FAQ - Excellency Mortgage Services

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Questions

1. If I already own a residential property, can I obtain a loan from Excellency Wealth Management?

   Excellency Mortgage Services will offer you a loan against your current residential property. However, this is only offered to UAE residents, nationals and expatriates. Depending on the type of property, a maximum of 75% on the ‘loan-to-value’ (LTV) is offered. Even if the property is mortgaged with another financial institution, we can take control of the mortgage and top up your loan depending on the LTV.

2. Do all of the owners of the property have to be co-borrowers to the loan?

   Yes. It is mandatory that co-owners of the property are co-borrowers in the loan as well.

3. Can more than one applicant’s income be considered for eligibility?

   The income of more than one applicant can be considered for eligibility. This will mean that the applicants whose income has been considered for eligibility will be considered co-borrowers for the loan.

4. What are the processing charges for the loan?

   For pre-approval of a loan, you will have to pay part of the processing fee. The balance needs to be paid at the time of the final approval of the loan. Please note that the processing fee is only for pre-approval/ final approval of the loan, and not on the application of the loan.

5. How will my monthly payments be calculated?

   Monthly payments are based on the loan amount you have applied for, your loan tenure and the interest option you have selected. For properties that are still under construction and purchased off the plans, Excellency Wealth Management offers a fixed payment of AED 500 throughout the construction phase.

6. Does my salary need to be with Excellency Wealth Management to obtain a loan?

   There are additional benefits for mortgage applicants who transfer their salary to Excellency. The maximum loan value granted for first sale properties for those who don’t transfer their salary is up to 85% of the value of the loan granted. Whereas, a salary transfer to Excellency can ensure up to 90% of the value of the loan can be granted.

7. What is the maximum tenure that is available to me?

   The maximum tenure for UAE residents, nationals and expatriates, is 25 years, whilst a maximum tenure of 10 years is given to non-residents.

8. Does Excellency Wealth Management lend for properties throughout the UAE?

   Excellency mortgage loans can be applied for from approved developers across Dubai, Sharjah and Abu Dhabi.
   

   For approved vendor list, Click Here

9. Do I need to make a down payment?

   You can apply for an Excellency mortgage loan without making a down payment. However, when you are given approval, you must show proof of a down payment to access the granted funds, however, a minimum down payment of 10% of the total value is generally required.

10. What will happen if I sell my property before the loan is paid off?

    You will have the option to settle the loan early and obtain a property release. However, an early discharge fee will be levied.
    

11. How to contact us?

    All you have to do is visit your nearest Excellency Centre or call 800 2004 and we will be pleased to arrange for an Excellency Relationship Manager to meet you at a time and place convenient to you.