Mortgage
Know all about the best mortgage offers by banks in UAE
Best Mortgage offers for August 2022
Middle East provides property mortgage offers for new home purchases, Resale, and balance transfers of existing mortgages at lower rates, last installment finance, the release of equity on your property, and top-ups.
1. Fixed rate Mortgage Home Loan
Lock in your interest rates
1.Fixed Rate Mortgage Home Loan
Option to Fix the mortgage interest rate and monthly repayments EMIs for 1, 2, 3, or 5 years.
The mortgage interest rate will be calculated by adding the 3-month AED EIBOR rate and the Fixed margin.
An Free of charge overpayment is allowed upto 25% of the outstanding balance of your mortgage home loan. This is calculated annually on the date your fixed-rate period started. It can help you finish your loan early and save interest.
With Fixed-rate Home Loan you can borrow between 60% and 80% of your property’s purchase price or valuation, whichever is lower.
Eligibility Criteria of Fixed-rate Mortgage :
- UAE Citizen or UAE expat resident
- Aged between 21 and 65 years
- Minimum monthly income of AED 15,000
2. Variable Home Mortgage Loan
Variable Interest rates linked to 3-month EIBOR
2. Variable Home Mortgage Loan
- The mortgage interest rate is linked to EIBOR rate, Your monthly repayments will rise and fall with the EIBOR interest rate.
- Emirate Interbank Offered Rate (EIBOR) home mortgage loan is based on the 3-month AED EIBOR, subject to a quarterly review, plus a fixed margin that is set for the life of the loan
There’s no early settlement charge if you repay the loan in full after 3 years, or before the end of the repayment period, with your own funds or proceeds from the sale of the property.
A Free of charge overpayment is allowed upto 25% of the outstanding balance of your mortgage home loan. This is calculated annually on the date your fixed-rate period started. It can help you finish your loan early and save interest.
With Variable rate Home Mortgage Loan you can borrow between 60% and 80% of your property’s purchase price or valuation, whichever is lower.
Eligibility Criteria of Fixed-rate Mortgage :
- UAE Citizen or UAE expat resident
- Aged between 21 and 65 years
- Minimum monthly income of AED 15,000
- Non-resident may still be able to apply for a home loan to buy a property in UAE.
Mortgages Variable Interest rate starts from 3.31% p.a. ( Reducing rate)
5 years Fixed Mortgages Interest rate starts from 4.95% p.a. ( Reducing rate)
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