Answers to the most frequently asked questions

Mortgage Services

Who can apply for an ADCB Mortgage?

All UAE residents (UAE Nationals and Expatriates) and non-residents earning sufficient income from either a salary or from running a company (self-employed), are eligible to apply for an ADCB Mortgage. The applicant if an UAE resident (Nationals & Expatriates), must be aged 21 and above, and if a Non-resident must be aged 25 and above to be eligible for a mortgage from ADCB.

What is the minimum income required per month to take a Mortgage Loan from ADCB?

 Employment Category   UAE Nationals  Expatriate Residents  Non-residents (Post Tax) 
 Salaried  AED 8,000 p.m.  AED 15,000 p.m.  AED 25,000 p.m.
 Self-employed  AED 75,000 p.m.
 average credit turnover  
 AED 75,000 p.m.
 average credit turnover 
 N/A

Do I need to be an existing ADCB account holder or customer to apply for a mortgage?

You do not need to have an account or be an existing customer of ADCB to take a mortgage. However, should you wish to do so, it will be a mandatory to open a current account from ADCB which will then also be acting as your mortgage repayment account. Regular savings account from ADCB will not be accepted as a mortgage repayment account.

How do I apply for an ADCB mortgage?

There are three convenient ways to apply for an ADCB Mortgage.

Simply apply online through our ADCB.com website, or visit any of our ADCB Branches or alternatively you may also simply call our Toll free ADCB Contact Centre on 600 50 2030, for one of our dedicated Mortgage Relationship Managers to further assist you with your requirement.

What is the maximum and minimum Mortgage Loan amount that I can take?

The maximum loan amount is AED 24,000,000 and the minimum loan amount is AED 250,000. However please note that the maximum loan amount could vary according to personal circumstances, the nature of the transaction and the property developer involved in the transaction.

I own multiple properties; can I take mortgage finance for each one of them or is there any restriction on the number of properties that I can mortgage from ADCB?

There are certain restrictions on the number properties you can finance based on your current residency and property construction status. Please refer to the below table for guidance:

Sr Type of Customer Project Status Number of Properties that can be financed
1 UAE Residents Completed No Limit
2 UAE Residents Under Construction 1 Property
3 Non Residents Completed 2 Properties
4 Non Residents Under Construction Not Applicable
Note: Definition of 1st Property, if the customer has no other mortgages in the UAE, irrespective of the properties owned, the property to be financed can be defined as 1st property. Simultaneously, if the customer has a mortgage on any property, then the property can be financed will be defined as 2nd property.

What is the applicable interest rate?

Currently ADCB offers customers a choice to select any one of the two types of interest rate options on mortgages – Variable or Hybrid rate options. 

Hybrid Rate Option: This type of rate option allows Customers to fix their applicable interest for a short period, after which the interest rate shifts to ADCB’s applicable variable rate, which is based on relevant EIBOR + Margin.

Variable Rate Option: Commonly known as a floating rate Loan where the Loan is variable from inception. The variable rate offered is relevant EIBOR + Margin.

What can Customer do with the Loan that were based on Retail Base Rate (RBR)?

Loan based on RBR was discontinued on 1st September, 2014. With the introduction of variable rate based on 6M EIBOR + Margin, subject to a floor rate, Customers, who have taken Mortgage Loan in the past based on RBR, have a choice to convert their Loan to an EIBOR linked variable rate, for a marginal switch fee. For your reference, the current applicable RBR is 5%. Effective 24th February 2019, Mortgage Loan is also available with variable rate option linked to 3M EIBOR.

Where can the Customer find the relevant EIBOR and Margin applicable to the Customer?

The relevant EIBOR and the Margin will be set out in the Approval Letter or the Loan Advice or in the Loan Application or any other Loan document or ADCB may advise the Customer through any other channel.

Important Notes & Definitions:

  • EIBOR means Emirates Interbank Offered Rate as determined by ADCB from time to time.
  • Review Frequency: ADCB will review the ‘6 month EIBOR’ interest rates in January and July each year and the ‘3 month EIBOR’ interest rates in January, April, July and October each year. In case the relevant EIBOR has changed on the review date, the rate applicable on the respective Mortgage Loan will be amended to reflect the same. Please note that the applicable EIBOR review can be done at a lesser / longer frequency at ADCB’s sole discretion.

Historic 6M EIBOR Resets:

Sr No 6 months EIBOR as on Value
1 01-July-2014 0.92%
2 04-Jan-2015 0.84%
3 01-July-2015 0.90%
4 01-Jan-2016 1.22%
5 03-July-2016 1.33%
6 02-Jan-2017 1.72%
7 01-July-2017 1.72%
8 02-Jan-2018 2.03%
9 06-May-2018 2.78%
10 27-Jan-2019 3.15%

Historic 3M EIBOR Resets:

Sr No 3 months EIBOR as on Value
1 27-Jan-2019 2.93%
2 07-April-2019 2.80%

Unless defined herein the capitalised term used in these FAQ shall bear the same meaning as defined in the ADCB Consumer Banking Terms and Conditions available on ADCB Website adcb.com

For more information on the current applicable pricing, please contact the ADCB Mortgage Service Desk or alternatively visit one of the ADCB branches, or call our 24-hour Contact Centre on 600 50 2030.

Is it mandatory to take a life and property insurance to take a Mortgage Loan from ADCB?

Yes, life and property insurance are a mandatory requirement to avail a mortgage from ADCB. As an added convenience, ADCB does offer a competitive life and property insurance to mortgage customers:

  • Group Life insurance is currently being offered at 0.05% per month on the outstanding loan amount. (Customers may need to undergo medical tests prior to approval of the coverage, as required by the insurance company).
  • Property insurance is being offered at 0.040% per annum on property’s original value

I have an existing life insurance policy. Do I still need to take a policy from the Bank?

No, you are not required to purchase a life insurance policy from the Bank. Should you be having an existing life insurance policy, you may simply assign the policy to the Bank. For assignment of life insurance policy the Bank may charge an assignment fee.

Am I allowed to partially or fully settle my loan at any time?

Yes, you may partially or fully repay your mortgage loan at any time. However, the Bank may charge a discharge fee each time you are making additional repayments. The current early settlement fee structure is as follows:

*Early Settlement Fee:

Early Settlement Fee (%) for Partial Payment or Full Settlement
Partial or Full Settlement through Own Funds/Sale of Property 1.05% of outstanding loan balance
Buyouts 3.15% of outstanding loan balance

Do I have to transfer my salary or business income to ADCB to take an ADCB Mortgage Loan?

No, it is not a mandatory requirement to transfer your income to ADCB. However, the Bank may offer additional benefits to customers who are willing to transfer their income to ADCB such as reduced interest rates, discounts etc.

What is the maximum number of years I can take a mortgage for?

UAE Residents can take a mortgage loan for a maximum period of 25 years, and Non Residents for a maximum period of 15 years. However please note, that at the time of maturity the maximum loan tenor should not cross 65 years of age if salaried, and 70 years of age if self-employed.

Can I take an ADCB mortgage loan against any property in the UAE?

ADCB mortgage loans can be taken only for selected residential properties in the UAE. For more information on the full list of approved projects, kindly visit any of our ADCB Branches or alternatively you may also simply call our Toll free ADCB Contact Centre on 600 50 2030, for one of our dedicated Mortgage Relationship Managers to further assist you with your requirement.

How is the interest calculated on my mortgage loan?

Interest is generated based on your daily loan outstanding balance, in accordance with UAE Central Bank directives. The interest that is levied are recovered on a monthly basis along with your principal repayments as per standard amortization.

When do I start making my monthly repayments?

Your first monthly repayments towards your mortgage loan (EMI) is due one month later from the date of your loan disbursal. Should you have availed a mortgage for an under construction property, then you have a choice of either paying interest only, or the regular EMI during the construction phase. Your first instalment in this case also will be one month from the date of the first disbursal.

How can I request details of my existing loan (i.e. outstanding loan amount, current rate of interest applied, and current monthly instalment calculation)?

You may obtain this information by writing to Customercare.mortgages@adcb.com mentioning your customer ID (Your query will be addressed within 2 to 3 working), or alternatively you may also visit any of our ADCB Branches for our one of our dedicated customer service representative assist you with your requirement.

Can I defer my mortgage loan repayment?

Mortgage Loan repayments cannot be deferred; this is a part of the Bank’s policy

What if I am no longer a UAE resident, but I am still holding an ADCB mortgage loan; will the terms of my loan change or will I need to settle my loan?

You are requested to visit any of our ADCB branches, or contact our 24 hours call centre on 600 50 2030 or alternatively you may also get in touch with our dedicated ADCB Mortgage Service Desk on 04 310 6851, prior to leaving the UAE so that your information can be updated in our system accordingly; the terms of your loan may be amended and will be subject to the approval of the bank on case to case basis (this can be communicated to you post internal review).

Can I reschedule my existing mortgage loan?

Yes, you may do this by submitting fresh financial documents (i.e. Bank statements, income statements etc) and it will be subject to Bank’s approval. A rescheduling fee may apply.

What is the procedure for loan settlement?

You may settle your mortgage loan by depositing the outstanding loan amount along with the settlement fee (which can be found on our schedule of fees at service desk office or on www.adcb.com ) and send an authorization email to Service Desk Unit detailing your requirement for settlement.

Which all properties and projects in the UAE approved for mortgage financing by ADCB?

Please click on the attached list of all approved projects by Emirates: 

Dubai 

Abu Dhabi

Other Emirates

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