Abu Dhabi Commercial Bank

ADCB's Mortgage Services helps you in turning your dream into a reality. Come home to your ‘own home’ with a mortgage loan package that suits your specific need.

Key features

Repayment period of up to 25 years
Mortgage amount of up to 90% of the property value
Competitive interest rate options
Relaxing re-payments
0% early settlement fees
Property Insurance Free for the first year
(Conditions apply)


Approved developers

Sama Dubai
Bando Engineering & Construction Co. Ltd.
Dubai Properties LLC
EMAAR Properties
Union Properties
NAKHEEL
ETA Star
Dheeraj & East Coast Group
V3 – Jumeirah Lake Towers
DAMAC
Al Deyaar
Rose Homes Investments
Trident International Holdings
Falcon City
Ilyas & Mustafa Galadari Group
ALDAR
Bonyan International Investments Group
Sourouh

Eligibility

ADCB Mortgage Services are open to all eligible UAE residents (Nationals and Expatriates) and non-residents. All UAE residents (Nationals & Expatriates) aged 21 or older can apply for an ADCB Mortgage. Non-residents aged 25 or older are also eligible to apply for an ADCB Mortgage.

Minimum salary requirement

Nationals Expatriate Non-Residents Salaried AED8,000 AED10,000 AED25,000(US$ equivalent) Self-employed AED10,000 AED20,000 AED25,000(US$ equivalent)

Maximum loan amount

Residents (salaried) Residents (self-employed) Non-residents (salaried) Non-residents (self-employed) First Sale Properties Up to 90% of loan value with salary transfer. Up to 85% of loan value with no salary transfer Up to 75% of loan value Up to 70% of loan value Up to 60% loan value Resale Properties Up to 80% of loan value Up to 70% of loan value Up to 60% of loan value Up to 50% of loan value

Interest rate

ADCB offers the most competitive interest rates. The customer can choose the plan that suits him the most.

Residents - Salaried(Nationals and Expatriates) Residents (Self-employed)(Nationals and Expatriates) Non-residents Standard Variable Rate Retail Base Rate + 2.5% Retail Base Rate + 3.00% Retail Base Rate + 3.50%

Promotional offer

PARAMETER (LTV) Residents - Salaried(Nationals and Expatriates) Residents (Self-employed)(Nationals and Expatriates) Non-residents (Salaried & Self Employed) Up To 70% 7% Fixed Till Oct 7 Then RBR + 2.50% 7.50% Fixed Till Oct 07 8.50% Fixed Till Oct 07 > 70% Up to 80% 7.25% Fixed Till Oct 07 Then RBR + 2.75% Then RBR + 3.00% Then RBR + 3.00% > Than 80% 7.50% Fixed Till Oct 07 Then RBR + 3.00% Then RBR + 3.00% Then RBR + 3.00%

Monthly payments

The customer’s monthly payments are based on the loan amount applied for, opted loan tenure and the interest option selected by him. For properties that are still under construction and bought solely based on plans presented by developers, ADCB offers a fixed payment of AED 500 through out the construction phase.

Documents required for loan

Salaried Residents(Nationals and Expatriates) Self-employed Residents(Nationals and Expatriates) Non-residents Completed application form Completed application form Completed application form Proof of booked property if any Proof of booked property if any Proof of booked property if any Photocopy of passport and visa(UAE National's must provide a copy of their "Khoulaset El Kaid" ) Photocopy of passport and visa(UAE National's must provide a copy of their "Khoulaset El Kaid" ) Photocopy of passport and visa Bank statements for past six months Bank statements for past six months for both personal and company accounts Bank statements for past six months Salary/On-the-Job Certificate, issued to ADCB* and dated 30 days or less from date of loan application (*Letter issued by government MOD or MOI accepted) Proof of existence of business (Partnership Deed, Memorandum of Association, Articles of Association) Reference letter from Bank in country of domicile Salary transfer letter (if transferring salary to ADCB) Business Profile (details of the nature of the business, number of years in business, products, services, suppliers, clients, infrastructure, number of employees, target markets, assets and liabilities, business strategy) Mortgage Credit Reports (documents detailing applicants credit history) Details of existing loans/liabilities Proof of business income (certified audited financial statements for the last two years)     Details of 'other Income' (proof of investments and regular income sources)     Details of existing loans/liabilities   Upon loan approval , all applicants must provide an undated security cheque for the principal amount of the loan with interest, drawn on the personal account of the borrower. This cheque is to be signed by the applicant in the presence of the Bank's SRO.

Insurance requirements

If the customer is planning to buy property, which is still under construction, he must have life insurance coverage to support his application. For properties already constructed, the customer is required to have both life as well as property insurance while applying for the mortgage loan.

The customer can arrange for his own insurance as well. ADCB offers competitive life insurance rates as an added convenience to its mortgage customers. Please note that a service charge is levied for all life insurance assignments to other institutions.

Salary transfer

There are additional benefits for mortgage applicants who transfer their salary to ADCB. For example, with a salary transfer the customer can borrow up to 90% of the loan value granted for first sale properties, while the maximum loan value for those without a salary transfer for first sale properties is only up to 85% of the loan value granted. However, the customer is not obliged to transfer his salary account to the bank to be eligible for a loan.

Maximum tenure

The maximum tenure assigned to UAE residents (Nationals/Expatriates) is 25 years, while the maximum tenure of 10-years is applied to non-residents.

Early settlement charges

The customer has the option to settle the loan early and subsequently obtain a property release. However, an early discharge fee will be levied.

Down payment

The customer can apply for an ADCB Mortgage without making a down payment. However, upon approval he must show proof of a down payment to access the funds granted. Depending on the financial profile of the applicant, a minimum down payment of 10% of the total value is generally required.

Interest rate

ADCB calculates the customer’s daily outstanding balance in accordance with UAE Central Bank directives and the interest charges are recovered on a monthly basis.

Payment of installments

To start with, a monthly minimum payment of AED 500 is automatically deducted from the customer’s current account while the property is under construction. Following hand-over by the developer and the completion of title transfers, the monthly repayment amount agreed in his Offer Letter will be deducted automatically.

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