Apart from the basic eligibility criteria, for a home loan the developer you select will determine which bank you can get a loan from. While some banks provide loans for all ready properties with title deeds, others restrict lending only to select developers. Be sure to check your property name with the bank you are interested in.
Yes, the minimum age requirement while applying for a home loan is 21 years and maximum age limit is 65 years or retirement age whichever is lower for salaried customers. For self-employed customers the maximum age limit is 70 years.
The permissible loan amount is AED 15 million but can vary from individuals and banks.
If you wish to sell your property you will first need to clear all your outstanding balance i.e the principal amount and interest. Once repayment is completed banks will release the property to the owner.
The minimum salary requirement starts at AED 7,000 for UAE Nationals and AED 10,000 for expatriates.
The maximum loan tenor for expats is up to 25 years along with down payment requirement
The necessary documents are passport copy, labour card or government issued ID card copy, emirates ID copy, salary certificate, salary transfer letter (optional), three to six months of bank statements, property documents such as sale agreement and proof of down payment.