Property Loans in Dubai - Finance Solutions
ETA Star Property offers the most innovative financial solutions to investors of varied budgets and requirements. Some the best global finance providers are our partners in ensuring that you enjoy the most reliable and flexible solutions. As a private developer, ETA Star Property probably enjoys the maximum number of accreditations from financial institutions in the UAE and beyond.
Home Loans available from the following Banks / HFC for all our projects:
- Union National Bank
- AbuDhabi Commercial Bank (ADCB)
- Tamweel
- First Gulf Bank
- Finance House
- Arab Bank
- Badr Al Islami
- Dubai Bank
What is the age group for home Loan?
What is the maximum loan tenure?
- Up to 15 years with Mashreq Bank
- Up to 25 years with Tamweel and ADCB
How much time will it take to get my loan approved?
Can I find out what loan amount I am eligible for before the payments to the developer?
Yes, we have a pre-approval program to help you to understand the loan eligibility. This will help you to budget & safeguard the contribution from your side.
DOCUMENTS SECTION
What are the documents needed for a Mortgage Loan?
SELF EMPLOYED
- Passport copy
- Last six months bank statements personal and company (original)
- Memorandum and articles of association
- Income tax statements of last 2 years
- Board resolution copy
- Trade license copy
- Copy of chamber of commerce registration
- Business profile on company letter head
- Photocopy of purchase contract
- Photocopy of down payments
- Credit Report
- Know your customer/ banker reference
- Utility bill copy
SALARIED
- Application Form
- Passport Copy
- Salary Certificate Addressed To Mashreqbank
- Last Six Months Bank Statements salary account (Original)
- Credit Report
- Know Your Customer/Banker Reference
- Photocopy of Purchase Contract
- Photocopy of Down Payments
- Utility bill copy
FEES & CHARGES SECTION
- What are the charges linked to my home loan?
- Processing fee
- EMI – Equated Monthly Installment (Interest + Principle) payable over the repayment period and upon possession
- Pre EMI / Profit Charge – (Interest payable for the amount disbursed to the developer during the period of construction)
- Pre-payment fee / Foreclosure charges (Varies from Bank to Bank)
- Late payment fee in case of delay in monthly instalments
- All these are subject to changes
LIFE INSURANCE SECTION
Do you require life insurance?
Yes, this is mandatory. The policy should cover the loan amount up to loan tenor & be assigned to the bank before the disbursal.
Which are the approved insurance companies for life insurance?
Oman Insurance Company, Zurich Life & American Life insurance issued in
Can you complete the formalities of my life insurance policy?
Do I need to take property insurance?
Yes. The premium is calculated on the cost of the property & the policy shall be assigned to the respective bank
How is my mortgage application evaluated?
Your application will be evaluated on the following criteria:
- Your income stream.
- Your employment history and stability.
- Your ability to handle current obligations as well as new ones.
- Your ability and willingness to repay (credit report).
- The value of the property being purchased or refinanced.
- Your assets to assess your ability to meet your down payment
INSTALLMENTS PAYMENTS
How do I make the installment payments in case of non-residents?
You would need to open a non-cheque in account with any of the approved bank branches in
When will you start my installments?
The installments will commence only after the final payment is made to the developer/seller. For e.g. if the final payment is done on Dec 2007 then the first installment will begin from Jan 2008.
How can I calculate my equated monthly installments?
Please refer to the EMI Chart for various rates of interest and for various repayment periods EMI per AED 100,000.
GENERAL SECTION
How will you initiate my disbursals?
Disbursals will be done to the developer based on payment schedules mentioned in the purchase contract.
Do I need to submit all the property documents in original?
Yes, The respective Bank will be the custodians of original property documents. After the loan settlement in full, a no liability certificate & all relevant documents will be handed over to you.
Do I need to give security cheques?
Yes, this acts as a security to the Bank in case of non-payments of installments.
Do all owners of property have to be co-borrowers to the loan?
Yes, it is important for all co-owners of the property to be co-borrowers.
Can the income of more than one person be considered for eligibility calculations?
Yes, the bank can consider this. However, all the borrowers whose income will be considered will have to be co-borrowers to the loan.