Home Loan

Description

It combines your current account, interest savings, and mortgage facility to provide a single, easy-to-manage solution with a range of benefits.

Major Advantage: Higher is your deposit in your current account; lower is your interest rate

Main Features / Benefits

• Main Features:
  • This finance is a combination of current account and Home Finance
  • Home in One is ideal for anyone who is buying a home for self-use or investment
  • Every deposit you make in your current account lowers your interest payment, reducing your loan tenure
  • You can withdraw your balance at any point in time
  • Interest is calculated on your daily balance, reducing the effective rate of interest
  • There is a monthly fee of AED 100 from 17th June 2024

Interest Rates & Charges

• Reducing Rate (as advertised): Starting from 4.99% p.a.
• Processing Fees: 0.525% finance amount (Nil for Buyout)
• Property Valuation Fees: AED 1942.50
• Early Settlement Fees: 1% of outstanding amount or AED 10,000 (whichever is lower)
• Partial Settlement Fees: 25% per year of capital balance without penalty

Financial Requirements

• Minimum Salary Requirement: AED 15,000
• Minimum Length of Service Required: 6 months for salaried & 2 years for self-employed
• Salary Transfer: Not compulsory
• Minimum Down payment:
  • For first property (If property price < AED 5M): 20% for UAE national, 20% for Expats
  • For first property (If property price > AED 5M): 30% for UAE national, 35% for Expats
  • For second property: 35% for UAE national, 40% for Expats
• Fee Financing: Up to 4.5% of the fees financed, same rate and term of the mortgage

Key Details

• Islamic Finance: No
• Maximum Term: 25 years
• Finance available for: Ready properties in Dubai, Abu Dhabi & Ras Al Khaimah. Under construction properties only in Dubai

Insurance (Compulsory)

• Life Insurance: 0.0242% per month (on outstanding balance)
• Property Insurance: 0.035% p.a.