you:
| BANK | RATE OF INTEREST (Starting from) | MINIMUM SALARY | LOAN AMOUNT (MAX) |
|---|---|---|---|
| Standard Chartered Mortgage One | 3.4% (reducing) | 15000 AED | 18 Million AED |
| RAKBANK Home in One | 2.69% (reducing) | 15000 AED | 20 Million AED |
| CBD Mortgage Loan for Expats | 2.39% (reducing) | 15000 AED (Salaried people); 20000 AED (Self-employed) | 10 Million AED |
| Emirates NBD Home Loan for Expats | 3.29% (reducing) | 15000 AED | 15 Million AED |
| Standard Chartered Home Suite | 2.99% (reducing) | 15000 AED | 18 Million AED |
| ADIB Home Finance for Expats | 3.49% | 15000 AED | 15 Million AED |
Standard Chartered is one of the most well-renowned banks in the world and comes with an assurance of the best available rates and features.
Under their Mortgage One scheme, the reducing rate is around 3.49%, and the fixed rate is 2%.
The fixed rate is somewhat fluctuating over the course of around 25 years, which is the maximum term, but it will always hover around the 2% mark.
The advantage of taking up this loan is that the tenure of the loan will be shorter as the majority of the payment goes towards the principal and not the interest.
There is, however, a minimum salary requirement of 10000 AED. The down payment can be around 20% of the property price, and the bank offers up to 18 million AED.
For those of you looking for property in and around Abu Dhabi, Dubai, and Ras Al Khaimah; this should be your first choice.
Click Here to Apply For Standard Chartered Mortgage One.
2. RAKBANK Home in One:
This offering is a combination of a current account holding and a home finance. The interest on the loan is calculated on a daily basis, and you can withdraw your money at any time.
The reducing rate is 3.24%, and this can fluctuate over the course of the repayment period. The minimum salary requirement is 15000 AED, and there is virtually no cap on the amount you can take. The mortgage can be taken out for a maximum time period of 25 years, and you can purchase any property in Dubai, Abu Dhabi, and RAK.
The only condition is that the property needs to be ready, and you can only purchase under construction property in Dubai.
Click Here to Apply for RAKBANK Home in One
Emirates Islamic Manzili Home Finance:
This bank offers one of the lowest mortgage rates, with a fixed rate of just 1.81%, which is adjusted for 25 years.The reducing rate is around 3.2% per annum.
There is also a minimum salary requirement of just over 15000 AED. You also get a credit card when you take this mortgage option and a 2-month installment deferment. You also have to be a salaried employee for just over 6 months to choose this mortgage.
You can get up to 20 million AED in the mortgage, which will have to be paid over the course of 25 years. This offering also comes with a two month deferment period, which is good and can be availed every year.
Click Here to Apply for Emirates Islamic Manzili Home Finance
CBD Mortgage Loan for Expats:
If you are an expatriate looking for the best mortgage loans that will help you buy the house you have been dreaming for, this is it. The CBD offering is a very lucrative one.
The extremely low fixed rate of just 1.69% over 25 years and the reducing rate of 2.99% per annum are all good for any expatriate looking to put down their roots.
There is a requirement of 12000 AED minimum for salaried individuals and 20000 AED for self-employed people. You can take up to 10 million AED, which is enough to land you a fantastic place.
The only qualm is that this mortgage is available if the project is already complete. If you have been waiting this long to buy a house, this option is by far the most cost-effective.
Click Here to Apply for CBD Mortgage Loan for Expats
United Arab Bank Home Finance for UAE National:
If you are an Emirati national and are looking for the most effective mortgage, this home finance from UAB is the way to go.
With a lowly 1.69% fixed rate per 25 years and a 2.99% reducing rate; for any of you looking to get a brand new villa or put down a real estate investment, this option is the one. However, you need to have a minimum salary of 15000 AED, and those who are self-employed, the requirement is a steep 50000 AED.
You can get up to 10 million AED and purchase any property with a title deed in Emirates. Such flexibility allows you to invest in the widest range of options and where you feel is going to pay off big dividends. You also get a pre-approved credit card when you take upon the mortgage option.
Click Here to Apply for United Arab Bank Home Finance for UAE National
As you can see, the choices are endless. This gives you tremendous freedom in choosing the best option, one which will suit your long-term plans as well as your family’s plans.
The UAE is a thriving place where the standard of living seems to shoot up each year. If you have been in the country for a long time or you are a native, getting a house right now would be a very prudent investment.
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