Why choose Emirates NBD Home Loans?
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.
Comments
Post a Comment