Emirates NBD Home Loans for Expatriates

Emirates NBD, an eminent bank of the UAE, offers multiple home loan options which includes home loan for expats. In this article, we will specifically cover the Emirates NBD Home Loans for Expatriates which can assist expats seeking to buy a home in UAE.

This home loan in UAE offers convenient and affordable financing for foreign nationals looking to purchase a home in the UAE. With competitive interest rates, flexible repayment terms, and a range of benefits and features, expatriates can easily find the perfect loan solution for their needs.

Features and Benefits of Emirates NBD Home Loans for Expatriates

Let’s first cover the salient features and benefits of Emirates NBD Home Loans for Expatriates -

• This home loan in UAE is available for both salaried and self-employed individuals.
• You can finance up to 80% of your property value.
• The bank doesn’t levy any charges for loan applications.
• You can avail of a free partial settlement of up to 20% of the loan amount.
• You can include a co-borrower when applying for this Emirates NBD home loan.
• You get a flexible loan repayment tenure of up to 25 years. 

Eligibility Criteria for Emirates NBD Home Loans for Expatriates

In order to be eligible for the Emirates NBD Home Loans for Expatriates, you must fulfil the following requirements:

• You must have a monthly salary of at least AED 15,000.
• You must be self-employed or a salaried individual.

Documents Required for Emirates NBD Home Loans for Expatriates

Mentioned below are the documents required to apply for this Emirates NBD home loan product -

For Salaried Individuals

• Emirates ID (original and a valid copy)
• A valid copy of the passport with the resident visa page
• A valid proof of previous employment if employed in the current job for less than 3 years
• Previous 6 months’ bank statements
• Latest salary certificate issued to Emirates NBD
• Latest pay slips (if there is a salary variance of more than 10%)

For Self-Employed Individuals

• Original Emirates ID along with a copy
• A valid copy of the passport with the resident visa page
• Copy of Trade Licence
• Audited financials for the last 2 years
• Memorandum of Association (MOA), including all amendments
• Previous 6 months’ bank statements

Documents for Co-Borrowers

• An original and valid copy of the Emirates ID
• A valid copy of the passport with the resident visa page
• Co-borrower's passport and visa page
• Income documents (if applicable)
• If the co-borrower is a company - Trade Licence, passport copy of the partners, and MOA

Documents Required if Moving Your Loan to Emirates NBD

• Emirates ID (original and a copy)
• A valid copy of the passport with the resident visa page
• Existing bank loan documents
• Property documents

Emirates NBD Home Loans for Expatriates: Interest Rates

Check out the points below to know more about the interest rates for the Emirates NBD Home Loan for Expatriates -

• The interest rate ranges between 2.14% and 6% (per annum).
• You can find two options with respect to the interest rates - 
  • The interest rate is fixed for an introductory period, that is, 2/3/5 years.
  • For the remaining period, the interest rate is variable and linked to EIBOR1 (i.e. EIBOR + fixed margin)
• For variable interest rates - The interest rate for the entire period of the loan is variable and linked to EIBOR (i.e. EIBOR + fixed margin).
• The Annualised Percentage Rate (APR) starts from 2.22% and goes up to 6.08%. It includes fees and charges of the product and applicable interest, expressed as an annualised rate. 

Emirates NBD Home Loans for Expatriates: Fees and Charges

Refer to the table below to understand the fees and charges associated with the Emirates NBD Home Loan for Expatriates -

Types of Fees	Charges
Loan Processing Fee	1.05% of the loan amount
Valuation Charge	AED 3,150 (Completed Property) AED 21,000 (For Self-Construction)
Early Settlement Fee	1.05% of the loan principal outstanding or AED 10,500 (whichever is lower)
Partial Pre-Payment Fee	1.05% of the Loan Outstanding not exceeding AED 10,500/- amount above the free allowance
Application Fee / Pre-approval Fee	Free
Nonstandard Statement / Copy of Original Documents	AED 105
Late Payment Fee	AED 420
Clearance Letter	Free
Request of Other Letters	Free
Change in Ownership Details (Co-borrower)	Free
Liability / No Liability Letter	AED 52.50
Change in Property (SWAP)	Free
Rescheduling Fee	AED 262.5
Life Insurance (single applicant)	Based On Individual Profile and Consent
Life Insurance (additional applicants)	Based On Individual Profile and Consent
Property Insurance	Based On Individual Profile and Consent
For Loan Amounts of More than AED 5 Million	The insurance fees may vary

How to Apply for Emirates NBD Home Loan in the UAE?

There are multiple ways through which you can apply for the Emirates NBD Home Loans for Expatriates in the UAE -

Via Paisabazaar UAE

• Step1- Continue on our website - paisabazaar.ae - and click on the ‘Banking Products’ drop-down menu.
• Step2- Select ‘Home Loans’.
• Step3- Fill out the lead form on the next page and submit it.
• Step4- The home loan quotes page will appear.
• Step5- Search for the relevant Emirates NBD home loan product and hit ‘Apply’.
• Step6- Proceed with the on-screen instructions to complete the procedure.

Via Bank’s Official Website

• Step1- Visit the official Emirates NBD website and click on the ‘Loans’ drop-down menu.
• Step2- Select ‘Home Loan’ and choose ‘Home Loan for Expatriates’.
• Step3- After you are directed to the next page, click on the ‘Apply Now’ button.
• Step4- Fill out the lead form and continue with the application as instructed.

Via Bank’s Mobile App

• Step1- Download and install the Emirates NBD application on your smartphone.
• Step2- Sign into your account and move to the ‘Home Loan’ section.
• Step3- Search for the Emirates NBD Home Loans for Expatriates product and click on it.
• Step4- Locate the ‘Apply’ button and proceed as per the on-screen prompted instructions. 

Via Offline Means

If you wish to get this Emirates NBD home loan in UAE offline, you can visit your nearest branch of the bank and get in touch with a bank official. Make sure to carry all the documents with you (including both originals and copies).

Emirates NBD Home Loan Calculator

The Emirates NBD home loan calculator is an online tool that can assist you in quickly estimating the monthly instalments for your loan. It is free to use and convenient, making it a great option for those looking for a loan.

Besides saving time by eliminating the need for manual calculations, it also provides an accurate indication of instalment amounts, using which you can plan your finances and loan repayment better.

All that it takes is a few pieces of information, like the home finance amount and loan duration, to immediately show accurate results. To get started with this calculator, you can visit the official Emirates NBD website and head to the page for Emirates NBD home loan for expatriates. Scroll down a bit to locate this Mortgage Loan calculator, where you can adjust the sliders and see the instalment amount.

Emirates NBD Mortgage Loan Terms and Conditions

The major terms and conditions of the Emirates NBD Home Loans for Expatriates are -

• The borrower must repay the loan on the due dates stated in the sanction letter, with the instalment amounts specified. If a due date falls on a day when banks in the UAE are not open for business, the instalment has to be repaid on the previous business day.
• The borrower may make pre-payment of all or part of the loan principal amount under this agreement on the due dates of the instalments as specified in the sanction letter or the schedule enclosed to this agreement in minimum amounts of one instalment and integral multiples of one instalment (or the balance outstanding if less). Such repayments shall be applied to the repayment schedule in reverse order of maturities, and the borrower shall pay the bank the early settlement fees stated in the sanction letter.
• In the event of a default by the borrower concerning any instalment on its due date, the borrower agrees to pay a penalty of AED 500 over the interest rate from the date of the due instalment until payment of the same is made in full. This provision is without prejudice to any other rights the bank may have under this agreement or any applicable laws.
• The bank shall make payments to the developer or any other person that it deems fit, in the instalments and proportions that it deems to be appropriate, at the times it considers to be appropriate. The borrower authorises the bank to make these payments. 

Why Choose Emirates NBD Home Loans for Expatriates?

Emirates NBD is a reliable and trusted financial institution in the Emirates, offering home loans in UAE with competitive interest rates and flexible repayment terms. The loan application process is fast and straightforward, allowing you to quickly apply and receive the funds that you can use for the purchase of a property, renovations, or refinancing.

You can also enjoy the convenience of online application and tracking of the loan status. Apart from that, the bank provides an array of benefits such as low processing fees and low pre-payment penalties, which makes it an attractive choice. With such excellent benefits, this Emirates NBD home loan in UAE is an ideal choice for any expat looking to purchase or refinance a property in the UAE.

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