Abu Dhabi Finance Essence Fixed Home Loan: 2.99 per cent
Benefits: Applicable to properties in Dubai and Abu Dhabi, this low reducing-rate does not require a salary transfer and offers an annual payment holiday starting in the second year of the loan and a free application fee. Buyers can also overpay by up to 20 per cent per year free of charge.
Watch out for: This mortgage requires a minimum salary of Dh40,000 and a 40 per cent down payment.
Standard Chartered Home Loan: 3.49 per cent
Benefits: This low reducing-rate applies to all balance transfer applications. The offer includes no processing fees and comes with a low minimum salary requirement of Dh10,000. New mortgage applicants, – those not transferring an existing mortgage balance – can only secure a rate of 3.99 per cent.
Watch out for: Both options are fixed for 12 months and will switch to a variable rate thereafter.
Al Hilal Easy Buy: from 3.5 per cent
Benefits: Designed for those looking to purchase a ready or under-construction home, the bank will buy the property and lease it to you through the Ijara contract for an agreed time period. Suitable for those earning more than Dh20,000, applicants will need six months of bank statements to apply for this reducing-rate offer.
Watch out for: The bank only lends to those buying from its list of approved developers and projects in Abu Dhabi and Dubai.
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