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FAQ - Mortgage Services
Who can apply for an ADCB Mortgage?
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.
What is the minimum salary requirement?
National Residents Expatriate Residents Non-residents Salaried - Employee AED 8,000 AED 15,000 AED 25,000 (US $ equivalent) Self-employed AED 10,000 AED 20,000 AED 25,000 (US $ equivalent)
Do I have to be an existing ADCB account holder to apply for a mortgage?
Not necessarily. But you are required to open an ADCB current account should you accept a mortgage loan with ADCB whether you have a regular savings account with ADCB or not.
How do I apply for an ADCB mortgage?
It's very easy, all you have to do is visit your nearest ADCB Branch or call the ADCB Contact Centre on 800 2030 and one of our Senior Relationship Officers (SRO's) will follow-up on your inquiry within 48 hours.
Alternatively, you may prefer to visit an ADCB Senior Relationship Officer at the following development site office:
ADCB Mortgage Services Centre (Al Ittihad Branch on Sheikh Zayed Road, Dubai) anytime between 8.30 am and 5:00 pm, Saturday through Wednesday.
What is the maximum loan amount I can apply for and how many properties can be financed by ADCB Morgage Services?
You could avail an ADCB mortgage loan of up to AED10 million subject to approval. However, the maximum loan amount could vary according to personal circumstances, the nature of the transaction and the property developer involved in the transaction. You can finance 1 unit/property with ADCB Mortgage Services.Maximum Loan Amounts
Salaried Customers (If Salary is transferred)
Mortgage Services Loan to value (for completed property) Loan to value (for underconstruction property) Master Developers Up to 85% Up to 80% Select Category Developers (Conditions Apply) Up to 80% Up to 75% Private Developers Up to 75% Up to 70% Salaried Customers (If Salary is not transferred) Mortgage Services Loan to value (for completed property) Loan to value (for underconstruction property) Master Developers Up to 80% Up to 75% Select Category Developers (Conditions Apply) Up to 75% Up to 70% Private Developers Up to 70% Up to 65%
Self Employed Customers
Mortgage Services Loan to Value for Self Employed Customers (for completed property) For all projects Up to 70%
Is there a minimum age prerequisite?
The minimum age criterion for UAE residents (Nationals/Expatriates) is 21 years or older whereas for Non-residents it is 25 years or more.
What is the interest rate?
ADCB offers the most competitive interest rates: You can choose the plan that best suits you most.
Our Standard Offer is:
* RBR = Retail Base Rate= 5% effective 1st Nov2008 * ST = Salary transfer Processing Fee
Mortgage UAE Resident Salaried Self employed With ST Without ST Primary/ Secondary market/ Takeover cases (incl Top-up) Master Developers Loan to Value Up to 50% RBR+2.25% RBR+2.50% RBR+3.75% 50.01% to 80% ** RBR+3.00% RBR+3.25% RBR+3.75% 80.01% and above ** RBR+3.5% RBR+3.75% NA Private/CAT ‘A’ Developers Loan to value Up to 50% RBR+2.75% RBR+3.00% RBR+4.25% 50.01% to 80% ** RBR+3.25% RBR+3.50% RBR+4.25% 80.01% and above ** RBR+3.75% RBR+4.00% NA
1% of the Loan Amount (without any cap)
* RBR = Retail Base Rate= 5%
Refinance Mortgage Services Salaried Customers & Self Employed Customers 9.50% (RBR + 4.50%)
* RBR = Retail Base Rate= 5%
UAE National construction loan Salaried UAE Nationals 8.25% (RBR+3.25%)
* RBR = Retail Base Rate= 5%
Mortgage Overdraft Facility Salaried Customers & Self Employed Customers 10.00% (RBR + 5.00%) Non UAE Residents Salaried Customers & Self Employed Customers 10.50% (RBR + 5.50%)
* RBR = Retail Base Rate= 5%
Limited period offer of 5.99% fixed for 2 years and variable rate subsequently. Offer valid till 31-July-2012
This limited offer is not applicable on Refinance, Mortgage OD facility and Non-Resident products.
Also, the offer is subject to : new applications, status of the property and Loan-to-value ratio.
What will my monthly payments be?
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, you will have to pay the monthly interest (pre-EMI) throughout the construction phase and the EMI as agreed following the completion of the property.
What documents do I need to apply for a mortgage loan?
Salaried Residents(Nationals and Expatriates) Self-employed Residents(Nationals and Expatriates) Non-residents Completed application form Download Completed
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.
What are the insurance requirements for ADCB mortgage loan applicants?
For Mortgage Loan, it is mandatory to assign a life insurance policy. For completed properties; ADCB offers competitive property insurance as an added convenience to mortgage customers.
To view terms and conditions of our insurance agency, Details
Do I have to have my salary with ADCB to get an ADCB Mortgage?
You will find it heartening to note that there are additional benefits for mortgage applicants who transfer their salary to ADCB. For example, with a salary transfer you can borrow up to 85% 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 80% of the loan value granted. However, you are not obliged to transfer your salary account to us to be eligible for a loan.
What is the maximum tenure that the mortgage loans are available for?
The maximum tenure assigned to UAE residents (Nationals/Expatriates) is 25 years, while the maximum tenure of 10-years is applied to non-residents.
Does ADCB lend for properties throughout the UAE?
ADCB mortgage loans can be applied for residential homes and apartments across Dubai and Abu Dhabi.
What happens if I sell my property before the loan is paid off?
In that case, you have the option to settle the loan early and subsequently obtain a property release. However, an early discharge fee will be levied.
The charges are as follows:
Tenure ( In months)- from Start of the 1st Equated Monthly Installment Part Pre-Payment Charges** Full Pre-Payment Charges Up to 6 months No prepayment allowed Greater than 6 months Up to 60 months 2% of the amount pre-paid
(for part prepayments up to max of two tranche in a year subject to min of AED 25,000)
Prepayment Not to exceed 25% of the loan outstanding in one year.
Non - Buyouts
Up to 3 Years More than 3 Years – Up to 5 Years Greater than 60 months 2% of principle loan amount outstanding 1% of principle loan amount outstanding 0%
Up to 3 Years More than 3 Years – Up to 5 Years Greater than 60 months 3% of principle loan outstanding 3% of principle loan outstanding 3% of principle loan outstanding
How much would my down payment need to be?
Not necessarily, you can apply for an ADCB Mortgage loan without making a down payment.
Depending on the financial profile of the applicant, a minimum down payment of 15% of the total value is generally required. However, you can apply for an ADCB Mortgage loan without making a down payment and upon approval you must show proof of a down payment to access the funds granted.
What are the principal features of an ADCB mortgage loan?
ADCB mortgage loans offer the longest tenure (25 years) for UAE residents (both Nationals and Expatriates), at lower installments, with flexible and competitive interest rates. Additionally, UAE residents earning AED 15,000 or more are eligible to apply and there is no obligation to transfer your salary to receive financing. Salaried and self-employed non-residents can also apply for an ADCB mortgage loan.
How is interest calculated?
ADCB calculates your daily outstanding balance in accordance with UAE Central Bank directives and the interest charges are recovered on a monthly basis.
When do I start my monthly payments?
Your monthly payments can begin while your property is under construction. You can chose to pay either the interest due or the equated monthly installment during the under construction phase.
How can I request details of my existing loan (i.e. outstanding loan amount, current rate of interest applied, and current monthly installment calculation)?
You may obtain this information by writing to Customercare.email@example.com mentioning your customer ID. Your query will be addressed within 2 to 3 working days.
Can I defer my mortgage loan payment?
Mortgage Loan payments cannot be deferred; this is a part of the Bank’s policy
Can I swap my existing property with another one? What are the conditions? Can the Bank advise me on which unit I can swap my existing unit with?
All property swaps are subject to Bank’s approval. A swap can be initiated due to delay in construction (confirmed by the developer) in which case the swapped unit must be from the same developer; an NOC to swap (from the developer) must be presented to the Bank. This swap is subject to the approval from the bank on case to case basis depending on the terms of the swap. If a swap is desired on property where construction is not delayed (as confirmed by the developer), then the swap process is chargeable at a fee *. The Bank cannot advise customers on swap options; the options must be provided by the developer.
What happens if I instruct the Bank to hold further payments to the developer (for my property which is still under construction)? How do I send this instruction?
You may submit a hold payment request by filling out a “Hold payment” form (which will be available at Service Desk office, or can be sent to you via email/fax) and submit the same to a Service Desk Officer. Once a hold payment request is acknowledged, you will be notified accordingly. In the event that penalties are applied by the developer on non-payment of tranches, the same will need to be borne by yourself (the Bank will not be able to incorporate the penalty amount into your existing loan). If the Bank receives legal notice (from the developer) to make due payments, the Bank will inform you accordingly; the Bank is thereafter obliged to release the payments; the matter can be discussed further between yourself and the developer.
In the event that my property is delayed (i.e. Construction period surpasses the scheduled time as agreed with the developer), what role does the Bank play in assisting me with the matter?
While the Bank provides support in all issues related to your mortgage loan (i.e. details on what has been paid out to the developer on your behalf, outstanding amount, and current loan status), the Bank is unable to influence project construction and is there unable to amend the terms of your mortgage loan repayment (Pre-EMI or EMI payments while the project is under construction).
While my property is under construction, can I enjoy an interest holiday and accumulate/capitalize interest till handover?
As per our existing policy place, this is not permitted. You have the option to pay Pre-EMI (Interest only) or alternatively full EMI (Principle + Interest) while the property is under-construction.
Can the Bank provide me updates on the construction progress of my unit?
The Bank cannot provide construction updates – this information can be obtained from your developer.
Can I make due payments (based on my payment schedule) directly to the developer from my own funds?
Yes, you may make due payments directly*; however, it is important to notify service desk unit prior to making the payment (on Customercare.firstname.lastname@example.org ) units in order to avoid duplication of payment to developer. After having made the payment to developer, you are requested to provide Service Desk Unit with the original payment receipt, along with developer acknowledgement of funds paid so that your mortgage loan with ADCB can be re-adjusted accordingly.
*Please check if your developer requires an NOC from the Bank in order to facilitate your request for direct payments (from own funds) – in which case, the request for NOC must be initiated to Service Desk Unit
What if I am no longer a UAE resident however I am still holding an ADCB mortgage loan; will the terms of my loan change or will I need to settle my loan?
You are requested to inform service desk unit prior to leaving the UAE so that your information can be updated in our system accordingly; the terms of your loan may be amended and will be subject to the approval of the bank on case to case basis (this can be communicated to you post internal review)
Can I reschedule my existing mortgage loan?
Yes – you may do this by submitting fresh financial documents (i.e. Bank statements, income statements etc) and by presenting rescheduling fees (where applicable) – and is subject to the Bank’s approval to rescheduling your loan.
What is the procedure for loan settlement?
You may settle your mortgage loan by depositing the outstanding loan amount along with the settlement fee (which can be found on our schedule of fees at service desk office or on www.adcb.com ) and send an authorization email to Service Desk Unit detailing your requirement for settlement.
How is the Bank involved on handover of my unit/property?
The Bank is involved to the point that after having done the snagging of the property, you (and co-borrower/applicant) are requested to submit a handwritten request to service desk unit to release final payment to developer along with submission of handover notice from developer; once the payment is released, you may follow up with the developer for any remaining handover formalities.