• FGB Home Loan for Residential & Commercial Properties


    First Gulf Bank Home Loans & Mortgages in the UAE

    A home means a lot of different things to different people. It is a space that defines one’s individuality. Shows what the person is. When you stay in a rented space you restrict yourself to things as the space is not your home. It is taken on rent only for a period of time. It is hard to finance a home of your own in UAE. Or for that matter if you are keen on opening a business in UAE, the first problem you will face is finding the right commercial space. First Gulf Bank offers a range of mortgage solutions to meet the mortgage needs for residential as well as commercial property.

    The UAE Nationals as well as the expats who are salaried or self-employed can make the most of the mortgage services that are offered by First Gulf Bank.

    Customers can enjoy lower mortgage payments, as the interest rates start from 2.99%. Also there is no processing free if you are looking at buying out the mortgage from other bank. They can also enjoy the competitive loan amounts and pricing and also quick approvals.

    You’re probably eligible for FGB Home Loan if you are

    FGB Home Loan Minimum Age

    At least 21 years old

     FGB Home Loan Maximum Age

    No Info

    FGB Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    FGB Home Loan Minimum Income

    Earn more than the minimum income required

    Your FGB Home Loan amount eligibility is based on these factors

    FGB Home Loan Minimum Salary

    AED 15,000

    FGB Home Loan Maximum Loan to property value

    Loan capped is AED 20 million

    FGB Home Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible FGB Home Loan amount by these steps

    FGB Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    FGB Home Loan Maximum Tenure

    Choose longer tenure loan up to 15 years

    FGB Home Loan Add parents as Co-applicant

    Alternatively add your parents

    FGB Home Loan Interest RatesUpdated on 12 Dec 2018

    FGB Home Loan Details
    Partial Pre Payment Charges 20%-25%
    Home: Fixed Rate – 1year and 2 years 2.99% p.a. onwards
    International Mortgage 3.25% p.a. onwards

    Features and Benefits for First Gulf Bank Home Loans

    Loans for Homes

    • These loan products are available for both self-employed as well as salaried residents of UAE.
    • This sort of home loan is available in both conventional and Islamic finance for homes.
    • This loan can be taken for buying completed projects with a title deed RAK, Dubai and Abu Dhabi. Some of the leading projects include:
      • Al Dar,
      • TDIC,
      • Mismak Properties
      • First Gulf Properties
    • Housing financing option for private villas are also available for Dubai properties aslong as they come with a Title deed and a few other conditions of the bank.
    • You can also get finance for NHL and Granted Land.
    • You can also buy a property in England or Wales with the help of this loan.
    • Equity release and refinance loans
    • Finance available for properties in England and Wales
    • It finances up to AED 20 million of the current market value of the space.
    • The repayment tenure goes up to 25 years.
    • The individual can enjoy free credit life insurance.
    • A 3 month EIBOR linked lowest rate that is variable is expected to be paid as interest for these loans.
    • For the 1st year and 2nd year of payment there are options for a fixed rate at 2.99%.
    • Investment properties can apply for interest only.
    • Approvals for these loans have been made faster for these loans.

    Office or Shop

    • This product is available for residents which include both individuals and companies.
    • The product is available at the market value currently.
    • Repayment tenures can last up to 15 years.
    • Approvals for these loans have been made faster for these loans.
    • Finance is available on the current market value of the property up to AED 10 million. Higher amounts will be considered based on the bank’s discretion.
    • You also enjoy credit life insurance for free.

    International Mortgages

    • International properties can be financed as long as they are residential properties that are completed.
    • It is available for buy-to-let as well as holiday homes.
    • Approvals for these loans have been made faster for these loans.
    • You can get finance for international properties for up to 75%.
    • This is available to UAE residents as well as expatriates, who are salaried or self-employed.
    • The interest rates start from 3.25% (as of May, 2016)

    Eligibility for First Gulf Bank Home Loans & Mortgages

    The individual should earn a minimum monthly income of AED 15,000, whether salaried or self-employed for UAE mortgages.

    Required Documents

    For Salaried Individuals:

    • Emirates ID
    • Passport and residence visa
    • 6 months latest bank statements that depict salary credits
    • Letter of Salary certificate that has to be addressed to the bank.
    • If the property has been chosen the documents have to be provided for the same.

    For Self-employed Customers:

    • Passport copies
    • Visa copies
    • Emirates ID
    • Trade license copy
    • Memorandum of Association or Share certificates or Articles of association copies
    • Latest 2 years Audit financials data.
    • 6 months latest personal bank statements
    • 6 months latest company statements which should include all the accounts
    • Letters of facility if required
    1. What if I decide to sell the home I purchased through the loan before I repay the loan in full?

      Customers can repay the loan prior to the expiry of the tenure which will enable them to get a property release. However, an Early Settlement Fee will have to be paid (usually 3% of the outstanding loan amount) if the property is going to be sold before the term of the loan expires. Another way to sell your home before making all interest payments is by transferring the loan to the buyer.

    2. Do I have to transfer my salary to the bank if I wish to take out a home loan?

      Customers are not required to open an account with First Gulf Bank to transfer their salary, but customers who decide to do so can gain eligibility to additional benefits such as improved terms and lower interest rates.

    3. Will the bank finance rental properties?

      You will have to contact a representative of the bank to find out whether or not you are eligible for a loan to finance a rental property. If you qualify, the rate of interest charged for a rental property will be slightly more as the bank undertakes a greater risk to fund properties that will not be used as the customer’s primary residence.

    4. What are closing costs?

      Closing costs include items such as appraisal fees, title insurance fees, attorney fees, pre-paid interest, title insurance fees, etc. The factors that determine closing costs include the location of the property, the cost of the loan, the type of home loan, etc. An estimate of the closing costs can be availed from the bank before the closing date.

    What should you know about the interest rates on Home Loans?

    The main factor while taking a home loan is the interest rate. Home loans are easily available from various banks across the UAE and the interest rate that is applicable on these loans depends on the bank that offers that loan. It is the rate of interest on the Home Loan that affects the EMI and hence your monthly budget throughout the tenure of the loan.

    A Guide to Mortgages for First Time Property Buyers.

    Buying a property for the first time in your life and that too on mortgage? It is a huge expense and a massive commitment to get involved with. Hence there are certain things you will need to know about it before you can proceed.

    Home Loan Transfer to another Banks

    Ever felt like changing your lender? There are lots of things that make refinancing a mortgage a good idea and the chief among them is that if can help ease the pressure of monthly payments. You can also walk away with lots of benefits, depending on the bank.

    Cash finance at low rates against existing property.

    Did you know that you can avail finance by tapping into the positive equity of your property? Instead of letting your property to sit idle, you may use it to avail finances. Many banks provide cash advances against properties for a lower rate of interest. Using properties as a collateral will help get cash advances of a higher amount at a very low rate.

    Buy-to-let mortgages in the UAE

    Buy-to-let mortgages are best suited for the people who want to make an investment in the property with just the intention of letting out the property for rent. But since their purpose differs much from the regular mortgages, so does their other attributes. Hence it requires a well informed decision before opting for it.

    Home Equity Loans in the UAE.

    Home Equity Loans provide the facility for homeowners to borrow funds by putting up the equity in their homes as leverage. Home Equity Loans or Second Mortgages are among the easiest sources of cash a customer could wish for. And these being tax deductible, offer an additional benefit.

    Home Refinance Loans in the UAE

    Home Refinance Loans provide an option to the customers to opt for an additional finance on the existing property so as to get a better term and rate of interest than offered by their current mortgage. The second mortgage can be taken out once the first has been repaid.

    Subprime Mortgages in the UAE.

    Subprime Mortgages provides mortgages for the acquisition of residential real estate, sanctioned to customers with a bad credit history. Hence the risk of default on these loans is significantly higher and so are the fees to make up for the extra risk.

    Home Loans for the Senior Citizens in the UAE.

    Reverse Mortgages are a special kind of mortgages targeted only at the customers who have crossed the age of 62 years. The banks or the lenders provide the money against the equity in the existing property and also do provide for the payments to be made either monthly or occasionally in lump sums.

    Interest only Mortgages in the UAE.

    Interest only Mortgage in the UAE provide the facility to the customer to pay off the interest on the mortgage before the principal amount. Interest only mortgages come with a fixed term and have so many benefits apart from low initial payments and are suggested for the customers who intend to sell the property after the end of the mortgage.

    Fixed Rate Mortgages in the UAE.

    Fixed Rate Mortgages offer finance at fixed rates throughout the loan tenor and hence the monthly payments due on fixed-rate mortgages also remain the same. They are the exact opposite of adjustable rate mortgages in which the monthly payments may be low during the initial stages of the mortgage but could potentially increase to almost double the initial interest rates which will increase the monthly payments.

    News about FGB Home Loan

    • First Gulf Bank’s Q3 net profits fall by 0.4%

      The 3rd largest lender in the UAE, the First Gulf Bank have announced that they have had a 0.4% fall in their net profit after the income through loans fell. The earnings for this quarter fell from there double digits recorded in the previous years due to economic uncertainties. For the first 3 months ending in September 2015 the First Gulf Bank made a net profit of $386.6 million or Dh 1.42 billion with hardly any changes from the previous year of Dh 1.43 billion.

      29th October 2015

    • First Gulf Bank all ready to fund startups in the UAE

      First Gulf Bank (FGB) said they are willing to fund startups deemed to be too risky by other lending institutions to provide them with a lifeline to sustain themselves. SMEs are being looked at for economic growth in the country and the government and lending community are looking at supporting them as a priority.

      On a yearly basis SMEs are charged a rate of interest anywhere between 12% - 18% per year, which is almost double of the standard loan interest. The SMEs have frowned at the government for not providing them with better finance options, when they actually contribute 86% of the workforce in the private sector but only account to 4% of the lending. FGB have started to consider lending towards these startups to get the lifeline they require.

      28th September 2015

    • $1 Billion raised by First Gulf Bank in three-year loan

      Listed as the third biggest bank in terms of assets in the UAE, First Gulf Bank enhanced lending by raising $1 billion in loans to ward off problems in a tightening economy. The loan market has turned into a go-to option for Middle-East banks as a decline in crude oil prices adversely affect liquidity and potentially stifle economic growth.

      The payment for First Gulf Bank will be 70 basis points over LIBOR (London Interbank Offered Rate) for the loan which extends to three years. Wells Fargo, UniCredit Bank, Mizuho, Deutsche Bank, ING, Natixis, HSBC, Sumitomo Matsui Banking Corp, BNP Paribas, Commerzbank, Barclays, Citigroup, Bank of Tokyo-Mitsubishi and Bank of America Merill Lynch were authorised bookrunners and lead arrangers for the deal.

      10th September 2015

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