Wednesday, 12 March 2008

HSBC mortgages in Dubai

Provider HSBC
Available to UAE and Non - UAE residents.
Mortgage Tenor Up to 20 yrs. subject to repayment by 60th birthday.
20 yrs for villas and townhouse, 15 yrs for apartments.
Interest rate Up to 70% = 6.75% variable, > 70-80% = 7% variable. HSBC can help with stage payments rqd. By approved developers using a Construction Finance Account, charged at 1.25% above the mortgage rate. Less 0.15% if salary transferred. Special rates offered for Phase 2 of Green Community.
Maximum loan amount Depends on individual financial status. Standard precompletion properties is 80% of developer price, completed properties is 80% of market value as determined by an appointed valuer. (Valuation will be charged).
Insurance requirements Mortgage protection policy & Buildings Insurance required.
Minimum salary (AED) Depends on financial status.
Charges Details can be viewed on 1% of the loan amount is levied as arrangement fee for the mortgage.
Properties financed Al Hamra Village in RAK, Marina Heights Tower, JBR, Al Nakheel, Green Community, Emaar Villa's & Townhouses (but not apartments).
Documentation required Passport, Current salary certificate, six month's bank statements, credit card statement, other income documents, copy of sale/purchase agreement.