Mashreq Bank Home Loans for Non Residents in Dubai UAE (2024)

Are you thinking of buying your dream home in UAE? If yes, then Mashreq Bank home loan can be a great option for you. The bank offers special home loan schemes for non-residents, allowing you to purchase residential and commercial properties in Dubai and Abu Dhabi.

Under this loan, you can get financing up to 80% of the property price and can avail the loan for a tenure of up to 25 years. This loan comes with fixed and variable interest rates, so you can choose the option that best suits your preferences. 

Additionally, you get attractive interest rates on the entire loan amount, thereby reducing your monthly installments. Through this loan, you can not only make your home purchase possible but also ensure a secure and stable future.

 In this  post, we will understand all the important information about Mashreq Bank home loan in detail, such as the loan application process, eligibility criteria, required documents, loan amount, interest rates, and charges.

What are Mashreq Bank Home Loans for Non-Residents?

Mashreq Bank’s Home Loan Program is an excellent opportunity for non-residents to purchase property in the UAE, which can help you realize your financial plans.

If you want to buy your own home or investment property in Dubai or Abu Dhabi, then this loan is a must for you as through it you can get a loan up to AED 10 million and finance up to 80% of the total price of the property. Could. 

The loan tenure can be up to 25 years, and you can choose between fixed or variable interest rates. With this loan, you can not only fulfill your property dream but also ensure a safe and stable investment.

This loan program from Mashreq Bank provides an accessible and economically beneficial option to meet your financial needs.

Benefits of Mashreq Bank Home Loans

Mashreq Bank Home Loans offer several significant benefits, making them an attractive choice for property buyers. These advantages include high loan amounts, generous financing options, flexible interest rates, and a long loan tenure. For more detailed information on the specific benefits, please refer to the points listed below.

Mashreq Bank Home Loans for Non-Residents Overview

Mashreq Bank offers special home loans for non-residents to purchase property in the UAE. These loans are available for amounts up to AED 10 million, and finance up to 60% of the property value. The loan tenure can be up to 25 years and includes flexible repayment options and interest rates. For further details please refer to the table given below which details the key features and terms of the loan.

Feature	Details
Loan Amount	Up to AED 10 million, subject to final approval.
Loan to Value (LTV)	Up to 80% for Expats and UAE Nationals; Up to 60% for Non-Residents.
Loan Tenure	Up to 25 years for residential properties; Up to 15 years for commercial properties.
Interest Rates	Fixed Rates: As per bank’s final offer letter. Variable Rates: Linked to 3 Months EIBOR + Bank Margin.
Repayment Frequency	Monthly
Age Criteria	Minimum 21 years at the time of application. Maximum 65 years for salaried and non-residents; 70 years for self-employed at loan maturity.
Residency Profile	Available to Resident Expats, UAE Nationals, and Non-Residents.
Income Profile	Available to Salaried and Self-Employed profiles.
Processing Fee	1.05% of loan amount
Group Life Insurance Fee	0.165% per annum of the loan outstanding amount.
Property Evaluation Fee	0.06% of the property value
Property Insurance Fee	AED 600
Early Settlement Fee	1.05% or AED 10,000, whichever is lower
Pre-Approval Charges	AED 1,050
Late Payment Fee	NIL (No penalty applicable)
Key Facts Statement	Revised on 9th May 2024.

Why Should You Consider a Home Loan?

Buying a home gives you stability and peace of mind, which is not available in a rented house. Property prices in the UAE are constantly rising, making your home a profitable investment. In the long run, the rental cost may be higher than the home installments, and if you do not live by yourself, renting out the property can provide a steady income. 

In comparison, renting allows you to change locations and has less maintenance responsibilities. But owning your own home gives you the experience of ownership and has long-term benefits.

More information about this is given in the points given below.

1. Benefits of buying a house

Security and stability: Owning your own home gives you stability and peace of mind, which is not available in a rented house. When you have your own home, you can feel secure about your family’s future.

• Investment Opportunity: Property prices in the UAE are continuously rising, making the property you purchase a profitable one as a long-term investment. This could be an important step for your financial future.

• Cost compared to rent: Rent in the long run often costs more than home installments. By owning your own home, you are paying a fixed monthly installment, which can reduce your financial burden.
• Rental Income: If you do not live by yourself, renting out your property can provide you with a steady and regular income.

2. Home loan vs. Rental

Buying a home gives you stability and ownership, allowing you to make changes to the home as per your convenience and benefit from rising property prices. In contrast, living on rent allows you to change locations easily and avoid the responsibility of property maintenance. These two options are compared in the points given below.

1. Benefits of living on rent:

• Flexibility: Renting lets you change your location easily. If your job changes or you want to move to a new place, this can be an easy option.
• Less responsibility: When you live on rent, it is the owner’s responsibility to maintain and repair the property, reducing your responsibilities.

2. Benefits of your home: 

• Ownership: Owning your home lets you make changes to it and decorate it as per your liking. It reflects your lifestyle and personal preferences.
• Long-term investment: Buying a home allows you to take advantage of rising property prices. This can be a good investment, which can bring you financial benefits in the future.

Mashreq Bank Home Loan Application Process

Applying for a home loan from Mashreq Bank is a streamlined process, involving some important steps. First of all, you have to check your eligibility and prepare the required documents. After this, you fill the application form and submit it. The bank will review your application, and if everything is in order, the loan approval process will begin. For further details please see the step by step process given below.

1. Open Mashreq Bank’s official Home Loan website: Mashreq Bank Home Loans

2. Click on “Apply Now” on the homepage:

   You will be redirected to a new page.

3. Select the Service: Choose “Home Loans” from “Select the service.”

4. Choose the Product: Click on “Home Loans for residents/ Non Resident” from “Select a product.”

5. Select Your Emirate:

   Choose one of the emirates from Dubai, Abu Dhabi, Al Ain, Sharjah, or Ajman.

6. Select a Preferred Branch:

    Choose your nearest branch from “Preferred Branch.”

7. Select Nationality and Language:

   Choose your nationality and preferred language.

8. Fill in Details and Click “Continue”:

   Enter all the required details and click on the “Continue” button.

9. Enter Personal Information:

• Provide your First Name and Last Name.
• Select your “Resident type” (Resident or Non Resident).
• Enter your Mobile Number and Email address.

10. Fill in Employment Details:

• Choose your Employment Type (Salaried employee or Self-employed).
• Enter your Company Name.
• Provide your Monthly Salary.

11. Select Best Time to Call:

•    Choose the time slot when you are available from the “Best time to call” options.

12. Verification and Submission:

• Check the “I’m not a robot” box for verification.
•  Submit the application form after filling in all details.

13. Acknowledgment and Contact:

• After submission, you will receive a “Thank You” message. A bank executive will contact you within 24 hours to provide information about the loan.

By following these steps, you can apply for a home loan from Mashreq Bank. If you need further information, please leave a comment below and share this guide with your friends.

Eligibility criteria

Mashreq Bank home loans are available to many people looking to purchase property in the UAE. This loan is open to various profiles, including non-residents, and has certain criteria that must be met. The points given below outline key eligibility criteria for this loan:

1. Minimum Age: 21 years at the time of application.

2. Maximum Age:  65 years at the time of loan maturity (for salaried and non-residents); 70 years (for self-employed).

3. Residency Profile: Available for Resident Expats, UAE Nationals, and Non-Residents.

4. Income Profile: Financial support for both salaried and self-employed profiles.

5. Loan Amount: Subject to final approval; Up to a maximum of AED 10 million.

6. Loan to Value (LTV): Up to 80% for Expats and UAE Nationals; Up to 60% for non-residents.

7. Loan Tenure: Maximum 25 years for residential properties; Maximum 15 years for commercial properties.

Documents required for Mashreq Bank Home Loan

To avail a home loan from Mashreq Bank, you need to submit some important documents. These documents will help in completing your loan application process smoothly. The list of required documents is given in the points below:

1. Passport: Copy of valid passport.

2. Visa: Copy of valid UAE residence visa.

3. Income Proof: Salary slip or bank statement for salaried individuals; Company financial documents for self-employed individuals.

4. Bank Statement: Bank Statement of last 3-6 months.

5. Income Tax Returns: Copies of last 2 years Income Tax Returns.

6. Property Documents: The contract for purchase of property and other related documents.

7. Proof of Address: Proof of residential address (for example, electricity bill or telephone bill).

8. Employer’s Certificate: For salaried employees, certificate from the employer.

Mashreq Bank home loan interest rates, loan tenure and amount

Mashreq Bank’s home loan offers you various options, which can suit your financial needs. Talking about interest rates, you can choose between fixed or variable rates. The fixed interest rate depends on the bank’s final offer, while the variable interest rate is based on the 3 month EIBOR (Emirates Interbank Offered Rate) and the bank’s margin.

In terms of loan tenure, the maximum loan period that can be availed for residential properties is up to 25 years, while for commercial properties the tenure is limited to a maximum of 15 years.

In terms of loan amount, financing is available up to 60% of the total price of the property for Non-Residents, while it goes up to 85% for UAE Nationals and up to 80% for Expats.

Description	Easy to Understand Information
Interest Rate	– Fixed Interest Rate: As per Bank’s last offer. – Variable Interest Rate: 3 months EIBOR + Bank’s margin.
Loan Period	– For Residential Properties: Maximum 25 years. – For Commercial Properties: Maximum 15 years.
Loan Amount	– For Non-Residents: Up to 60% of the property price. – For UAE Nationals: Up to 85% of the property price. – For Expats: Up to 80% of the property price.

Fees and Charges

There are various fees and charges associated with Mashreq Bank home loans, which can affect the total cost of the loan. These charges are for loan processing, property valuation, and other services. It is important to understand that these fees can affect the management and total cost of your loan, so having the right information is essential.

Type of Fee	Amount (AED)	Comment
Processing Fees	1.05% of the loan amount. Minimum AED 10,500
Group Life Insurance Fees	0.165% of the pending loan amount
Partial or Early Settlement Fee	AED 2,625
Property Evaluation Fee	0.06% of property value
Property Insurance Fees	AED 600	Based on property value
Pre-Approval Charge	AED 1,050	Fixed Fees

How will it be to take Mashreq Bank Home Loan?

Mashreq Bank’s home loan program is an attractive option if you are looking to buy a property in the UAE. This loan provides you financial assistance up to AED 10 million and allows you to get a loan amount of up to 80% of the total value of the property. The loan term can be up to 25 years, and you can choose between fixed or variable interest rates. This program is also available to non-residents, allowing you to buy property in the UAE even while living abroad. Overall, this loan is an accessible and convenient option to meet your property related financial needs.

What needs to be done to take Mashreq bank home loan? 

To take a home loan from Mashreq Bank, first of all you have to visit their official website and fill the application form. In this form you will need to enter your personal information, such as name, contact details, state of residence, and income information. After this, you have to upload the required documents like passport, visa, and income certificate. After submitting the application, the bank will contact you and give you information about the loan process and requirements. To complete this process, the information provided by you will be verified and a final decision will be taken for approval of your loan application.

Is it safe to take a home loan from Mashreq Bank? 

It is safe to take a home loan from Mashreq Bank, as this bank is controlled and regulated by the Central Bank of UAE. All loan terms and conditions are clearly spelled out by the Bank, and all transactions are conducted under high security standards. Additionally, the bank thoroughly examines the financial position of loan applicants to ensure that providing the loan is financially sound. Also, you should review all the documents and terms properly to avoid any possible fraud.

Where can Mashreq Home Loan be used?

Mashreq Home Loan can be used for various purposes. You can use it to buy a new home in Dubai or Abu Dhabi, invest in commercial properties, renovate an existing property, or refinance an already existing loan. This loan helps you to meet all the financial needs related to your property.

Mashreq Home Loan can be used at the following locations:

1. Residential Property Purchase: To buy your own home in Dubai or Abu Dhabi.
2. Commercial Property Purchase: For the purchase of commercial properties, such as office space or retail units.
3. Property Investment: For the purpose of investing in property, so that it can be rented out in future.
4. Property Renovation: For renovation or improvement of existing property.
5. Refinancing: To refinance an already taken loan, thereby getting a better interest rate.

What things should be kept in mind while taking a home loan from Mashreq Bank?

Things to keep in mind while taking home loan from Mashreq Bank:

1. Loan amount and limits: Understand the maximum and minimum amount of your loan.
2. Interest Rates: Know the difference between fixed and variable interest rates and choose as per your need.
3. Loan Tenure: Understand how long the loan tenure can be and its implications.
4. Fees and Charges: Be aware of processing fees, property valuation fees, and other charges.
5. Application Process: Understand the loan application process properly and keep all the required documents ready.
6. Loan Eligibility: Keep in mind the eligibility criteria and required qualifications.
7. Repayment Plan: Plan monthly installments and payment methods.
8. Financial Situation: Be fully aware of your financial situation and take loan accordingly.
9. Related Terms: Read all the terms and conditions associated with the loan carefully.

FAQs (Frequently Asked Questions)

Conclusion

Home Loan from Mashreq Bank can be a great option to make your dreams come true. Its features, such as high loan amount, flexible interest rates, and long tenure, make it an attractive offer. To get complete information about this loan and answers to all your questions, visit our website and read in detail. If you have any issues or questions, comment below we’ll help you within 2 hours. 

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