Go from blueprint to reality with Emirates NBD
Bring your dreams to life with Emirates NBD self-construction Home Loans. There are multiple options and tailor-made financial solutions for UAE Nationals looking to construct their own house.
Features of the self-construction Home Loans:
Up to 100% financing of construction cost
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Payment holiday for 2 years or construction completion whichever is earlier
Loan amounts up to AED 20mn
Fixed rate interest option available
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Home Loans for Self Construction
At a glance
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Key facts statement
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- Home Loans for ready property
- Home Loans for self-construction property
Use our mortgage calculator to see how much your new home will cost
Key features and benefits
- Apply with a minimum salary of AED 10,000
- Available for salaried and self-employed individuals
- Finance up to 85% of the Property Value
- Free life and property insurance
- No application fee
- Free partial settlement, up to 20% of the loan amount
- Mortgage for government housing programmes
- Apply with a co-borrower
Terms and conditions apply.
Apply now
I want to borrow
AED 250,000AED 20,000,000
12 Months300 Months
You can borrow AED {0} Home Loan
with monthly payments as low as
AED
Tentative rate: 7.20% p.a. (reducing)
Rates and benefits will be applicable based on the customers segment, eligibility and borrowing capacity as per the banks credit policy and central bank regulation.
Linked to 1-month EIBOR + 1.79% per annum reducing balance. Reference Rate is calculated based on EIBOR rate as of 30th Jan 2024. Rate applicable will be calculated based on the current rate of EIBOR on the date of loan disbursem*nt.
Finance construction property highlights
Bring Your Dream Home To Self Life With Emirates NBD Self - Construction Home Loan
- Apply with a minimum salary of AED 10,000
- Available for salaried and self-employed individuals
- Coverage of Life & property insurance
- Free application fee
- Free partial settlement up to 20% of the loan amount
- Finance of Government housing programs available
- Apply with a co-borrower
I want to borrow
AED 250,000AED 20,000,000
12 Months300 Months
You can borrow AED {0} Home Loan
with monthly payments as low as
AED
Tentative rate: 7.20% p.a. (reducing)
Rates and benefits will be applicable based on the customers segment, eligibility and borrowing capacity as per the banks credit policy and central bank regulation.
Linked to 1-month EIBOR + 1.79% per annum reducing balance. Reference Rate is calculated based on EIBOR rate as of 30th Jan 2024. Rate applicable will be calculated based on the current rate of EIBOR on the date of loan disbursem*nt.
Benefits of getting a home loan with Emirates NBD
Mortgage loan buyouts
Switch your existing home loans to Emirates NBD and benefit from our low-interest rates and higher loan amounts
Commercial loans for retail spaces & office units
Purchase constructed and ready commercial properties with our commercial mortgage loans
Home Loans for non-residents
Own a home in the UAE while living in your home country with our loans for non-residents
Eligibility
For salaried and self-employed individuals
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Minimum salary: AED 10,000
Documents required to apply
Salaried individuals
- Passport and Emirates ID
- Salary certificate addressed to Emirates NBD
- Bank statement for the last 6 months
- Pay slips for the last 6 months if pay varies more than 10%
Self-employed individuals
- Passport and Emirates ID
- Copy of Trade License
- Memorandum of Association (MOA), including all amendments
- Bank statement for the last 6 months
- Audited company financials or the last two years
Co-borrowers' documents (if applicable)
- Co-borrower's passport and Emirates ID
- Income documents (if applicable)
- Pay slips for the last 6 months if pay varies more than 10% (if applicable)
- Bank statement for the last 6 months (if applicable)
- If the co-borrower is a company owner, please share the MOA and Trade License
If moving your loan to Emirates NBD
- Valid Passport & Emirates ID
- Property documents and title deed
- Existing bank loan documents
Salaried individuals
- Passport and Emirates ID
- Salary certificate addressed to Emirates NBD
- Bank statement for the last 6 months
- Pay slips for the last 6 months if pay varies more than 10%
Self-employed individuals
- Passport and Emirates ID
- Copy of Trade License
- Memorandum of Association (MOA), including all amendments
- Bank statement for the last 6 months
- Audited company financials or the last two years
Co-borrowers' documents (if applicable)
- Co-borrower's passport and Emirates ID
- Income documents (if applicable)
- Pay slips for the last 6 months if pay varies more than 10% (if applicable)
- Bank statement for the last 6 months (if applicable)
- If the co-borrower is a company owner, please share the MOA and Trade License
If moving your loan to Emirates NBD
- Valid Passport & Emirates ID
- Property documents and title deed
- Existing bank loan documents
Getting started
What is a Self-construction Loan?
A Self-construction Loan is a specialized financial product designed to provide the necessary funding for individuals who wish to construct their own home from the ground up.
How does a Self-construction Loan differ from a traditional mortgage?
Unlike traditional mortgages, which are primarily intended for the purchase of pre-existing properties, self-construction loans are meant for the construction of a new home on an existing piece of land.
Who is eligible for a Self-construction Loan?
UAE Nationals with available land or those who are granted land by the government are eligible to apply for a self-construction loan, subject to meeting the lender's specific criteria.
How do disbursem*nts work with a Self-construction Loan?
Disbursem*nts for a Self-construction Loan are usually administered in stages, with funds released as the construction progresses. This staged approach ensures that the funds are disbursed in line with the completion of specific construction milestones, rather than as a single lump sum.
What documents are typically required for a Self-construction Loan application?
Commonly required documents for a Self-construction Loan application include passport, Emirates ID, original affection plan/search certificate or original title deed of the property, the mortgage deed for the property, if applicable, technical evaluation report, workers insurance, registered mortgage deed and building permit, demarcation certificate and contractor's trade license.
What is a Self-construction Loan?
A Self-construction Loan is a specialized financial product designed to provide the necessary funding for individuals who wish to construct their own home from the ground up.
How does a Self-construction Loan differ from a traditional mortgage?
Unlike traditional mortgages, which are primarily intended for the purchase of pre-existing properties, self-construction loans are meant for the construction of a new home on an existing piece of land.
Who is eligible for a Self-construction Loan?
UAE Nationals with available land or those who are granted land by the government are eligible to apply for a self-construction loan, subject to meeting the lender's specific criteria.
How do disbursem*nts work with a Self-construction Loan?
Disbursem*nts for a Self-construction Loan are usually administered in stages, with funds released as the construction progresses. This staged approach ensures that the funds are disbursed in line with the completion of specific construction milestones, rather than as a single lump sum.
What documents are typically required for a Self-construction Loan application?
Commonly required documents for a Self-construction Loan application include passport, Emirates ID, original affection plan/search certificate or original title deed of the property, the mortgage deed for the property, if applicable, technical evaluation report, workers insurance, registered mortgage deed and building permit, demarcation certificate and contractor's trade license.
Does a Self-construction Loan cover the purchase of land as well?
No, it is necessary for you to already have the land before you apply for a Self-construction Loan.
What is the difference between Mulhaq loan and a Self-construction Loan?
The Mulhaq loan is intended for building an extension or making improvements to a ready property, whereas a Self-construction Loan is meant for the construction of a new property on an empty piece of land.
How much can I borrow with a Self-construction Loan from Emirates NBD?
Loan amounts are determined based on your income, the value of the land, the estimated construction cost, and your overall creditworthiness. Loan-to-Value (LTV) ratios are subject to Emirates NBD’s lending policies which can be up to 85%.
What is the interest rate for a Self-construction Loan?
Interest rates are competitive and based on market conditions and your credit profile.
What is the maximum tenure for Self-construction Loan?
Repayment periods can extend up to 25 years, depending on the loan amount, your age at maturity, and Emirates NBD’s policy.
Is early repayment allowed for Self-construction Loans?
Yes, early repayment is possible. Fees may apply as per Emirates NBD’s settlement policies.
What are the additional fees associated with a Self-construction Loan?
Additional fees may include processing fees and valuation fees. For a detailed fee structure, please refer to the loan agreement or contact Emirates NBD.
What happens if a customer fails to repay the loan?
Failure to repay the loan can result in legal action and loss of the property. It is important to discuss any financial difficulties with Emirates NBD to explore possible solutions.
How can I apply for a Self-construction Loan?
You can apply online here to start your application process.
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