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HSBC Amanah Home Finance Tariff Card (1st March ? 30th June 2010)
Completed and Under-construction Properties & Equity Release
| Profit Rates* | ||
| Home Purchase: | ||
| Completed Property: Town Houses / Villas: |
Home Purchase: FTVs and respective rates are applicable to completed property finance There is different FTV for each development. Please refer to the detailed FTV list or ask your Home Finance Advisor |
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| FTV (Finance to Value ratio): up to and including 75% | 6.75% pa 6 months EIBOR + 4.6062% |
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| Premier Customer Discount (Up to and including 60% FTV) | 0.5% on the above | |
| Status Customer Discount (Up to and including 60% LTV) | 0.25% on the above | |
| Apartment: |
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| FTV: up to and including 70% | 6.75% pa 6 months EIBOR + 4.6062% |
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| Premier Customer Discount (Up to and including 60% FTV) | 0.5% on the above | |
| Status Customer Discount (Up to and including 60% FTV) | 0.25% on the above | |
| Additional Rental for Under-construction** The rate is: i) For each year of property under construction ii) 1st year exempted iii) Calculated on prorata basis iv) Collected with the first rental payment **Please refer to the example at the end of second page for explanation about Additional Rental |
1% of the total financed amount (non-refundable) for each year under- construction |
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| Equity Release Finance: [Only on completed property] |
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| FTV: up to and including 60% for Town House / Villa FTV: up to and including 50% for apartments (Maximum amount of AED 500,000) |
Additional 1% over the above applicable FTV | Equity Release Financing (ERF): |
* Profit rates are expressed as (EIBOR + Margin); 6 months |
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| Anticipated Buildings Insurance / takaful cost | 0.075% (approx.) |
Charged on the re-build value of the property, as specified in the valuation report. This will be taken as an annual payment as Supplemental Rental / Amount and is charged at actual/subject to change by Takaful/Insurance company |
| Life cover Takaful |
Life Takaful Cover is mandatory and must be assigned to the bank. Please ask your Home Finance Advisor for more details |
| Application Processing Fee (Fee is collected at the time of Approval- In-Principle) |
AED 2,500 |
Charged for an Approval-In-Principle and to be paid upfront at the time of application. This amount can be adjusted later with the Processing Fee if the AIP is used within the validity period. If the bank rejects the application, then full amount will be refunded. The Approval-In-Principle will be valid for 30 days |
| Processing Fee ? (Completed & Under-construction) (Fee is collected upfront at the time of issuing offer letter) |
Up to 1% of financing amount |
Minimum fee of AED 5,000 |
Valuation Fee
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To be paid at the application stage for completed properties. This is charged by the independent valuation companies on HSBC?s panel and is non-refundable if the application dose not progress. For under construction properties, valuation is done in two stages i.e. in under construction state and upon completion. Valuation is mandatory at both these stages |
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| Delayed Payment Amount | AED 1,000 |
Payable when the monthly rental is not paid within 15 days from due date. Any such fees will be paid to charity net of cost of collections |
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| Partial payment of fixed rental (at any time during the lifetime of the financing, prior to the repayment date) |
No charge | Minimum partial payment allowed is AED 25,000. Such additional payments can only be applied on a monthly rent payment date after due notice has been given to HSBC MEFCO in writing |
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| Early Closure / termination of the Ijarah lease | AED 2,500 | |||||||||||||||||||
| Home Finance liability letter | AED 500 | |||||||||||||||||||
| Non-Standard Statement production | AED 500 | |||||||||||||||||||
| Providing copies of documents | AED 500 | |||||||||||||||||||
| Assignment of Buildings Takaful / Insurance | AED 500 | Payable if HSBC Buildings Insurance is not used |
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| Change of Parties on the Offer | AED 500 | Charged on re-issuance of offer due to change of names |
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| Consolidation via property swaps offered by Developer | AED 2,500 | To be paid when the property financed is being swapped before the handover with a different property offered by Developer | ||||||||||||||||||
| Issuance of NOC for Consolidation of liabilities with the same Developer | AED 1,000 | To be paid when the outstanding amount from various properties is being applied towards the financed property. | ||||||||||||||||||
| 1. | The FTVs are based on the ?Lower? of either the sale / purchase price as per sale & purchase agreement (SPA) or a valuation by approved valuer of HSBC MEFCO |
| 2. | For Under-construction properties the deferred profit payment option is not available; Variable Rental will be charged during under-construction period. Full rental will be charged after completion of construction |
| 3. | **Example for Additional Rental Payment (Under-construction only): Current date: July 2009 Purchase price AED 1,300,000 Required Finance AED 1,000,000 Example 1 Property completion date confirmed in SPA May 2010 No Additional Rental Example 2 Property completion date confirmed in SPA July 2011 1% Additional Rental to be charged AED 10,000 Example 3 Property completion date confirmed in SPA as July 2012 2% Additional Rental to be charged AED 20,000 |
Please Note:
Land Department/Developer fees such as Registration Fee, Site Plan fee, Knowledge Fee etc are chargeable at actual
Rentals will be charged every month on an agreed date as per rent schedule supplied to the customer by the Home Finance Advisor at the application /offer stage. The exact amount of rentals could slightly vary from month-to-month depending on the number of days in the month as applied to the formulae for variable rental calculation as per the Ijara Agreement Schedule 3
This Tariff Card should be applied only to the new customers from the date of release
