|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Arab Bank Ready Property Loan||Minimum Salary: AED 20,000||Salary Transfer: No||Early Settlement Fees: No||Maximum Term: 25 Years||Flat Rate: 3.5%||Reducing Rate: 6.5%|
Arab Bank offers a host of benefits by offering Ready Property Loan with flexible and convenient options.
- Competitive interest rates. Flat rate starting from 3.5%, reducing rate starting from 6.5%
- Financing up to 75% of the property value
- High loan amount up to AED 5.5 million
- Convenient loan tenure up to 25 years
- Preferential insurance rates
- Housing Loans buy– out facility
- Free Arab Bank Visa Credit Card for the first year
- Quick loan application processing time
- Dedicated sales team - ready to serve you at your convenience
- Auto subscribe to Elite – privilege banking service
- Minimum age 23 years and maximum age up to 65 years
- Valid national ID and valid passport with valid Resident visa (for residents)
- Recent utility bill in the name of the client e.g. electricity, telephone or rental contract
- Latest Salary/Income/Employment verification document
- Property purchase and sales agreement / contract
- Ownership certificate of the financed property
- Proof of Down payment
- Bank statement
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.