UAE Nationals Home Loans with Variable & Fixed Interest Rates

An increasing number of banks and financial institutions in the UAE now offer different types of home and property loan options, given the increased investment activity from nationals and residents alike. Several banks in the UAE offer different home loans for UAE nationals and residents. 

UAE nationals’ home loans are generally available with fixed and variable interest rate options, with several providers allowing users to make a choice from these types. This piece will explore UAE national home loans with variable and fixed interest rates, the top banks offering such plans, and how you can apply for one easily. 

UAE National Home Loan Interest Rates

Most home loans in UAE from the leading providers offer the lowest possible interest rates to borrowers to help them purchase the home of their dreams. Interest rates for UAE nationals’ home loans start at 1.75% per annum (flat or fixed) and go further up from there as per the customer’s profile, with banks finalising interest rates as per the creditworthiness of the applicant. Applicants can also opt for EIBOR variable rates or reducing rates for their home loan in UAE - the choice can ultimately be made as per the current or expected market situation.

Top Home Loan Plans for UAE Nationals

Emirates NBD Home Loans for UAE Nationals

• Up to AED 15 million loan amount is offered with this Emirates NBD UAE nationals home loan with fixed and variable interest rates
• Up to 85% of the value of the property can be financed 
• The maximum available loan tenure is 25 years
• The UAE national home loans with variable and fixed interest rates are available with a pre-approval facility 
• Both salaried and self-employed applicants can apply for this loan 
• The applicable consumer base rate for this UAE national home loans with variable and fixed interest rates is 5.75% per annum

Emirates Islamic Bina’a Home Finance

• Available exclusively for UAE nationals 
• Up to 85% of the property value can be drawn as a loan amount
• Loan repayment tenure of up to 25 years 
• Up to AED 15 million available as the loan amount  
• Engineering and monitoring services provided free of cost for properties that are still under construction
• This UAE national home loans with variable and fixed interest rates can be used for properties in restricted areas, under-construction properties, Sharjah Housing Program homes, and Mohammed Bin Rashid Housing Establishment homes 
• Reducing rate financing starting at the rate of 3.49% per annum 

ADIB Home Loans for UAE Nationals

• Up to AED 10 million offered as a financing amount for UAE nationals with this UAE national home loans with variable and fixed interest rates 
• Competitive annual profits rates starting at 2.06%  (flat) and 3.75% (reducing) 
• The minimum salary required to get this UAE national home loan with variable and fixed interest rates is AED 10,000, while the minimum annual turnover required for self-employed individuals is AED 3 million 
• Early settlement fee is not applicable for these ADIB UAE national home loans with variable and fixed interest rates. 
• Additional loan benefits include free property insurance for complete tenure of the plan and a 6-month-long postponement period for the first monthly instalment 

RAKBANK Home Loans

• A dedicated relationship manager for your account will be present to assist you with your UAE national home loans with variable and fixed interest rates requirements 
• Up to 25 years of loan repayment tenure offered for this UAE national home loan product 
• The maximum loan amount that you can get here is AED 18 million, which can be used to finance up to 80% of the property value 
• No in-principal approval fee and a discounted evaluation fee 
• Free credit card offered with this loan 
• This RAKBANK UAE national home loans with variable and fixed interest rates can be used to finance most of the ready properties with title deeds 

Dubai Islamic Bank First Time Buyers 

• Get up to AED 50 million loan amount with this DIB UAE national home loan with variable and fixed interest rates
• Up to 80% of the property value can be financed for UAE nationals 
• Forward Ijarah facility of this UAE national home loans with variable and fixed interest rates can be used by UAE nationals to finance under-construction properties 
• The flat annual rates for DIB First Time Buyers loan start from 1.79%, while the reducing rates begin at 3.25% per annum 
• Complete assistance in purchasing a pre-owned property in the UAE from DIB 

Eligibility Criteria for UAE National’s Home Loans

• Age: Most banks in the UAE offer home loans to individuals older than 21 years of age. 
• Nationality: Almost all banks offer separate home loan products for UAE nationals. Anyone older than 21 years of age with valid proof of ancestry in the UAE prior to 1925 will be considered eligible to apply for UAE nationals’ home loans. 
• Income: The minimum monthly income required to get home loans in the UAE from the leading providers is AED 10,000. However, keep in mind that banks may set individual limits for minimum monthly income as per their standards. 
• Credibility: As home loans have the longest repayment tenures in the emirates, credit scores are given high importance regarding the approval or rejection of applications for the same. An acceptable credit Score for home loans may fall into medium, high, or very high categories - any score lying in the low or very low category is generally not accepted by banks for UAE nationals’ home loans. Moreover, even if any bank approves your request with a low credit score, you can expect high-interest rates to accompany the loan. 
• Employment: Most UAE nationals’ home loans are available for both salaried and self-employed applicants. The minimum income criteria, however, differs for both these categories of borrowers in some cases. 

Document Required for UAE National’s Home Loans

A few different documents will be required to complete your UAE national home loan application as per the bank guidelines. The following is a list of all the different types of documents you may need: 

Identification Documents for All UAE Nationals

• Original Emirates ID with a copy 
• Original Passport along with a copy

For Salaried Applicants

• A copy of your salary certificate
• Bank statement for the past 3 to 6 months (as per the bank’s requirements)

For Self-Employed Individuals

• Valid trade licence 
• Memorandum of association
• Audited financial statement for the past 2 years or as per bank’s requirements

Documents for Co-Borrowers of the Loan

• Valid passport of the co-borrower
• Any document applicable as income proof
• Memorandum of Association and trade licence if the co-borrower of the loan is a company

Documents of The Property

• Quotation letter for the property from the seller
• A sale and purchase agreement for the property
• Site plan of the property and title deed

How to Apply for UAE National’s Home Loans?

Applying for UAE nationals’ home loans online is quite convenient, with all the steps being completed without requiring you to even take a step outside your place. The following are all the steps involved in the online application process for UAE nationals’ home loans:

Via Paisabazaar.ae

• Visit paisabazaar.ae, our official website, and head to the ‘home loans’ section that can be found in the drop-down menu under ‘Banking Products’ on the page 
• Locate the lead form on this page and fill it out accurately so that only the most relevant quotes are curated 
• Once you submit the form, you will be redirected to the quotes page of our website where you will find all the top UAE national home loan plans as per your requirements 
• Browse through the options, compare the plans, and choose the one that you find the best 
• Read all the mentioned terms and conditions of the plans and click on the apply button to begin the application process 
• Provide further details or documents if specified and complete the process 

After your application is received, you will be soon contacted by a Paisabazaar UAE executive to take the procedure further. You can resolve all your doubts with the executive and follow their instructions to complete the loan application process. 

Manually checking the plans for a home loan in UAE from different providers is difficult. Paisabazaar UAE helps you skip past the tedious research by providing you with all the relevant plans at your fingertips. Thus, you can view, compare, and purchase home loans in UAE in a few clicks, at any time and anywhere you want! 

Fees & Charges Applicable on UAE National’s Home Loans

A few different kinds of fees and charges are generally applied to UAE national home loans with variable and fixed interest rates. While the types of fees are common across all banks, the exact applicable amount may differ slightly. 

The following are a few fees and charges applicable on UAE national home loans with variable and fixed interest rates:

• Loan processing fee
• Property valuation fee
• Pre-approval or in-principal approval fee
• Early settlement fee
• Partial settlement fee
• Late payment fee
• Liability letter charges 
• Life and property insurance charges

Some banks also waive a few of the above-mentioned fees as promotional offers for customers. For instance, most banks waive the in-principal approval fee for UAE national home loans with variable and fixed interest rates. For this reason, it is advisable to check out which charges are not applicable on the loan you have chosen. 

Top Banks Providing UAE National’s Home Loans – In a Nutshell

Bank	Home Loan Plan	Interest Rates (Per Annum)	Maximum Tenure
Emirates NBD	Home Loans for UAE Nationals	Flat - 3.04% Reducing - 5.75%	25 years
Emirates Islamic Bank	Bina’a Home Finance	Flat - 1.75% Reducing - 3.49%	25 years
ADIB	Home Loan for UAE Nationals	Flat - 2.06% Reducing - 3.75%	25 years
RAKBANK	RAKBANK Home Loans	Flat - 2.09% Reducing - 3.99%	25 years
Dubai Islamic Bank	First Time Buyers	Flat - 1.79% Reducing - 3.49%	25 years

Given below are some frequently asked questions about UAE national loans with variable and fixed rates to help you understand your home loan structure better. 

FAQs