Home Loan for Private Employees in UAE

Selecting an appropriate plan for a home loan in UAE can be tricky, especially when you are a salaried individual. Numerous aspects are to be considered before getting one such loan. You will, for instance, analyse whether you are capable of repaying the loan amount and the interest rates charged on the loan.

Another possible source of confusion is the sheer number of home loans available in the UAE, with all the leading banks and institutions offering excellent plans for the same. However, as a salaried employee working in the private sector, you can go through this article to find out more about the options available for home loans for private employees in the UAE.

This article covers the top financial institutions offering mortgage loans in UAE as well as the advantages and benefits offered by different home loan products so that you can select the best one for yourself.  

Features & Benefits of Mortgage Loan for Private Employees

Private finance home loans offer multiple benefits to applicants, whether UAE nationals, residents, ex-pats, and more. While the key features of each home loan plan differ, the following are some of the common benefits that you can enjoy with most banks –

• Mortgage loans in UAE for private employees are available with both fixed and variable interest rate options
• Numerous financial institutions offer the re-mortgage option to their customers
• Some banks also allow users to opt for offset mortgages
• Most banks offer up to 25 years of loan repayment options to their customers
• Private finance home loans by most financial institutions are available at affordable interest rates

Top 5 Home Loans for Private Employees in UAE

Listed below are the top financial institutions providing mortgage loans in UAE for salaried employees of the private sector –

1. Emirates NBD Home Loan

Emirates NBD primarily offers two home loan products for private employees in the UAE. One of them is exclusively available for nationals while the other one is for expatriates. Likewise, the down payment for both these products also varies. For UAE nationals, the minimum down payment requirement is 20%, whereas the same limit is 25% for ex-pats

Emirates NBD Home Loan for UAE Nationals

• A monthly salary of at least AED 10,000 is required to apply for this home loan in UAE
• Applicants can avail an amount of up to AED 15 million or 80x their salary with this private finance home loan 
• One can get financing of up to 85% of their property’s value
• Applicable interest rates 
  • Flat rate: 3.04%
  • Reducing rate: 5.75%
• The processing and settlement fees for Emirates NBD home loan for UAE nationals are 1% each
• Loan repayment tenure of up to 25 years
• Pre-approval facility provided 

Click here to Apply for Emirates NBD Home Loan for UAE Nationals

Emirates NBD Home Loan for Ex-pats

• The minimum salary required to avail of this home loan product is AED 20,000 per month
• The maximum loan amount offered here is AED 15 million or 70 times your salary 
• The flat rate offered is 3.04%, while the reducing rate is 5.75%
• The settlement and processing fees for this home loan in UAE are 1% each
• Pre-approval facility offered to applicants
• Home loan amount of up to 75% of the value of the property 
• Maximum loan repayment tenure of 25 years

Click here to Apply for Emirates NBD Home Loan for Expats

2. Standard Chartered Bank Mortgage Loan

Private sector employees planning to get home finance can opt for any of the two Standard Chartered Bank home loan products – Saadiq Home Finance and MortgageOne. Take note that the down payment for both mortgage loans in UAE is 20% of the value of the property.

SCB Saadiq Home Finance

• Applicant must have a monthly salary of AED 15,000 or more to avail of this home loan in UAE
• With Standard Chartered Saadiq Home Finance, you can have your private finance home loan approved in just 5 minutes
• Applicants can select their fixed terms ranging from 1-5 years
• This home loan offers an amount of up to AED 18 million 
• Enjoy the benefit of free property Takaful for a lifetime
• Shariah-compliant home loan product
• Flat rate of 1.66% and reducing rate of 2.99% offered
• Loan repayment tenure of up to 25 years

Click here to Apply for SCB Saadiq Home Finance

SCB MortgageOne

• Individuals can get a high loan amount of up to AED 18 million with Standard Chartered MortgageOne
• Option to offset your mortgage loan interest for better savings
• The bank offers a fixed interest rate for two years of 3.4%
• Zero processing fee when transferring the home loan balance to the account
• Easy withdrawal option is available – customers can encash their interest amount and the amount available in their bank accounts at any time
• The interest is estimated regularly based on the difference between the home loan balance and the amount available in the bank account
• The flat rate offered for the MortgageOne home loan product is 1.89%, with the reducing rate being 3.40%
• The maximum repayment tenure one can opt for is 25 years

Click here to Apply for SCB MortgageOne

3. Emirates Islamic Bank Home Loan

Emirates Islamic bank, one of the four Islamic financial institutions in the UAE, offers two types of private finance home loans to its customers. Mentioned below are the features and benefits of Home Finance Bina’s for UAE Nationals (minimum down payment of 20%) and Home Finance Manzili (at least 25% down payment required).

EIB Home Finance Bina’s for UAE Nationals

• Applicants must have a minimum monthly salary of AED 15,000 to avail of this home loan in UAE
• Up to 85% of the current market value of the property can be financed
• Highly competitive rates offered for this product linked with EIBOR – flat rate of 1.75%, and reducing rate of 3.49%
• 1% settlement fee and processing fee each 
• Minimal documentation and swift approval
• Loan repayment tenure of up to 25 years provided to customers 
• Individuals can avail of Takaful coverage to have their families covered in case the former is involved in any incident or the loss of their life
• For under-construction properties, engineering and project monitoring services are available without any additional cost
• Shariah-complaint mortgage loan in UAE 

Click here to Apply for this Mortgage Loan

EIB Home Finance Manzili

• Monthly salary of at least AED 15,000 required 
• Highly competitive profit rates offered with EIBOR
• The flat rate for this home loan is 1.92%, with the reducing rate being 3.49%
• Settlement fee and processing fee calculated at 1% each
• Life Takaful available at low rates 
• Finance options available for brokerage fees, registration, or transfer fees
• Option to enrol in priority banking (depending on the eligibility criteria) 
• Convenient documentation and quick approvals available for this home loan in UAE 

Click here to Apply for this EIB Home Finance Manzili

4. Commercial Bank of Dubai Home Loan

Employees of the private sector planning to take a home loan in UAE can select the Mortgage Loan for Salaried product offered by the Commercial Bank of Dubai (CBD). This type of mortgage loan, having a minimum down payment requirement of 25%, offers multiple benefits to borrowers. 

CBD Mortgage Loan for Salaried

• A minimum salary of AED 12,000 is required to apply for the CBD Mortgage Loan for Salaried home loan
• Loan amount of up to AED 20 million available
• 0% processing fee charged on buyouts
• Home loan rates 
  • Flat rate – 2.18%
  • Reducing rate – 3.54%
• The processing fee and settlement fee charged on the loan is 1%
• Borrowers have the option to repay up to 15% of their outstanding amount every year without any additional charges
• Reduce monthly payments by transferring mortgage loans from other banks
• The maximum tenure to repay the loan amount is 25 years

Click here to Apply for CBD Mortgage Loan for Salaried

5. Abu Dhabi Commercial Bank Mortgage Loan

Besides its multiple banking and financial services, Abu Dhabi Commercial Bank (ADCB) offers home loans for private employees as well. Salaried employees in the private sector can opt for any one mortgage loan in UAE out of the two offered by the bank, with both these plans having a minimum down payment requirement of 20% of the value of the property.

ADCB Standard Mortgage Loan

• The minimum salary requirement to apply for the ADCB Standard Mortgage loan is AED 15,000 per month
• The interest rates for this plan start from 3.99% (reducing)
• Maximum loan amount – AED 20 million 
• Option to switch to a different mortgage loan variant at any time during the loan period available
• Partial settlement of home loan in UAE can be done with the Standard Mortgage loan product 
• UAE nationals can finance up to 85% of their property value – expatriates can finance up to 80% of their property value 
• Employees working in the private sector can either select Islamic or Conventional home finance
• Loan repayment tenure of up to 25 years offered
• For every AED 1,000 loan amount, 200 TouchPoints will be awarded to the borrower (the maximum TouchPoints that an individual can earn here is 500,000)

Click here to Apply for ADCB Standard Mortgage Loan

ADCB Mortgage Home Saver

• A monthly salary of AED 15,000 or above is required to apply for this home loan in UAE
• Maximum finance amount –AED 20 million
• Borrowers can reduce their home loan tenure by up to 15 years on a 25-year loan term
• The reducing rate for this loan is 4.25%
• Processing fee and settlement fee – 1% each
• Option to save up to 90% on interest costs on a loan term of 25 years
• UAE nationals can finance 85% of their property value, while expatriates can get financing of up to 80% of the value of their property
• Option to switch to a different mortgage variant during the maturity period of your loan
• Provision for partial settlement of the loan at any time available

Click here to Apply for ADCB Mortgage Home Saver