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Ans: Villas and apartments by reputed developers located in Dubai and Abu Dhabi are approved by FH
Ans: The following documentation is required a) Original passport & photocopy thereof (with valid UAE residence visa for expats) b) Latest 6 months’ bank statements of account into which salary is transferred c) Current dated salary certificate from employer addressed to Finance House d) Original Sales Agreement with the developer e) Proof of down payment made to developer f) Post dated cheques for repayment and security cheque for Principal+Interest.
Ans: We have very competitive interest rates, however at this point of time the minimum interest rate is 10 %
Ans: The % cost that can be financed by FH will vary from developer to developer. a) The minimum financing amount will be AED 200K and the maximum will be 2.5 Million. b) The maximum loan tenor would be 20 years subject to customer age at 60 yrs at the time of loan maturity.
Ans: Property and Life Insurance will be done by FH at very competitive rates
Ans: Once all the required documents are submitted, it will take up to 4 business days for a credit approval. Loan processing fee is 1% of loan amount with minimum of AED 3,000
Ans: In your interest we have planned the ‘Interest only serving’ facility and under this facility, customers will pay only the interest during the construction period.
Ans: The fore-closure / pre-closure fee is 2% of the amount pre-paid in case the pre-payment is made with customer’s own funds and 5% in case it is re-financed.
Ans: At the time of the initial loan sign-up, customer need to provide 25 cheques which will include, repayment cheques, processing fee cheque, cheque for life insurance (if any).
Ans: Payment due date will be usually end of each month. Yes there is a penalty of 3% incase of any overdue payment
Ans: In case the early settlement is being done from own resources then a charge of 2% will be levied on the outstanding loan. In case of loan buy-out by other financial institution then 5% will be charged on the outstanding balance.
Ans: Yes. If the property is in joint account names both parties will have to sign all the borrowing documents.
Ans: At present, financing is available for first hand residential properties only and when we start lending for second-hand purchases, the transfer of property will be possible subject to meeting FH eligibility criteria by the transferee.
Ans: The loan needs to be settled with own funds or transfer the finance to a new buyer subject to FH eligibility. In case, both the options are not possible, then FH will assign its right on the property to sell it off and balance money will be refunded to the customer and in case if anything payable to FH, the customer should make and get the clearance from FH.
Ans: We made it convenient and easier for the customers as they need to pay only the interest during construction period and EMIs after the delivery

For more details call 600511114

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