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So it’s important to have a financial partner you can trust to make it go as smoothly as possible.
Having Emirates NBD as your partner to make sure your finance is easy to arrange and right for your needs is one less headache. We have a range of home loan choices to suit you and help you finance your dream home.
Whether you are buying your new home or building one for the family, you have one of the country’s largest property lenders standing ready to help you with affordable finance for the loan and duration of your choice. Emirates NBD can help you move into your dream home, so you can create memories that last a lifetime. This loan includes the following features:
*The Bank reserves the right to alter or amend the above without prior notice
*Terms and conditions apply. All Loans are granted at the sole and absolute discretion of the Bank
*Property valuation from an Emirates NBD approved Valuator is mandatory for Premium Finance and Market Value Refinance
*Finance available for completed properties with title deed, handed over properties with Oqood and completed properties registered in DIFC & for self-construction loans
With so much property to choose from in Dubai or Abu Dhabi, you want a finance solution that will help you settle in your new location and call home. Emirates NBD’s Home Loan for Expatriates is the one that thousands before you have chosen. They must know something you don’t. Features of this loan include:
*The Bank reserves the right to alter or amend the above without prior notice
*Terms and conditions apply. All Loans are granted at the sole and absolute discretion of the Bank
*Property valuation from an Emirates NBD approved Valuator is mandatory for Premium Finance and Market Value Refinance
*Finance available for completed properties with title deed, handed over properties with Oqood and completed properties registered in DIFC & for self-construction loans
To get your business moving you need to be in the right place. Emirates NBD Commercial Properties Financing will help you widen your choice from among the city’s best commercial properties with attractive rates, high loan amounts and flexible repayment terms.
Your parents never stop trying to help you as you travel down life’s highway. With Emirates NBD’s Mulhaq Loans they can do even more for you, by allowing you to use the value of their home to support a loan for you to acquire yours.
If you own a property in UAE, and you are a UAE National, Emirates NBD can offer you the most convenient way to get the loan you need by mortgaging your owned and fully available property.
If you already own a property in UAE, Emirates NBD can offer you the most convenient way to get the loan you need by mortgaging your owned and fully available property.
To get your business moving you need to be in the right place. Emirates NBD Commercial Properties Financing will help you widen your choice from among the city’s best commercial properties with attractive rates, high loan amounts and flexible repayment terms. Its features include:
*What is LTV?
LTV is the loan-to-value (LTV) ratio, which describes the size of a loan compared to the value of the property you are securing it for. Banks and building authorities use the LTV ratio to assess whether additional mortgage insurance is required for your loan to be approved.
Your parents never stop trying to help you as you travel down life’s highway. With Emirates NBD’s Mulhaq Loans they can do even more for you, by allowing you to use the value of their home to support a loan for you to acquire yours. Features of this loan include:
If you own a property in UAE, and you are a UAE National, Emirates NBD can offer you the most convenient way to get the loan you need by mortgaging your owned and fully available property. This loan includes:
*Properties can be registered with the relevant Government Department with a mortgage created in favour of Emirates NBD
If you already own a property in UAE, Emirates NBD can offer you the most convenient way to get the loan you need by mortgaging your owned and fully available property. This loan includes:
*Properties can be registered with the relevant Government Department with a mortgage created in favour of Emirates NBD
*What is LTV?
LTV is the loan-to-value (LTV) ratio, which describes the size of a loan compared to the value of the property you are securing it for. Banks and building authorities use the LTV ratio to assess whether additional mortgage insurance is required for your loan to be approved.
It is important to evaluate the variable rate before selecting your Home Loan.
When financing your home, it's tempting to go with the lowest possible interest rate. However, most advertised rates are fixed for a short introductory period. Evaluating the variable rate which includes both the base rate and margin after the fixed introductory period can help you make a balanced decision. Your financial evaluation and property selection should be based on a variable rate rather than the lowest fixed rate offered for a short introductory period. This will help you to take the right decision in the long run.
A higher down payment on your home now means lower total payments on your home.
Loan to value (LTV) is a financial term used by lenders to express the ratio of a loan against the value of the home. While it's tempting to apply for the highest LTV, it is advisable to pay a higher down payment and opt for a lower LTV. This helps to ensure that future payments are manageable and also helps you keep more disposable income and save up money for other unforeseen and unavoidable circumstances. It also gives you flexibility to move for a better offer or pricing in case another bank is offering lower rates than your current home loan.
What you buy is important. Where you buy is even more so. That's why the first rule of real estate is: location, location and location. Carefully consider things like the developer, the neighbourhood and the distance to amenities like shops, schools and parks. These factors will not only help you live more comfortably, but will have a big effect on your property's sale and rental values in the future.
A shorter tenor will result in less overall interest paid. When buying your home, don't stretch your financial commitment unnecessarily by extending the period of your mortgage. Although you will reduce your instalments which makes you eligible for a higher loan, you will end up paying more interest overall, making your home more expensive to own in the long term.
Example: Villa price: 2.5 M
Mortgage (80%): 2 M
Down payment (20%): 0.5 M
Interest rate: 4.5%
Tenor | EMI | Total paid | Total Interest | Total Principal |
---|---|---|---|---|
25yr | 11,117 | 3,334,994 | 1,334,995 | 2,000,000 |
20yr | 12,653 | 3,036,717 | 1,036,717 | 2,000,000 |
15yr | 15,300 | 2,753,976 | 753,976 | 2,000,000 |
10yr | 20,728 | 2,487,322 | 487,322 | 2,000,000 |
As you can see in above table, compared to a 25-year tenor, a 20-year home loan is 29% cheaper and 15-year home loan is 77% cheaper on overall interest paid basis. For more practical advice on buying a home, get in touch with us.
An MOU must be a comprehensive document outlining clear obligations of the buyer and seller. The document must be explicit and clear with regards to the fee payable to the real estate broker, government institutions, developer and lender respectively. It is suggested that the MOU outlines a reasonable time frame to complete the transaction, especially when the seller has a mortgage and the buyer is also completing the transaction through financing. The MOU must protect the buyer in the event of the valuation amount falling short of the agreed sale price or mortgage approvals not coming through for any reasons. The MOU must ensure the buyer is protected against any former legal disputes or claims made by the competent authorities or the developer which could halt the transaction. Particularly for rented properties, an MOU should highlight clear and transparent actions with regard to the possession and the future tenancy terms.
When buying a property, you need to have a clear picture of expenses which are payable by the buyer. Broadly such expenses can be classified as Bank, Developer, Dubai Lands Department and Real Estate brokerage charges. Buying a property through mortgage financing requires a minimum of 10% cash equivalent to the property value to be set aside for these costs. They can vary but the following is an example:
illustration | |
---|---|
Property value | 2,000,000 |
Loan Amount 80% | 1,600,000 |
Down Payment | 400,000 |
Area | 1,400 |
An independent valuation of the property is mandatory by the bank’s valuators. The finance amount is calculated by the lender based on the valuation provided by the valuator. In some cases, valuation can be lower than the sale price which essentially means less financing and a higher down payment being needed. In order to avoid such a situation; you must include an exit clause in the MOU to mitigate the risk which could also protect you as the buyer from losing your initial deposit if you fall short of the expected financing amount. The market value of a property ascertained by the valuators excludes transfer and brokerage fees, furniture and other removable items.
Please Note:
In the first meeting your RM will try and understand you as an individual to better appreciate your attributes and aspirations. To suggest an appropriate banking solution to you, your RM may enquire about your hobbies, interests, investment risk profile, financial goals and timelines to achieve these objectives in future.
Our Home Loans are open to new and existing customers of all nationalities.
You need to provide us with the following documents:
Please Note:
To open your Priority Banking Current Account within 2 working days, please contact us on 800 100 and we’ll be happy to assist you.
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