Constructed Property Home Loan

Constructed Property Home Loan: What is It?

A constructed property home loan is a financing option for UAE nationals and expatriates who wish to buy a completed residential property or plan to build their own house. Banks across the UAE offer this type of loan to finance villas, apartments, and more in approved developments.

Top Home Loan Plans in UAE

Why Do I Need a Home Loan to Build a House: Home Loan Benefits

Here’s how a home loan to build a house can turn your dream into a reality:

• Eases your property buying
• Increases your credit Score if you make timely repayments
• Home loans help you construct your dream home from scratch without any financial burden

Top Constructed Property Home Loan in the UAE

Tabled below are the top construction mortgage loans offered by UAE banks -

Bank Home Loan	Features/ Benefits
Emirates NBD- Home Loans for Self Construction	Covers up to 100% financing of the construction cost Finance amount of up to AED 25 million or up to 85% of the property value Availability of fixed interest rates Loan deferment period of 2 years or till construction completion (whichever is earlier) Loan available for salaried and self-employed individuals No application fee Complimentary property and life insurance Free partial settlement, up to 20% of the loan amount
ADCB- Home Construction Finance	Finance for private residential property constructions Finance up to 75% of the combined land and construction value Finance available for UAE Nationals and UAE Expatriates Make down payments in easy 4 instalments Flexible partial settlement
Emirates Islamic- Home Finance Bina’a	Finance up to 85% of the property value Available for UAE Nationals Flexible repayment tenure of up to 25 years Quick application approval and fast turnaround Injury or loss of life Takaful coverage for family
Sharjah Islamic Bank- Real Estate Finance	Finance amount of up to AED 8 million Available for UAE Nationals and Expatriates Salary transfer is not required Wide geographical coverage Flexible loan repayment tenure of up to 25 years Fixed-rate period options of 1 year, 3 years, and 5 years

Construction Home Loans: Interest Rates

We have mentioned the construction mortgage loan rates in the table below:

Bank Home Loan	Interest/ Profit Rates	Apply
Emirates NBD- Home Loans for Self Construction	Tentative reducing rate- 7.35% per annum	Apply Now
ADCB- Home Construction Finance	Starting from 4.99% per annum	Apply Now
Emirates Islamic- Home Finance Bina’a	Based on EIBOR	Apply Now
Sharjah Islamic Bank- Real Estate Finance	Reducing rate- Starting from 4.25% per annum	Apply Now

Who Can Apply for a Constructed Property Mortgage Loan?

The general eligibility criteria for construction home loans in UAE are:

Eligibility Type	Criteria
Minimum Age of the Applicant	21 years
Minimum Salary of the Applicant	AED 5,000
Applicant Type	Salaried or Self-Employed Individual
Applicant’s Nationality	UAE National or Expat
Applicant’s Credit Score	Decided by the bank

Note: These are the general criteria for constructed property mortgage loans in the UAE. Your respective bank may have additional criteria.

What Documents Do I Need to Submit for a Home Loan to Build a House?

Given below is a set of documents required by banks for your loan application verification:

For Salaried Individuals	For Self-Employed Individuals	For Co-Borrowers (If Applicable)
Emirates ID Passport Residence visa (for UAE expatriate) Previous 3-6 months’ personal bank statements Salary certificate issued to the bank Pay Slip (if required)	Emirates ID Passport Residence visa (for UAE expatriate) Previous 3-6 months’ company bank statements Trade licence Memorandum of Association (MOA) Audited company financials	Emirates ID Passport Residence visa (if the co-borrower is an expatriate) Latest 3-6 months’ personal/ company bank statements MOA, trade licence / Payslips, salary certificate

Documents Required	For Salaried Individuals	For Self-Employed Individuals	For Co-Borrowers (If Applicable)
Emirates ID	✅	✅	✅
Passport	✅	✅	✅
Residence visa (for UAE expatriate)	✅	✅	✅ (If Expat)
Previous 3-6 months’ personal bank statements	✅	✅ (company)	✅ (Personal/Company)
Salary certificate issued to the bank	✅	NA	✅
Pay Slip (if required)	✅		✅
Memorandum of Association (MOA)	NA	✅	✅
Audited company Financials	NA	✅	NA
Trade Licence	NA	✅	✅

Note:

• You must have originals and copies of each document.
• All documents must be valid.
• Your bank may ask you to submit additional documents if required.

Constructed Property Home Loan: Apply via Policybazaar UAE

Now easily apply for a constructed property mortgage loan through Policybazaar UAE. We offer you the convenience of a quick and hassle-free application. Besides, you can unlock other benefits such as:

• Availability of multiple constructed property home loans across different UAE Banks
• A platform for comparing several loan options altogether
• 24/7 customer service support to answer all your queries
• Access to home loan-related information via the ‘Articles’ section on our website

How Can I Calculate Monthly Instalment for a Constructed Property Home Loan?

Nowadays, online calculators are available on most banks’ websites. These user-friendly tools simplify the process of calculating your loan details. Unlike a manual calculator, there is no need to use a calculation formula. Just enter the loan amount, tenure, down payment, and interest rate. Submit to get your result instantly.

You can also check your construction mortgage loan monthly instalments via our website. Click here to access our home loan calculator.

Frequently Asked Questions

You May Also Know
Mortgage Loan Eligibility in UAE	Mortgage Loan Pre-Approval in UAE
Mortgage Loans for Expats	Home Loan Balance Transfer in UAE
Home Loans for Non Resident	Mortgage Loan for Salaried Employees
Under Construction House Loans with Variable Interest Rate	Mortgage Loan Procedure in UAE