UAE National Home Loans with Variable Interest Rate

Mortgage loans allow you to secure the home of your dreams. For UAE nationals, a plethora of products are available. Banks curate multiple products to cater to the needs of each individual. Home loans are generally available with fixed interest rates and variable interest rates. Here we will briefly discuss UAE national home loans with variable interest rates.

Table of Content

Top Banks Providing UAE National Home Loans with Variable Interest Rate
Key Features and Benefits of UAE National Home Loans
Eligibility Criteria to Apply for a UAE National Home Loan with a Variable Interest Rate
Documents Required to Apply for a UAE National Home Loan with Variable Interest Rate
How to Apply for UAE National Home Loan Via Paisabazaar.ae?

Top Banks Providing UAE National Home Loans with Variable Interest Rate

Refer to the table below to know the applicable variable interest rate for the top 5 UAE national home loans:

Bank Name	Home Loan Product	Interest Rate
Emirates Islamic	Home Finance	Benchmark Rate (1/ 3/ 6/ 12 months EIBOR) + Margin ranging from 1.74% to 4.25% p.a.
RAKBANK	Home in One	Starting from 4.36% reducing rates per annum fixed for 5 years
CBD	Mortgage Loan	Starting from 4.29% per annum
Standard Chartered	Saadiq Home Finance	Starting from 2.99% per annum

Key Features and Benefits of UAE National Home Loans

Listed below are the top benefits and features of UAE national loans with variable interest rates:

Bank Name	Home Loan Product	Key Features/ Benefits
Emirates Islamic	Home Finance- Manzili	Low applicable rate in Life Takaful. Hassle-free documentation and instant approvals. Attractive profit rates linked with EIBOR.
RAKBANK	Home in One	Easy withdrawal of the available balance. A low-cost mortgage with zero in-principle approval fee. Competitive interest rates.
CBD	Mortgage Loan	No processing fees on buyouts. Financing is available for both self-employed individuals and salaried employees. Conveniently repay up to 15% of the outstanding once every year without incurring additional charges. Availability of a flexible tenure of 25 years for repaying the loan amount.
Standard Chartered	Saadiq Home Finance	Zero charges are applicable for application processing or valuation. Availability of free takaful for life. Fast processing of loan applications. Availability of a flexible loan repayment tenure of 25 years.

Eligibility Criteria to Apply for a UAE National Home Loan with a Variable Interest Rate

The common criteria to be eligible for a UAE national home loan are given below:

Eligibility Criteria	Requirements
Age	Minimum Age: 21 years old Maximum Age: 65-70 years old
Employment Status	Either a salaried employee or a self-employed individual
Credit Score	Varies from bank to bank

Documents Required to Apply for a UAE National Home Loan with Variable Interest Rate

Home loan applicants must submit the following set of documents for verification purposes:

For Salaried Individuals

Valid Emirates ID
Valid passport
Valid residence visa (applicable to expatriates)
Valid address proof (such as a utility bill)
Latest 3-6 months’ bank statements
Salary certificate

For Self-Employed Individuals

Valid Emirates ID
Valid passport
Valid residence visa (applicable to expatriates)
Valid address proof (such as a utility bill)
Latest 3-6 months’ bank statements
Valid Trade Licence

Co-Borrowers (If Any)

Original passport
Original Emirates ID
Valid income documents
Latest 6 months’ pay slips
Latest 6 months’ bank statements
Valid Trade Licence and MOA (If the co-borrower is a company owner)

Note: The bank may or may not require you to submit other additional documents.

How to Apply for UAE National Home Loan Via Paisabazaar.ae?

Follow the steps mentioned below to apply for a UAE national mortgage loan in UAE:

Visit www.paisabazaar.ae.
Select ‘Home Loans’ from the ‘Banking Products’ drop-down.
Fill out the lead form with the accurate details.
Submit the form and get directed to the quotes page.
Go through the list of variable interest rate mortgage loans.
Select the suitable product and complete filling out the application form.
Upon the application submission, one of our officials will get in touch with you.

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