Loans
Am I allowed any deferrals?
Yes, you are allowed one deferral a year, subject to certain criteria being met.
Can I change (increase or reduce) the tenor of the loan?
Yes, this can be done as per the existing policy guidelines.
How long do I have to have worked at my current employer to be eligible for an NBF Auto Loan?
You must have worked for your current organisation for a minimum of six months. This needs to be confirmed by your employer.
How many vehicles can I finance with NBF?
For UAE Nationals, there is no maximum cap on the number of vehicles that you can finance with NBF, as long as the maximum debt burden ratio requirement is met. If you are an expatriate, you can finance up to two vehicles with us.
How much will I be charged if I settle the loan before the maturity date?
Please refer to the Schedule of Charges for the early settlement fees.
What down payment do I have to make when applying for an NBF Auto Loan?
The down payment requirement is 20% for new and used cars, irrespective of the tenor.
What is the maximum allowed vehicle age at the time of loan application?
Vehicle age at the time of loan application should be no more than three years.
What is the maximum allowed vehicle age at the time of loan maturity?
Your car should not be more than seven years old when your auto loan matures.
What is the maximum financing available to me?
We can provide you with up to AED 1,000,000 in auto loan financing as long as the maximum debt burden and minimum down payment requirements are met.
What is the maximum tenor over which I can repay my NBF Auto Loan?
If you are financing a new vehicle, the maximum tenor is five years.
What is the method of repayment?
At the time of legal agreement sign-up, you will provide us with a standing order instruction to deduct the monthly instalments from your NBF account whenever your monthly salary is credited.
What is the oldest I can be when my Auto Loan matures?
If you are a UAE national, you need to be no older than 68 years of age at the time of Auto Loan maturity. If you are an expatriate, you should be no older than 60 when your auto loan matures.
What is the processing fee for the loan?
Please refer to the Schedule of Charges for the current processing fee
When will the first instalment be due and what is the repayment due date?
The first instalment will be due 45 days after the disbursal of the loan. The repayment due date would be as per the date requested on the application form.
Am I ready to buy a home?
This depends on your financial situation as well as your present and future plans. Here are some questions which could help you decide:
- Do you have other financial commitments (e.g. auto loan, personal loan)?
- Do you have a secure and steady job?
- Do you have a steady source of income?
- Do you usually have additional funds at the end of each month?
- Do you have money saved for a down payment?
- Do you have the ability to pay a mortgage every month, plus additional costs?
If you can answer YES to all of these questions, you are probably ready to buy your own home.
Are there any minimum salary requirements?
Yes. For further details, please contact us.
Can I apply for the NBF Home Loan with a co-borrower?
Yes, you can. Up to four co-owners/co-borrowers are allowed.
Do I need to register my property with the Land Department?
Yes, your property and mortgage need to be registered with the Land Department. For further details, please contact us.
Do I require any insurance if I take out a home loan with NBF?
Yes, life and property insurance are both mandatory requirements.
How long do I have to have worked at my current employer to be eligible for an NBF Home Loan?
We require confirmation that you have spent at least one year with your current employer.
How old can the property be at the time of loan maturity?
The property must be no more than 30 years old at the time of loan maturity.
If I have an NBF Home Loan, is it mandatory that I transfer my salary to my NBF account every month?
Yes, an NBF Home Loan is available to you provided you have your monthly salary transferred to an NBF Current Account.
Is it possible to buy out an existing home loan?
Yes, for further details please contact us.
Is it possible to get a pre-approved mortgage loan?
Yes, it is advisable. At NBF we work out your maximum eligibility before you look for potential properties. Once approved, you could look for the property that would be most affordable for you. Charges do apply.
What are the charges associated with processing my home loan?
Charges associated with processing a mortgage loan include but are not limited to: a loan processing fee, mortgage and property registration charges and a valuation fee. For more information, please refer to the Schedule of Charges.
What is the maximum amount I can borrow to buy a home?
We need to consider your debt-to-income ratio, which is a comparison of your gross income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or personal loan payments.
We also consider the amount of cash you have available for a down payment, your credit history, your age, etc. when determining your maximum loan amount.
What is the oldest I can be when my home loan matures?
Upon loan maturity, you should be 65 years old or at retirement age, whichever is lower.
Why should I buy a home?
Home ownership gives you the freedom, stability and security you desire, in addition to giving you the opportunity to build equity.
Can I change (increase or reduce) the tenor of the loan?
Yes, this can be done as per the existing policy guidelines.
Does my salary have to be paid monthly into my NBF account in order to qualify for a personal loan?
Yes, as a personal loan holder, your salary has to be transferred into your NBF account monthly.
How long do I have to have worked at my current employer to be eligible for an NBF Personal Loan?
We require confirmation that you have spent at least six months working for your current organisation.
How long does it take to process a personal loan?
Loan applications are generally approved within six working days.
Once approved, how will I receive the loan amount?
It will be transferred to your NBF account.
What is the method of loan repayment?
When signing up for a personal loan, you will provide NBF with a standing order instruction to deduct the monthly instalment from your NBF account.
What is the oldest I can be at the time of my loan maturity?
If you are an expatriate you should be no older than 60 at the time your loan matures. If you are a UAE National you should be no more than 65 years of age at the time of loan maturity.
What is the processing fee for the loan?
Please refer to the Schedule of Charges for the current processing fee
What should my monthly income be to be eligible for an NBF Personal Loan?
You should be earning at least AED 5,000 per month.
What will my monthly instalments be?
Your monthly instalment will be fixed throughout the tenor of your loan (i.e. it will not vary from month to month). Before processing the personal loan application, your Loan Officer will advise you of your instalment amount.
