Why should I buy a home?
Home ownership gives you the freedom, stability and security you
desire, in addition to giving you the opportunity to build
equity.
Am I ready to buy a home?
It depends on your financial situation as well as your present
and future plans. Here are some questions which could help you
decide:
- Do you have other financial commitments (e.g. auto loan,
personal loan)?
- Do you have a secure and steady job?
- Do you have a steady source of income?
- Do you usually have additional funds at the end of each
month?
- Do you have money saved for a down payment?
- Do you have the ability to pay a mortgage every month, plus
additional costs?
If you can answer YES to all of these questions, you are
probably ready to buy your own home.
What are the principle features of an NBF Home Loan?
NBF Home Loan is a vanilla Home Loan Product with tenure of up
to 25 years and up to AED 10,000,000 in financing.
What makes me eligible for NBF Home Loan?
You can apply for the NBF Home Loan if you are a salaried person
residing in any of the emirates within the UAE.
What is the maximum amount I can borrow?
Mortgage institutions consider your debt-to-income ratio, which
is a comparison of your gross income to housing and non-housing
expenses. Non-housing expenses include such long-term debts as car
or personal loan payments. The mortgage institution also considers
cash available for down payment, credit history, age, etc. when
determining your maximum loan amount.
Is there any age criterion that applies?
Yes, the following age criteria apply - minimum age upon loan
application is 21 years. Maximum age upon loan maturity - 65 years
or retirement age whichever is lower.
What is the maximum tenor for the home loan?
UAE Residents are eligible for a maximum of 25 years subject to
age criteria mentioned above.
Are there any minimum salary requirements?
Yes, there is a minimum salary requirement for loan eligibility.
For further details, please contact us.
Is it mandatory to transfer the salary to NBF?
Currently mortgage loans are offered only to salary transfer
customers.
Do I require any insurance if I take a home loan from NBF?
Yes. Life and Property insurance are both mandatory requirements
when taking a Home loan from NBF.
What are the charges associated with processing the home loan?
Charges associated with processing a mortgage loan include but
are not limited to loan processing fee, mortgage and property
registration charges and valuation fee.
Do I need to register my property with the Land Department?
Yes, your property and mortgage need to be registered with the
Land Department. For further details, please contact us.
Is it possible to buy out an existing home loan?
Is it possible to get a pre-approved Mortgage Loan?
Yes, it is advisable. We at NBF work out your maximum
eligibility before you look for probable properties. Once approved
you could look for the property that would be affordable. Charges
are applicable.
What should be my minimum length of service with my current organisation to be eligible for the NBF Home Loan?
Your length of service with your current employer should be a
minimum of one year with confirmation.
Can I apply for the NBF Home Loan with a co-borrower?
Yes, you can. Up to four co-owners/co borrowers are allowed.
What should be the age of the property at the time of loan maturity?
No more than 30 years at the time of loan maturity.