ARAB Bank Home Loan Eligibility in UAE
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Purchasing a home in Dubai is something that you may have been striving for a long time now. However, buying a home in Dubai quite a lot of planning, in terms of choosing the property and arranging the funds. Fortunately, Arab Bank offers highly competitive home loan options in UAE, designed to help their customers buy their dream house with maximum convenience.
A set of eligibility criteria is required to be met to get Arab home loans in UAE. Let’s cover Arab Bank home loan eligibility requirements in detail.
Arab Bank Home Loan Eligibility Criteria
Arab Bank offers multiple kinds of home loan options to ensure that the individual requirements of all customers are ideally met. Arab Bank home loan eligibility criteria can be divided into two basic categories – common criteria for all types of loan options and individual criteria for each type. The applicants must fulfil both these criteria to get an Arab Bank home loan in the UAE.
The following is a checklist of Arab Bank eligibility criteria:
|
Eligibility Requirements |
Details |
|---|---|
|
Minimum Age Requirement |
21 years |
|
Salary Requirement |
|
Residency Requirements for Arab Bank Home Loan
|
Home Loan Plan |
Eligibility Requirements |
|---|---|
|
Ready Property Loan |
UAE National and Ex-pat |
|
Non-Resident Jordanians Home Loan |
Expatriate from Jordan |
|
Non-Resident Lebanese Home Loan |
Expatriate from Lebanon |
|
Non-Resident Palestinians Home Loan |
Expatriate from Palestine |
Why is it important to fulfil loan eligibility requirements in UAE for Arab Bank Mortgage Loan?
Lenders ask applicants to fulfil eligibility criteria to make sure they offer optimum loan amounts that can be repaid on time. It also helps the banks decide whether the applicant is reliable as a borrower and handle their finances well. Eligibility criteria also help in filtering fraud applications ensuring payment defaults are minimised.
Frequently Asked Questions
Yes, both salaried and self-employed individuals are eligible for Arab Bank mortgage loans as long as they meet the eligibility requirements.
Yes, Arab Bank offers home loans to UAE residents. Specially tailored home loan options are available for ex-pats from Jordan, Lebanon and Palestine.
Arab Bank has set the minimum salary requirement to AED 15,000 per month for UAE nationals and AED 20,000 for UAE residents. Self-employed individuals must have a minimum monthly income of AED 50,000.
Applicants over the age of 21 years are allowed to apply for an Arab Bank mortgage loan in UAE.
In order to apply for Arab Bank mortgage loans, you can visit any local bank branch of the bank or the online bank website. You can also visit Policybazaar.ae to compare all the home loan products available to you and apply for your preferred one.
No, any loan application that does not satisfy the eligibility requirements is rejected by the bank.
The bank asks for identity, residency and salary proof in order to verify the applicant’s eligibility during the loan application process.
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