Why choose Emirates NBD Home Loans?
Owning a home is expensive and may seem out of your reach. But there are many loan options in the market that can help you work towards your dream.
While there are many banks and financial institutions in the market offering home loans, Emirates NBD’s home loans are worth checking out. There are several different options to choose from and the bank offers easy processing and quick approvals for both built-up and off-plan properties, in Dubai as well as other emirates.
You can also take an Emirates NBD home loan for expatriates which allows you to buy a home in the UAE while residing in your home country. Just fill in this form and one of the Emirates NBD home loan experts will get in touch and tailor a loan plan for you with manageable EMIs.
Let us quickly dive into the requirements for a home loan:
Eligibility
The eligibility differs from lender to lender, simply being employed or having a source of income doesn’t make you automatically eligible for a home loan. Some of the general eligibility criteria include:
1. You must be a UAE national or a resident of UAE (unless applying to Emirates NBD for an expatriate home loan)
2. Minimum salary of AED 20,000 (may differ for different banks)
3. Aged between 21 – 65 years
If you are a self-employed individual, the minimum tenure of your business in the UAE must be at least 3 years.
Some lenders may also require your job notice period, credit score, company license (self-employed), character certificate, documents of dependent’s etc.
Documentation
The documentation you need to apply for a home loan may differ depending on the lender’s requirements and policies. Some of the general documents required are:
1. KYC documents (passport, emirates ID, Visa copy)
2. Employment documents (proof of employment, salary certificate, salary slips)
3. Credibility documents (credit score, bank statement from last 6 months, credit card statements)
4. Residence proof (DEWA bill, tenancy contract, proof of residence)
While these may be the general requirements, lenders often perform background checks as per their policies. Your credit score is a big factor that influences weather you can get a loan and how much you can borrow. Read this article to learn more about credit scores and how you can improve yours.
Let’s have a look at some repayment options for your home loan:
a. Partial settlement:
Banks often offer partial settlement, and this can help you settle your loan quicker and save on interest payments. Learn more about partial settlement.
b. Early loan settlement:
Settling your home loan early has many advantages. It improves your credit score, reduces expense on interest leading to more savings, and since you will be debt-free you can invest your funds where they can grow. Know more about early loan settlement.
c. Restructure your loan:
If you are facing financial difficulties and finding it hard to pay your installments, you can restructure your loan together in consultation with your bank. Emirates NBD offers some great options to restructure your loan so that you can rest easy.
d. Loan transfer:
You can always shop around for better interest rates and terms and conditions. Transferring your loan to another bank is easy if you find a better bargain. If you chose to move your loan to Emirates NBD, for instance, the bank will offer you a better interest rate than your current one, and higher loan amounts. Read more about Emirates NBD home loans here.
Over the years, the options for home loans have grown and it does not hurt to do your research before you sign on the dotted line.