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Mashreq Bank Home Loans

Minimum Salary
0,00 د.إ

Description

Mashreq Bank provides both conventional and Islamic mortgage products with competitive fixed and variable rates, financing up to AED 20 million, tenors up to 25 years, a flat 1.05% processing fee (capped AED 10,500), transparent fees, and rich digital and rewards benefits.

Features

  1. Eligibility Criteria

Applicants must be UAE nationals or expatriates aged 21–65 at loan maturity, with:

  • Minimum Income: AED 15,000/month (salaried) or AED 3 million annual turnover (self-employed).
  • Employment Tenure: ≥ 6 months in current role (salaried); ≥ 3 years in business (self-employed).
  • Credit Record: Clean UAE credit bureau report.
  • Salary Transfer: Not mandatory; rate discounts available for salary-transfer customers.
  1. Loan Amount, Tenor & LTV
  • Loan Amount: AED 250,000–20,000,000 (up to AED 30 million case-by-case).
  • Tenor: 12–300 months (up to 25 years).
  • LTV Ratios:
    • Nationals/Residents: up to 85% for first property; 75% for subsequent.
    • Expats: up to 80% for first; 70% for subsequent.
    • Off-plan: LTV reduced by 5 percentage points.
  1. Interest/Profit Rate Options
  • Fixed-Rate Mortgages:
    • 1 year: 99% p.a. (flat)
    • 2 years: 49% p.a.
    • 3 years: 69%–5.85% p.a. (salary thresholds apply)
  • Variable-Rate Mortgages:
    • 49% + 3M EIBOR (floor applies) for high-income applicants
    • 65%–2.25% + 3M EIBOR for others (floor 3.99% p.a.)
  • Islamic Ijarah: Mirrors conventional pricing with Takaful in lieu of insurance.

 

Detailed Schedule of Fees

Fee Type Charge
Processing Fee 1.05% of loan amount (capped at AED 10,500, incl. VAT)
Pre-approval Fee AED 1,050
Valuation Fee AED 2,625
Service Fee AED 5,250 (self-construction valuation or amendments)
Partial Prepayment Up to 25% p.a. free; excess at 1.05% of amount (cap AED 10,500)
Early Settlement 1.05% of outstanding (cap AED 10,500); nil if sale-driven
Late Payment Penalty 1.05% p.a. on overdue amount (incl. VAT)
Account Statement & NOC AED 150 per document
Loan Rescheduling/Cancellation AED 250 / AED 150
Life Insurance Assignment Fee AED 3,000 + VAT
Takaful Contribution 0.17% p.a. of outstanding (joint life 0.34% p.a.)

Documents Required

  • Passport copy, Emirates ID, UAE residence visa (expats).
  • Salary certificate or audited financials & trade license (self-employed).
  • Last 6 months’ bank statements and liability letter.
  • Sales & Purchase Agreement; Title Deed/Oqood; independent valuation report.
  • Life insurance assignment (conventional) or Takaful proposals (Islamic).

Additional Info

  • High Financing & Long Tenors: Up to AED 20 million over 25 years.
  • No Mandatory Salary Transfer: Apply without moving salary; discounts if transferred.
  • Pre-Approval in 10 Minutes: Fast online eligibility check via Mashreq Neo.
  • Reward Points & Cashback: Salaam Points and up to AED 2,000 cashback for new mortgages.
  • Green Home Loan: Preferential rates for sustainable properties certified by Dubai Green Building Council.
  • Flexible Repayment: Generous free partial prepayment and no-penalty sale-driven settlement.
  • Dedicated Support: Relationship managers and mortgage specialists.
  • Islamic Financing Option: Full Sharia’h compliance with Takaful coverage.

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