FAB Home Loan for Residents of UAE
Own your Dream home with FAB Home Loans offering Flexible Terms and fixed Rates for up to 5 years
Introduction
Unbox your dream house. Own your own home with FAB’s range of mortgage options and low rates. Enjoy a range of great rates on a FAB Mortgage with fixed and variable rate options, low down payments, high mortgage amounts and low fees. Our mortgage advisers will be with you every step of the way to advise on the best mortgage for you, and you’ll get great benefits, including your choice of FAB credit card.
Key Features
Low rates with flexibility across one, two, three and five-year options
60-day grace period before your first instalment or 120-days for mortgage transfers
Additional Benefits
Get low rates when you transfer your salary to a FAB account, choose a FAB credit card to complement your loan, and earn up to AED 15,000 cashback with our Multi Product Package offer
60-day grace period before your first instalment or 120-days for mortgage transfers
Partial settlement up to 25% of loan outstanding annually without fees, during the variable rate period
Refund of other banks early settlement fees, property valuation fees, and waiver on processing fees for buyout loans
Up to 85% financing for first-time buyers
Processing fees are waived* for salaried first-time property buyers and those making handover payments to developers. Non-salaried customers receive a 50% discount
Dedicated Mortgage advisors
Apply for FAB Home Loan for Residents of UAE
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Eligibility
The Mortgage Application Process
Applying for a mortgage with FAB is easy. Start the journey to your new home with these simple steps:
1. Submit your interest
Fill in a form online or contact one of our specialists directly to begin the process. You can use our mortgage calculator for an estimation of your monthly repayments. https://www.bankfab.com/en-ae/personal/mortgages/mortgage-calculator
2. Consultation
A member of our team will contact you to discuss your eligibility and product offerings. They will advise on the next steps and how to move forward. Once you have an idea of your budget, you can start to look for your home. In addition, you can apply for an approval in principle (AIP) through our specialist to get an estimate of how much you will be eligible to borrow.
3. Valuation of your home
Once you find your property, you need to sign a MOU (Memorandum of Understanding) with your agent and to arrange a valuation of your home with a FAB Home Representative.
4. Complete and submit required documentation
You will then fill in any required applications and provide the documentation needed for final approval, i.e., Mortgage Application Form Income Proof, Sale and Purchase Agreement and any other items that your mortgage specialist advises on. Once completed, the mortgage specialist will submit your application to the bank for the final decision.
5. Signing the home offer letter and mortgage approval
Your mortgage loan undergoes the process of application approval. The FAB Home Representative will confirm all your documentation. Once your loan application is approved by the bank, you will need to sign an acceptance of the offer letter, together with the Mortgage Terms and Conditions. Take note that you may be requested to pay related bank charges (i.e., documentation processing fee, valuation fee, property all risk insurance) as well as to furnish evidence of the loan difference between the loan amount and the property purchase amount. You're one step closer to your new home!
6. Registration and Disbursal
The final steps are completed, and your dedicated mortgage specialist will assist you with how to proceed. You will need to visit the Land Department and register your home as well as to mortgage your property to the bank. Subsequently, the loan will be disbursed and a Manager Cheque (MC) or account transfer will be done to the seller, developer or third party.
7. Completion
The property is yours. Please remember to commence your monthly commitment to the bank.