Overview
Flexible and competitive, 'Compass' from Abu Dhabi Finance is an easy and affordable solution for non-residents to own their investment property in the UAE
Loan to Value (LTV):
Up to 75% for salaried and self employed applicants
Details
Currency of Mortgage
United Arab Emirates Dirham (AED).
Partial Settlement*
If you choose a Variable Interest Rate you can pay up to 20% per year free of Early Repayment Charges (calculated on the outstanding Loan amount as at the date of the Partial Settlement). Partial settlements can be made up to twice per year on your monthly repayment date, subject to a minimum of AED 5,000 per payment. Early Repayment Charges are payable on all Fixed Interest Rate products.
Mortgage Repayment Methods
You can choose the repayment method, customising your mortgage product to fit your specific requirements.
- Interest-Only (available for investment properties; for a maximum of 5 years)
- Combination of Repayment and Interest-Only Mortgage Loans ("Part and Part" Mortgages)
- Repayment Mortgage Loan (Capital and Interest)
Payment Holiday*
You can benefit from a one month Payment Holiday each year free of deferment charges, starting in the second year of your mortgage loan.
Notes
- Loan Protection Insurance is mandatory and Building Insurance is mandatory for completed villas and townhouses.
- For applicable fees and charges, please refer to Schedule of Standard Fees and Charges.
- *Minimum of 14 days notice required.
- Terms and Conditions Apply.
- All Applications and requests for Partial Settlement & Payment Holiday are subject to Abu Dhabi Finance approval.
Eligibility
Applicants
Non-UAE Residents with a minimum income of AED 20,000 per month (equivalent).
Mortgage Amount
- The minimum amount is AED 250,000 (AED 50,000 for Further Advance).
- The maximum amount depends on each applicant’s financial eligibility and is subject to Central Bank regulations.
Property Use
Compass’ is applicable for residential properties on our approved list of developments in Abu Dhabi or Dubai.
Mortgage Term
- Minimum - 3 years.
- Maximum - 25 years.
Age Requirement
- Minimum - 21 years.
- Maximum (at loan maturity date):
- 65 years for salaried applicants
- 70 years for self-employed applicants
Purpose of Mortgage
Own-to-Occupy, Investment Buy to Let / Additional UAE property), Re-mortgage (Buy Out) and Further Advance Top Up).
Developers & Developments
For approved list of Developers and Developments financed by Abu Dhabi Finance please visit our development locations.
Fees & Charges
| CATEGORY | FEES1 |
|---|---|
| Origination Fees | |
| Application Fee | AED 3,150 (non refundable, but offset against your processing fee) |
| Processing Fee |
|
| Valuation Fee | AED 3,150 |
| Account Management Fees | |
| Full Repayment Fees(FRF)2 |
|
| Partial Repayment Fees (PRF)2 |
|
| Offer Letter Cancellation Fee3 | AED 2,100 |
| Fees for Letters | |
| Liability Letter | AED 89.25 per occurrence |
| No Objection Certificate (NOC) | AED 157.50 per occurrence |
| Clearance letter | AED 99.75 per occurrence |
| Other Fees | |
| Offer Letter Renewal | AED 2,100 per occurrence |
| AIP Renewal | AED 2,100 per occurrence |
| Change in Approval Terms (Post Disbursement) | AED 2,100 per occurrence + Valuation fee + any associated fees incurred from relevant Registration Authority or Developer if applicable |
| Loan Restructure Fee | AED 4,200 per occurrence |
| Late Payment Fee | AED 735 applied on a monthly basis on any payments overdue by 10 days or more |
| Default Rate | Default interest shall mean: (a) where there is an event of Default4 or where an account is delinquent for more than 60 days, an additional 400 basis points shall be added to the existing interest rate (the “60 Day Penalty Rate”); and (b) where the event of Default or an account remains to be delinquent for more than 90 days, a further 400 basis points shall be added to the 60 Day Penalty Rate. |
| Returned Cheque Fee/Direct Debit Fee | AED 105 per returned cheque / dishonoured or failed Direct Debit |
| Replacement of Cheque | AED 52.5 per cheque replacement/amendement |
| Change in payment date | AED 262.50 per occurrence |
| Permanent Change in Payment Mode | AED 525 per occurrence |
| Deferment of an Instalment | AED 105 per occurrence |
| Non-Standard statement production/Copy of original documentation | AED 105 per request |
| Registration of Mortgage | In accordance with the standard fees and charges of the relevant Registration Authorities |
| Loan Protection Insurance | Mandatory - starting from 0.0417% of the outstanding loan amount per month |
| Insurance Assignment | AED 1,575 |
| Loan Protection Insurance Opt Out Fee | 0.3675% of original loan amount for single applicant/ 0.525% of the original loan for joint applicants per annum |
| Property Insurance | Mandatory starting from 0.042% per annum of reinstatement value, minimum AED 262.5 |
The above fees and charges apply to UAE nationals and UAE residents only. All fees and charges mentioned above are inclusive of Value Added Tax (VAT) and are subject to change at two months' notice at the sole discretion of Abu Dhabi Finance pjsc. Conditions apply.
The above fees and charges apply to UAE Nationals and UAE Residents only. All fees and charges mentioned above are inclusive of Value Added Tax (VAT) and are subject to change at two months’ notice at the sole discretion of Abu Dhabi Finance PJSC. Conditions apply.
1Non refundable. If a Further Advance is made, the Processing fees as specified above are reduced to 75% of the standard amount (a minimum fee of AED 3,150).
2Unless specified otherwise in the Offer Letter.
3Payable if the applicant cancels the Application after an Offer Letter is produced but before disbursement.
4The term Default shall have the meaning ascribed to it in the standard loan Terms and Conditions.
Why Abu Dhabi Finance
Abu Dhabi Finance is a leading provider of innovative, flexible and transparent mortgage products and related services in the residential and commercial sectors of the UAE on behalf of Emirati and expatriate clients.
Our Vision
To be the most admired real estate financial services company in the UAE
Our Mission
We aim to set the standard in the real estate financial services industry by providing our clients with:
- Expertise in the local real estate industry, based on our breadth and depth of experience
- Transparent products and services, built on leading international standards
- Trusted advisors throughout the real estate investment journey
About Abu Dhabi Finance
Abu Dhabi Finance is the UAE’s fastest growing leading financial services company mortgage lender, providing individuals and businesses alike with the most relevant real estate financial solutions.
Since being formed in 2008 as a private joint stock company partnership between Mubadala Development Company pjsc, Aldar Properties pjsc and ADCB, Abu Dhabi Finance has grown from strength to strength. This partnership brings years of local financial knowledge and real estate expertise, combined with the most solid financial backing in the UAE and a tangible sense of corporate social responsibility.
Abu Dhabi Finance offers innovative financial solutions ranging from residential and commercial mortgages to financial support services. This expertise, coupled with outstanding client service that sits at the heart of everything we do, has translated into numerous customer service and innovation awards since our launch. In 2013, Abu Dhabi Finance became the latest recipients of the Banker Middle East Awards, winning Best Home Finance Company and Best Home Finance Product. Abu Dhabi Finance has also won the Stevie’s Award for Customer Service and the President’s Award for Customer Experience Management for the UAE Customer Service Week STAR Awards.
In 2013, Abu Dhabi Finance expanded its footprint to Dubai, bringing its unique combination of world-class professionalism and intimate client care to the market.
We encourage our clients to aspire to the highest levels of service and to benchmark their expectations against the best internationally. It’s because we have a passion for our community and our clients that we are determined to go to extraordinary lengths to delight them and exceed their expectations.