Key Features
Loan terms up to 20 years
Lowest down payment
Competitive interest rates
Loans to residents and non-residents
Eligibility
Mashreqbank facility is available for Residents and Non-Residents of UAE, both salaried and self-employed.
Tenure of finance
Up to 20 years
Salary transfer
It is necessary to make repayment of installment convenient.
LIFE INSURANCE SECTION
Life insurance
It is mandatory. The policy should cover the loan amount up to loan tenure and be assigned to the bank before the disbursal.
Approved insurance companies for life insurance
Only Oman Insurance Company and Zurich Life & American Life insurance are issued in Dubai. Each policy will be verified and approved as per the terms and conditions of Mashreqbank.
Formalities of the insurance policy
Mashreqbank assists in getting in touch with the insurance officers of approved insurance companies.
Property insurance
Only Oman Insurance company provides property insurance. The premium is calculated on the cost of the property. Premium amount will be debited every year from your Mashreqbank account and the policy shall be assigned to Mashreqbank.
DOCUMENTS CHECKLIST
Self Employed
Application form
Passport copy with valid visa
Last six months bank statements personal and company (original)
Liability letter from the bank addressed to Mashreqbank (if any)
Memorandum and articles of association
Audited financial statements of last 2 years
Board resolution copy
Trade license copy
Copy of chamber of commerce registration
Business profile on company letterhead
Photocopy of purchase contract
Photocopy of down payments
Salaried
Application Form
Passport copy with valid visa (Only for residents)
Salary certificate addressed to Mashreqbank
Last six months bank statements (Original)
Liability letter from the bank addressed to Mashreqbank (If any)
Credit report (only for non-resident)
Know your customer/banker reference (For non-resident)
Photocopy of purchase contract
Photocopy of down payments
Minimum age for home loan
Minimum age at the time of application is 21yrs & maximum age should be 60yrs on maturity of loan. For business people, the maximum age should be 65yrs at the time of maturity of loan.
Maximum limit of loan per individual
Up to AED 3 million
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FEES & CHARGES SECTION
The rate of interest is based on loan to value ratio.
Processing Fee
There is a nominal fee as a percentage of the loan amount.
Early settlement charges
There is a nominal charge.
Charges linked to the home loan
Processing fee
Interest during the loan tenor
Pre-payment fee
Buy-out fee
Late payment fee in case of delay in monthly installments
(All these are subject to changes)
INSTALLMENTS PAYMENTS
Installment payments in case of residents
The customer would need to open a current account with the bank where the salary transfer would be transferred every month. The bank would debit the installments as per the date mentioned in the loan agreement. The customer would issue post-dated cheques (only under special circumstances).
Installment payments in case of non-residents
The customer would need to open a non-cheque in account with any of Mashreqbank branches of his convenience. This account has to be funded equivalent to 9 months installments marked under lien before the disbursal is made to the developer.
Payment of installments
The installments will commence only after the final payment is made to the developer/seller. For ex: If the final payment is done on Dec 2007, then the first installment will begin from Jan 2007.
