CBD Home Loan

Purchasing a home is lifetime milestone for individuals. In addition, it requires a significant amount of funds and you need a home loan to meet the fund requirement. Home loans are crucial for home purchases, but choosing the right lender is much more important. When you need to buy a commercial property, your own home or when you want to invest in a property, choosing Commercial Bank of Dubai home loan products is your best option.

Commercial Bank of Dubai (CBD) is one of the largest banks in the UAE. Established in 1969, the bank commenced its operations from a wide network of branches spread across the country. The bank caters to a wide spectrum of customer segments through an array of specialized banking services. At present, the bank has also been abreast with current trends and technology ensuring that all its products and services are adapted accordingly.

Features of CBD Home Loan

When it comes to financing your home purchase, you want a mortgage solution that offers competitive rates and attractive features. Commercial Bank of Dubai's Mortgage Loan is designed to meet your requirements. Following are the features of CBD home loan.

• Affordable Interest Rates - The bank offers affordable rates of Interest starting from as low as 2.49%. 
• High Loan Amount - As an applicant, you get a high loan amount of up to 20 million AED.
• Digital Application Process - To offer convenience to the customers, the bank offers a completely digital application and approval process. 
• Flexible Loan Tenure - You get a flexible loan tenure of up to 300 months. 
• Zero Percent Buyout fee - The bank charges 0% Buyout Processing Fees
• Property Refinancing Feature - As an applicant, you also get property refinancing feature.
• Charges Free Payment - You can pay  15% of the outstanding amount  without any extra charges every year.

Mortgages are a great way to finance your home loan. At Commercial Bank of Dubai, you can find a mortgage loan that suits you as per your financial requirements. Here's what mortgage loans can do for you:

1. Buy your new dream home at affordable loan costs and move in.
2. ‘Ready Properties’ can be refinanced to get cash.
3. Under-construction property investment.
4. Transfer your existing UAE mortgage loan from other banks to the Commercial Bank of Dubai to take advantage of lower monthly loan payments.
5. UAE Nationals can refinance or invest in farmhouses and land plots
6. Expatriates can refinance or invest in land plots in Dubai with selected developers.

Eligibility Criteria for CBD Mortgage Loan & Home Loan

All home loan products come with a set of eligibility criteria and the Commercial Bank of Dubai Mortgage Loan is no exception. This means that you will need to meet some specific requirements to apply for this type of home loan.

• Age - You need to be aged between 21 years and 65 years during loan maturity.
• Monthly Income -  You need to have a monthly income of 12000 AED or more.
• Employment Status - You must have worked at your current job for at least 6 months.

However, if you are a business owner, the following eligibility requirements are applicable:

• Age - You need to be aged between 21 years and 70 years during loan maturity.
• Income - You need to have a monthly income of 20000 AED or more.
• Business Status - You must have been in business for at least 6 months.

CBD Straight-Through Pre-Approval Eligibility

The bank can issue an in-principle pre-approval based on the application submitted by the applicant. The pre-approval declares that the applicant can fulfil the stated conditions, and can receive a credit limit.

Here are the eligibility requirements:

• Minimum income of 12000 AED
• Employed for at least 6 months
• 21 to 70 years old at loan maturity for UAE nationals
• The maximum amount of Loan is 20 million AED
• Maximum loan tenure is up to 300 months

CBD Home Loan Interest Rates

Here are the interest rates for CBD Home Loan Interest Rates

How to Apply for CBD Mortgage & Home Loans?

Applying for a Commercial Bank of Dubai home loan is easy and streamlined. You can apply for the home loan online from the comfort of your home or visit a nearby branch.

• Visit the Commercial Bank of Dubai website.
• Register or Log in to the website if you already have an account.
• Open Mortgage Loan under the ‘Borrow’ section.
• Select ‘Apply Now’.
• Enter the needed information and press the 'Submit' button.
• The bank personnel can contact you for more support.

Required Documents for CBD Home Loans

Commercial bank of Dubai offers home loans at an affordable price. Given below is the required documents that are needed to complete your home loan formalities:

If you are an employed UAE national:

• Completed Application Form
• Consent Letter 
• Authorisation Letter
• National ID
• Last 3-month bank statement (new customers)

If you are an employed Expat:

• Completed Application Form
• Consent Letter 
• Authorisation Letter
• Valid Passport
• Emirates ID
• Residence Visa
• Last 3-month bank statement (new customers)

If you are a business owner:

• Completed Application Form
• Consent Letter 
• Authorisation Letter
• Trade License Copy
• Commerce Registration Chamber
• Association Articles and Memorandum
• Last 12-month bank statement of both personal and company accounts (new customers)

Please Note: You may need to provide additional paperwork as per your eligibility criteria and underwriting terms.

CBD Mortgage Loan Calculator

Whether you already own a home or looking to get one, investing in real estate can be a great way to grow your wealth. But as with all investments and loan products, you need to start by doing ample research and comparing various options. The Commercial Bank of Dubai has put together an online Mortgage Loan Calculator Tool, which is designed to compare different loans amounts, monthly EMIs etc. 

Follow the steps below to compute your monthly mortgage payment:

• Visit the Commercial Bank of Dubai website.
• Open Mortgage Loan Calculator under the ‘Borrow’ section.
• Input the Property Value.
• Input the Loan Period.
• Input the Down Payment amount.
• Input the Interest Rate.
• The Mortgage Calculator will display the results.

CBD Home Loan - Terms and Conditions

Here are some terms and conditions you need to understand and accept before applying for a CBD Home Loan.

• Make sure you carefully read up on the contract documents before opting for a home loan.
• The bank will ask you to sign a few documents to provide you with a home loan.
• While signing the agreement, you need to submit supporting documents.
• You will need to contact the bank if your financial circumstances change.

Why choose CBD Mortgage & Home Loans?

Taking a loan for your home may seem like a daunting task especially if you are unaware of the processes. However, CBD makes the loan application process as simple and easy so you can focus on the more important things in life like renovating your home or adding a new room.   

Commercial Bank of Dubai (CBD) has always been a pioneer in offering affordable loan facilities for the region and beyond. The bank offers home loans with fixed interest rates, flexible repayment tenure and easy documentation. You don’t need to visit bank branches as the whole process is completely digital. And the loan amount is completely based on your needs and offering an amount of up to a limit of 20 million AED. This flexibility is what makes CBD's home loans stand out among other home loans available in this region.

Frequently Asked Questions