Our eligibility criteria for self employed individuals are outlined below
Definition:
Applicants holding 5% (or more) shares in a company, a partner or sole proprietor, or working in a family business
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 80%, dependent on the development, affordability and proof of source of deposit
DSR (Debt Service Ratio):
Up to 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 business:
Trading for a minimum of 3 years with 2 years audited accounts
Income:
Minimum AED 10,000 and paid into a personal bank account (separate from the business)
Income Considered:
Income
Allowable income will be based on the lowest net profit figure from the last 2 years Audited Accounts according to the applicant’s percentage shareholding in the company or business. The net profit figure taken will exclude any ‘extraordinary’ or ‘non-recurring’ items. In addition we will consider management fees and dividend payments as per the applicant’s shareholding in the company or business.
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.
