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A percentage of the home price paid up front and in cash. Usually at least 20%
Maximum of 25 years.
Types of rates
3 years fixed-rate
This means your mortgage interest rate stays the same for the first 3 years after you get the loan. It won't change, so your monthly payments are predictable during this time.
5 years fixed-rate
Similar to the 3-year fixed-rate, but the interest rate stays unchanged for 5 years instead of 3. It gives you a longer period of predictable payments.
Variable rate
With a variable rate mortgage, the interest rate can change over time. It's usually tied to a specific benchmark, like the prime rate. This means your monthly payments can go up or down depending on changes in interest rates.
Monthly Installment:
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Upfront Cost
Upfront cost breakdown
Land department fee
One-time tax paid to the government. 4% of the property value + AED 580 admin fee
AED 40,580
Trustee fee
Paid to the bank for a range of services. AED 2,000 + VAT for properties below AED 500,000, AED 4,200 + VAT for properties equal or above AED 500,000
AED 40,580
Mortgage registration fee
Paid to the government to register your property as security for the home loan. 0.25% of the loan amount + AED 290 admin fee
AED 40,580
Bank processing fee
Paid to the bank to process your mortgage. Up to 1% of the loan amount + 5% VAT
AED 40,580
Valuation fee
Paid to the bank for a basic inspection of your property. Between AED 2,500 and AED 3,500 + 5 VAT
AED 40,580
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This value is an estimate. To get the precise amount, apply for a free consultation or contact us!
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Get Quick Mortgage solutions
At 7 Seas Mortgage its a Hassle Free Process, Experience a quicker mortgage process with 7 Seas from leading financial institutions
Know More