UAE 
We are here to help you navigate this financial journey with ease by offering you all the information, tools and insightful tips to make an informed decision.
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First Abu Dhabi Bank
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Mortgages for Existing Homeowner
WE'RE HERE TO HELP YOU THROUGH A SEAMLESS RE-MORTGAGE JOURNEY
We know exactly how crucial it is to sign up for the right mortgage, no matter what stage of the journey you are on. We are here to make the transition as seamless and beneficial for you as possible. Before we move forward, there are a few important details to consider.
What are you looking for?
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Remortgage, re-finance or buy-out mortgage is when you end your mortgage with your current financial institution or bank and transfer that mortgage to a different bank or institution.
Mortgages are one of your biggest outgoings every month and even a slight reduction in the interest rate on your mortgage can amount to substantial savings. Reducing your monthly commitment on the EMIs can be done by:
- Being offered a better rate from another bank
- Changing to a longer tenure
- To reduce the interest rate on EMI
- In need of cash to re-invest
- To buy another property
- To upgrade the current property with renovation etc.
Depending on the market value of your property vs the remaining payable balance of the mortgage, you may apply for a top-up on your existing loan. The bank would require a recent dated property valuation report (cost of which is borne by the customer).
The amount you can borrow in Equity Release depends on the value of your property. Depending on your property valuation and the amount that you currently owe on your mortgage, you may be able to borrow a higher sum than what you currently owe. Have a property to evaluate? You may reach out to our Contact Centre at 600525500 for assistance.
EIBOR (Emirates InterBank Offered Rate) is a benchmark interest rate published daily by UAE Central Bank. It reflects the average rate offered by major banks in UAE for short-term loan funding between banks. Daily and historical data for EIBOR is available at UAE Central Bank’s website EIBOR Rates | CB UAE (centralbank.ae).
Insightful Tips and Resources
A few charges to consider before remortgaging
Before applying for a Remortgage, ensure that you assess what you want from your new mortgage. Do keep in mind that moving your mortgage from your current provider may incur charges like an early repayment and exit fee.
Read more
Best ways to manage your finances
Planning a budget and managing finances efficiently are excellent ways to make sure you stay on top of your money game and manage to save for your future.
Read more
Mortgage Calculator
Use our Mortgage Calculator to find out how much you are eligible to borrow and the breakdown of your monthly payments. This tool will help you understand the difference an overpayment on your mortgage could make or how much more you could borrow on your current mortgage.
The Mortgage Application Process
Applying for a mortgage with FAB is easy. Start the journey to your new home with these simple steps:
Submit your interest
Fill in a form online or contact one of our specialists directly to begin the process. You can use our mortgage calculator for an estimation of your monthly repayments. https://www.bankfab.com/en-ae/personal/mortgages/mortgage-calculator
Consultation
A member of our team will contact you to discuss your eligibility and product offerings. They will advise on the next steps and how to move forward. Once you have an idea of your budget, you can start to look for your home. In addition, you can apply for an approval in principle (AIP) through our specialist to get an estimate of how much you will be eligible to borrow.
Valuation of your home
Once you find your property, you need to sign a MOU (Memorandum of Understanding) with your agent and to arrange a valuation of your home with a FAB Home Representative.
Complete and submit required documentation
You will then fill in any required applications and provide the documentation needed for final approval, i.e., Mortgage Application Form Income Proof, Sale and Purchase Agreement and any other items that your mortgage specialist advises on. Once completed, the mortgage specialist will submit your application to the bank for the final decision.
Signing the home offer letter and mortgage approval
Your mortgage loan undergoes the process of application approval. The FAB Home Representative will confirm all your documentation. Once your loan application is approved by the bank, you will need to sign an acceptance of the offer letter, together with the Mortgage Terms and Conditions. Take note that you may be requested to pay related bank charges (i.e., documentation processing fee, valuation fee, property all risk insurance) as well as to furnish evidence of the loan difference between the loan amount and the property purchase amount. You're one step closer to your new home!
Registration and Disbursal
The final steps are completed, and your dedicated mortgage specialist will assist you with how to proceed. You will need to visit the Land Department and register your home as well as to mortgage your property to the bank. Subsequently, the loan will be disbursed and a Manager Cheque (MC) or account transfer will be done to the seller, developer or third party.
Completion
The property is yours. Please remember to commence your monthly commitment to the bank.
Types of Mortgages
FAB Green Mortgage
Switch to sustainable with our green mortgage.
- Enjoy a discount on variable rates based on EIBOR
- Save 50% on your processing fee
Home Loans for non-UAE residents
Buying an investment property in the UAE as a non-resident is easy with FAB.
- High loan amounts of up to AED 10 million
- Borrow up to 50% of the property’s value
- Competitive variable rates with an option to link to EIBOR or MBR
Home Loan for Residences and Investments in UAE
Own your dream home in the UAE with a range of mortgage options including low fixed and variable rates.
- One-year fixed rate from 3.99%
- Three-year fixed rate from 4.24%
- Five-year fixed rate for 4.49%
- One-year variable rate from 0.55% + 3 months EIBOR
- Low down payments, high loan amounts, flexible rate options and helpful mortgage advisers
- Exclusive deals on properties with major developers
Loans for Small Buildings
Get finance for completed residential buildings.
- Loan amount of up to AED 100m
- Loan duration of up to 20 years
- Competitive rates
National Housing Loan
Helping UAE nationals to buy their dream homes.
- Loans up to AED 2 Million
- Loan duration of up to 25 years
- No interest
*This is a variable rate offer based on a three month EIBOR in addition to a margin of 1.49% (with a minimum rate of 1.99%).
Need Support?
We are here with you every step of the way. How would you like to connect with us?