Our eligibility criteria for salaried individuals are outlined below. If you are self employed please refer to the 'self employed' section.
Age:
Minimum 21 years, up to 70 years at maturity (dependent on financial status)
Term:
Minimum 3 years, up to 30 years (dependent on financial status)
LTV (Loan-to-Value):
Up to 85%, dependent on the development, affordability and proof of source of deposit
DSR (Debt Service Ratio):
Up to 55%, if one applicant’s basic salary is over AED 35,000, or joint over AED 50,000, otherwise 50%
Applicants:
UAE Nationals and UAE Residents only
Property Location:
Abu Dhabi
Max. No. of Properties:
Up to 3 properties can be financed by Abu Dhabi Finance
Property Use:
Residential only (No commercial or mixed-use property)
Finance Amount:
Minimum AED 250,000 (AED 50,000 for further advance). Maximum amount is based on affordability
Purpose of Mortgage
Own-to-Occupy, Equity Release, Further Advance (Top Up), Re-mortgage (Buy Out) and Investment (Buy to Let/ Additional UAE Property)
Length of service:
Employed by current employer for over 6 months or continuous employment for last 18 months (no gaps of more than 6 weeks). If under probation, prove continuous employment, in the same field, for the past 12 months.
Income:
Minimum AED 10,000
Income Considered:
Basic Salary
As per salary certificate and as per bank statements
Housing Allowance
If proof is given that it will continue when you move into the property
Bonus evidenced for 12 months and confirmed by employer and bank statements, 50% of bonus can be considered.
Commission 12 month period supported by employer letter/payslips and bank statements. Up to 50% of the average income can be considered.
Commission 24 month period supported by employer letter/payslips and bank statements. Up to 100% of the average income over 2 years can be considered.
Pension Private or company pension if currently being paid
Rental Income
For completed property in Abu Dhabi we will consider up to 80% of the annual figure stated in a current Tenancy Agreement.
Where the property is under construction in Abu Dhabi, up to 75% of the potential rental income will be considered. Potential rental income will be determined by reference to an independent valuer.
We will consider up to 60% of rental income earned on completed property outside Abu Dhabi (this includes overseas property) but will not consider potential rental income on uncompleted property outside Abu Dhabi.
Unearned income such as Trust Funds if free from encumbrances and confirmed by an accountant, evidenced by minimum 2 years of any appropriate documentations and continues over the term of the loan
Multiple Applicants up to 2 applicants, providing both parties are on the Sales and Purchase Agreement.
Income not considered:
Furniture allowance, travel expenses, club memberships, and cash
Commitments considered (but not limited to):
Bank loans, hire purchase arrangements, existing mortgages, out-standing credit card commitments.
Conditions apply. All applications are subject to Abu Dhabi Finance approval.
