^FAQ Frequently Asked Questions (FAQ)

ADCB Mortgage loans Facilities are open to all eligible UAE residents (Nationals and Expatriates) as well as eligible Non-residents.

If you are a UAE resident, you do not need to have an account or be an existing customer of ADCB to take a mortgage. However, should you wish to do so, it will be a mandatory to open a current account from ADCB which will then also be acting as your mortgage repayment account. Regular savings account from ADCB will not be accepted as a mortgage repayment account.

If you are a Non-resident, you need to have a savings account as it will serve as your repayment account. For Self – Employed Private Customers the minimum required Length of Relationship with ADCB is 3 months, for Self – Employed Excellency and Privilege Customers the minimum Length of Relationship is 12 months.

There are three convenient ways to apply for an ADCB Mortgage.

Simply apply online through our ADCB.com website, or visit any of our ADCB Branches or alternatively you may also simply call our Toll free ADCB Contact Centre on 600 50 2030, for one of our dedicated Mortgage Relationship Managers to further assist you with your requirement.

Please note that the maximum loan amount could vary according to personal circumstances, the nature of the transaction and the property developer involved in the transaction.

21 years or older for UAE residents (National / Expatriates) and Non-residents

There are certain restrictions on the number properties you can finance based on your current residency and property construction status. Please refer to the below table for guidance:

Currently ADCB offers customers a choice to select any one of the two types of interest rate options on mortgages – Variable or Hybrid rate options. 

Hybrid Rate Option: This type of rate option allows Customers to fix their applicable interest for a short period, after which the interest rate shifts to ADCB’s applicable variable rate, which is based on relevant EIBOR + Margin.

Variable Rate Option: Commonly known as a floating rate Loan where the Loan is variable from inception. The variable rate offered is relevant EIBOR + Margin.

What can Customer do with the Loan that were based on Retail Base Rate (RBR)?

Loan based on RBR was discontinued on 1st September, 2014. With the introduction of variable rate based on 6M EIBOR + Margin, subject to a floor rate, Customers, who have taken Mortgage Loan in the past based on RBR, have a choice to convert their Loan to an EIBOR linked variable rate, for a marginal switch fee. For your reference, the current applicable RBR is 5%. Effective 24th February 2019, Mortgage Loan is also available with variable rate option linked to 3M EIBOR.

Where can the Customer find the relevant EIBOR and Margin applicable to the Customer?

The relevant EIBOR and the Margin will be set out in the Approval Letter or the Loan Advice or in the Loan Application or any other Loan document or ADCB may advise the Customer through any other channel.

Important Notes & Definitions:

• EIBOR means Emirates Interbank Offered Rate as determined by ADCB from time to time.
• Review Frequency: ADCB will review the ‘6 month EIBOR’ interest rates in January and July each year and the ‘3 month EIBOR’ interest rates in January, April, July and October each year. In case the relevant EIBOR has changed on the review date, the rate applicable on the respective Mortgage Loan will be amended to reflect the same. Please note that the applicable EIBOR review can be done at a lesser / longer frequency at ADCB’s sole discretion.

Historic 1M EIBOR Resets

Historic 3M EIBOR Resets:

Historic 6M EIBOR Resets:

Unless defined herein the capitalised term used in these FAQ shall bear the same meaning as defined in the ADCB Consumer Banking Terms and Conditions available on ADCB Website adcb.com

For more information on the current applicable pricing, please contact the ADCB Mortgage Service Desk or alternatively visit one of the ADCB branches, or call our 24-hour Contact Centre on 600 50 2030.

Yes, life and property insurance are a mandatory requirement to avail a mortgage from ADCB. As an added convenience, ADCB does offer a competitive life and property insurance to mortgage customers:

• Group Life insurance is currently being offered at 0.0184% per month on the outstanding loan amount. (Customers may need to undergo medical tests prior to approval of the coverage, as required by the insurance company).
• Property insurance is being offered at 0.042% per annum on property’s original value

• Group Life insurance is currently being offered at 0.01911% per month on the outstanding loan amount for Non-residents who are Nationals of India / Pakistan and at 0.0184% per month on the outstanding loan amount for all other Non-residents
• Property insurance is being offered at 0.042% per annum on property’s original value

If you are a resident, you are not required to purchase a life insurance policy from the Bank. Should you be having an existing life insurance policy, you may simply assign the policy to the Bank. For assignment of life insurance policy the Bank may charge an assignment fee.

If you are a Non-resident, you are required to purchase ADCB Group Life insurance policy.

It is mandatory to take Property Insurance through the bank.

Yes, you may partially or fully repay your mortgage loan at any time. However, the Bank may charge a discharge fee each time you are making additional repayments. The current early settlement fee structure is as follows:

*Early Settlement Fee:

No, it is not a mandatory requirement to transfer your income to ADCB. However, the Bank may offer additional benefits to customers who are willing to transfer their income to ADCB such as reduced interest rates, discounts etc.

UAE residents can take a mortgage loan for a maximum period of 25 years, and Non-residents for a maximum period of 15 years. However please note, that at the time of maturity the maximum loan tenor should not cross 65 years of age if salaried resident, 70 years of age if self-employed resident and 60 years of age if Non-resident.

Residents:

Non-Residents:

ADCB mortgage loans can be taken only for selected residential properties in the UAE. For more information on the full list of approved projects, kindly visit any of our ADCB Branches or alternatively you may also simply call our Toll free ADCB Contact Centre on 600 50 2030, for one of our dedicated Mortgage Relationship Managers to further assist you with your requirement.

Interest is generated based on your daily loan outstanding balance, in accordance with UAE Central Bank directives. The interest that is levied are recovered on a monthly basis along with your principal repayments as per standard amortization.

Your first monthly repayments towards your mortgage loan (EMI) is due one month later from the date of your loan disbursal. Should you have availed a mortgage for an under construction property, then you have a choice of either paying interest only, or the regular EMI during the construction phase. Your first instalment in this case also will be one month from the date of the first disbursal.

You may obtain this information by writing to [email protected] mentioning your customer ID (Your query will be addressed within 2 to 3 working), or alternatively you may also visit any of our ADCB Branches for our one of our dedicated customer service representative assist you with your requirement.

Mortgage Loan repayments cannot be deferred; this is a part of the Bank’s policy

You are requested to visit any of our ADCB branches, or contact our 24 hours call centre on 600 50 2030 or alternatively you may also get in touch with our dedicated ADCB Mortgage Service Desk on 04 310 6851, prior to leaving the UAE so that your information can be updated in our system accordingly; the terms of your loan may be amended and will be subject to the approval of the bank on case to case basis (this can be communicated to you post internal review).

Yes, you may do this by submitting fresh financial documents (i.e. Bank statements, income statements etc) and it will be subject to Bank’s approval. A rescheduling fee may apply.

You may settle your mortgage loan by depositing the outstanding loan amount along with the settlement fee (which can be found on our schedule of fees at service desk office or on www.adcb.com ) and send an authorization email to Service Desk Unit detailing your requirement for settlement.

Please click on the attached list of all approved projects by Emirates: 

• Dubai 

• Abu Dhabi

• Other Emirates