Self-Construction Home Loans | Home Construction Loan

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Key features and benefits

Apply with a minimum salary of AED 10,000
Available for salaried and self-employed individuals
Finance up to 85% of the Property Value
Life and property insurance options available
No application fee
Free partial settlement, up to 20% of the loan amount
Mortgage for government housing programmes
Apply with a co-borrower

Terms and conditions apply.

Apply now

I want to borrow

AED 250,000 AED 20,000,000

12 Months 300 Months

You can borrow AED {0} Home Loan

with monthly payments as low as

AED

Tentative rate: 6.65% p.a. (reducing)
Rates and benefits will be applicable based on the customers segment, eligibility and borrowing capacity as per the banks credit policy and central bank regulation.
Linked to 1-month EIBOR + 1.99% per annum reducing balance. Reference Rate is calculated based on EIBOR rate as of 04^th November 2024. Rate applicable will be calculated based on the current rate of EIBOR as on the date of loan disbursal.

Finance construction property highlights

Bring Your Dream Home To Self Life With Emirates NBD Self - Construction Home Loan

Apply with a minimum salary of AED 10,000
Available for salaried and self-employed individuals
Coverage of Life & property insurance
Free application fee
Free partial settlement up to 20% of the loan amount
Finance of Government housing programs available
Apply with a co-borrower

I want to borrow

AED 250,000 AED 20,000,000

12 Months 300 Months

You can borrow AED {0} Home Loan

with monthly payments as low as

AED

Tentative rate: 6.65% p.a. (reducing)
Rates and benefits will be applicable based on the customers segment, eligibility and borrowing capacity as per the banks credit policy and central bank regulation.
Linked to 1-month EIBOR + 1.99% per annum reducing balance. Reference Rate is calculated based on EIBOR rate as of 04^th November 2024. Rate applicable will be calculated based on the current rate of EIBOR as on the date of loan disbursal.

Benefits of getting a home loan with Emirates NBD

Mortgage loan buyouts

Switch your existing home loans to Emirates NBD and benefit from our low-interest rates and higher loan amounts

Commercial loans for retail spaces & office units

Purchase constructed and ready commercial properties with our commercial mortgage loans

Home Loans for non-residents

Own a home in the UAE while living in your home country with our loans for non-residents

Eligibility

For salaried and self-employed individuals

Minimum salary: AED 10,000

Documents required to apply

Salaried individuals

Passport and Emirates ID
Salary certificate addressed to Emirates NBD
Bank statement for the last 6 months
Pay slips for the last 6 months if pay varies more than 10%

Self-employed individuals

Passport and Emirates ID
Copy of Trade License
Memorandum of Association (MOA), including all amendments
Bank statement for the last 6 months
Audited company financials or the last two years

Co-borrowers' documents (if applicable)

Co-borrower's passport and Emirates ID
Income documents (if applicable)
Pay slips for the last 6 months if pay varies more than 10% (if applicable)
Bank statement for the last 6 months (if applicable)
If the co-borrower is a company owner, please share the MOA and Trade License

If moving your loan to Emirates NBD

Valid Passport & Emirates ID
Property documents and title deed
Existing bank loan documents

Salaried individuals

Passport and Emirates ID
Salary certificate addressed to Emirates NBD
Bank statement for the last 6 months
Pay slips for the last 6 months if pay varies more than 10%

Self-employed individuals

Passport and Emirates ID
Copy of Trade License
Memorandum of Association (MOA), including all amendments
Bank statement for the last 6 months
Audited company financials or the last two years

Co-borrowers' documents (if applicable)

Co-borrower's passport and Emirates ID
Income documents (if applicable)
Pay slips for the last 6 months if pay varies more than 10% (if applicable)
Bank statement for the last 6 months (if applicable)
If the co-borrower is a company owner, please share the MOA and Trade License

If moving your loan to Emirates NBD

Valid Passport & Emirates ID
Property documents and title deed
Existing bank loan documents

Getting started

What is a Self-construction Loan?

A Self-construction Loan is a specialized financial product designed to provide the necessary funding for individuals who wish to construct their own home from the ground up.

How does a Self-construction Loan differ from a traditional mortgage?

Unlike traditional mortgages, which are primarily intended for the purchase of pre-existing properties, self-construction loans are meant for the construction of a new home on an existing piece of land.

Who is eligible for a Self-construction Loan?

UAE Nationals with available land or those who are granted land by the government are eligible to apply for a self-construction loan, subject to meeting the lender's specific criteria.

How do disbursements work with a Self-construction Loan?

Disbursements for a Self-construction Loan are usually administered in stages, with funds released as the construction progresses. This staged approach ensures that the funds are disbursed in line with the completion of specific construction milestones, rather than as a single lump sum.

What documents are typically required for a Self-construction Loan application?

Commonly required documents for a Self-construction Loan application include passport, Emirates ID, original affection plan/search certificate or original title deed of the property, the mortgage deed for the property, if applicable, technical evaluation report, workers insurance, registered mortgage deed and building permit, demarcation certificate and contractor's trade license.

What is a Self-construction Loan?

A Self-construction Loan is a specialized financial product designed to provide the necessary funding for individuals who wish to construct their own home from the ground up.

How does a Self-construction Loan differ from a traditional mortgage?

Unlike traditional mortgages, which are primarily intended for the purchase of pre-existing properties, self-construction loans are meant for the construction of a new home on an existing piece of land.

Who is eligible for a Self-construction Loan?

UAE Nationals with available land or those who are granted land by the government are eligible to apply for a self-construction loan, subject to meeting the lender's specific criteria.

How do disbursements work with a Self-construction Loan?

Disbursements for a Self-construction Loan are usually administered in stages, with funds released as the construction progresses. This staged approach ensures that the funds are disbursed in line with the completion of specific construction milestones, rather than as a single lump sum.

What documents are typically required for a Self-construction Loan application?

Commonly required documents for a Self-construction Loan application include passport, Emirates ID, original affection plan/search certificate or original title deed of the property, the mortgage deed for the property, if applicable, technical evaluation report, workers insurance, registered mortgage deed and building permit, demarcation certificate and contractor's trade license.

Does a Self-construction Loan cover the purchase of land as well?

No, it is necessary for you to already have the land before you apply for a Self-construction Loan.

What is the difference between Mulhaq loan and a Self-construction Loan?

The Mulhaq loan is intended for building an extension or making improvements to a ready property, whereas a Self-construction Loan is meant for the construction of a new property on an empty piece of land.

How much can I borrow with a Self-construction Loan from Emirates NBD?

Loan amounts are determined based on your income, the value of the land, the estimated construction cost, and your overall creditworthiness. Loan-to-Value (LTV) ratios are subject to Emirates NBD’s lending policies which can be up to 85%.

What is the interest rate for a Self-construction Loan?

Interest rates are competitive and based on market conditions and your credit profile.

What is the maximum tenure for Self-construction Loan?

Repayment periods can extend up to 25 years, depending on the loan amount, your age at maturity, and Emirates NBD’s policy.

Is early repayment allowed for Self-construction Loans?

Yes, early repayment is possible. Fees may apply as per Emirates NBD’s settlement policies.

What are the additional fees associated with a Self-construction Loan?

Additional fees may include processing fees and valuation fees. For a detailed fee structure, please refer to the loan agreement or contact Emirates NBD.

What happens if a customer fails to repay the loan?

Failure to repay the loan can result in legal action and loss of the property. It is important to discuss any financial difficulties with Emirates NBD to explore possible solutions.

How can I apply for a Self-construction Loan?

You can apply online here to start your application process.

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