• Dubai, United Arab Emirates

Description

Your current account and home loan are seamlessly linked, offering a unique way to save on interest and gain flexibility in managing your finances. With interest calculated on the difference between your loan balance and account funds, you'll pay less interest and shorten your loan tenure compared to traditional home loans.

Major Advantage: Interest savings, Flexibility to withdraw funds at any time

Main Features / Benefits

Major Benefits:

  • Shorter Loan Period: Payments primarily reduce the principal, leading to a shorter loan tenure.
  • Interest Savings: Interest is calculated daily on the difference between your loan balance and account funds.
  • Flexibility to withdraw funds at any time

Interest Rates & Charges:

  • Reducing Rate (as advertised): Starting from 2.59% + 3M EIBOR (Min. floor rate 2.75%)
  • Processing Fees: Nil
  • Property Valuation Fees: Up to AED 3,000
  • Early Settlement Fees: 0.525% of outstanding Loan or AED10,000 (whichever is lower) within 5 years, zero fee after 5 years.
  • Partial Settlement Fees: 1% of settlement amount within 5 years, zero fee after 5 years.

Finance 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/self-occupancy (If property price < AED 5M): 20% for UAE national, 25% for Expats
    • For first property/self-occupancy (If property price > AED 5M): 30% for UAE national, 35% for Expats
    • For second property or IPRE/Investment: 35% for UAE national, 40% for Expats
    • For Under Construction Properties: 50% of property price

Key Details:

  • Maximum Finance Amount: AED 18 million
  • Islamic Finance: Yes
  • Maximum Term: 25 Years
  • Finance available for: Almost all ready properties in Dubai, Abu Dhabi & Ras Al Khaimah and Under Construction properties to selected developer and segments

Insurance:

  • Life Insurance: Optional
  • Property Insurance: 0.0483% p.a. (on property value)

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