HSBC Bank Mortgage Loan

Minimum Salary
15.000,00 د.إ

Flat Rate
AED 3.19%

Reducing Rate
5.25 %

Maximum Term
25 Years

Monthly Payment
AED 4,494

Description

Looking to transfer your balance or buy your first property in the UAE? Whatever your situation, we’ve got a choice of competitive mortgages.
Plus, if you’re buying a sustainable property you could qualify for our Green Home Loan discount on your rate.
Major Advantage: Lower interest rate

Features

Interest Rates & Charges:
Reducing Rate (as advertised): Starting from 5.25% p.a.
Processing Fees: 0.525% finance amount (Nil for Buyout)
Property Valuation Fees: AED 2,625
Early Settlement Fees: 1% of outstanding amount or AED 10,000 (whichever is lower)
Partial Settlement Fees: 25% per year of capital balance without penalty

Financial Requirements:
Minimum Salary Requirement: AED 15,000
Minimum Length of Service Required: 6 months for salaried & 2 years for self-employed
Salary Transfer: Not compulsory

Minimum Down payment:

For first property (If property price < AED 5M): 20%
For first property (If property price > AED 5M): 30%
For second property: 40%

Key Details:
Islamic Finance: No
Maximum Term: 25 years
Finance available for: Ready properties in Dubai & Abu Dhabi

Insurance (Compulsory):
Life Insurance: Independent life insurance through Zurich only arranged by the bank
Property Insurance: 0.035% p.a.

Documents Required

Common Documents:

Valid Passport, Resident Visa and Emirates ID Copy.
Offer letter copies of all personal ongoing finance.
Rental income document (If any).
Property documents (If property is finalized or equity release).
Liability letter (In case of Buyout finance only).
Relevant property documents.
Address Proof

Salaried Client Documents:

Latest salary certificate addressed to RAK BANK.
Latest 6 months personal bank statement.
Six months pay slips if there is variance in salary.

Self-Employed Client Documents:

Valid trade company license.
MOA (Memorandum of Association) including all amendments.
Latest 6 months personal bank statement.
Latest 6 months company bank statement.
Audit financials of last 2 years.
Offer letter copies of all company ongoing finance (for self-employed).

Additional Info

All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Terms and conditions apply.
In line with the UAE’s VAT implementation from 1st January 2018, VAT at the rate of 5% will be levied on HSBC fees and charges specified herein, wherever applicable in line with UAE law.