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:
Mashreq Bank
Union National Bank
AbuDhabi Commercial Bank (ADCB)
Tamweel
First Gulf Bank
Finance House
Arab Bank
Badr Al Islami
DubaiIslamic Bank
Dubai Bank
What is the age group for home Loan?
Minimum age at the time of application is 21yrs & maximum age should be 60yrs on maturity of loan. For business people, the maximum age should be 65yrs at the time of maturity of loan.
What is the maximum loan amount permissible per individual?
Up to AED 3 million.
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?
10-15days subject to submission of all the required documents.
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
Application form
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 Dubai. Each policy will be verified and approved as per the terms and conditions of respective Bank.
Can you complete the formalities of my life insurance policy?
The respective Bank can assist you to get in touch with the insurance officers of approved insurance companies.
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
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 Dubai.
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.