Constructed Property Home Loan

Build your dream home on your own land with a constructed property home loan! Get a high financing amount at an attractive interest rate. Further, repay the loan with easy instalment plans for up to 25 years. Explore banks offering construction mortgage loans and select your preferred product today.

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.

Table of Content

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

Home loan in UAE - Paisabazaar uae

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.

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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 Paisabazaar UAE

Now easily apply for a constructed property mortgage loan through Paisabazaar 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

Q1. Is there a processing fee for ADCB home construction finance?

Yes, the bank charges a processing fee.

Q2. How much salary is required to apply for Sharjah Islamic Real Estate Finance in the UAE?

You must have a monthly salary of AED 10,000 at least to apply for Sharjah Islamic home finance.

Q3. Can I apply for an Emirates NBD Home Loan for Self Construction with a co-borrower?

Yes, you can apply for the home with a co-borrower.

Q4. Which documents are required for an Emirates Islamic constructed property home loan?

You must submit the following set of documents:

Approved drawings

Property specifications

Bill of quantity (must be signed by all parties on each page)

Cash flow statement

Schedule of work

Building permit

Demarcation certificate

Owner share completion (if applicable)

Trade licence copies of consultant/ contractor

Down payment supported documents (if applicable)

Bank guarantee/ Performance bond

Contractor opening account with the bank

Retention bond undertaking

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