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HSBC Home Loan

New Home Loan

#OneStepCloser

Move into a new home with HSBC Home Loans

Have us call you

It's important to enter a new stage of life knowing you're secure. With HSBC Home Loans you're #OneStepCloser to finding the perfect home for a lifetime of joy and happiness.

  • Rates starting from 3.24% p.a.1
  • Approval in Principle (AIP) provided in 60 minutes2
  • Free overpayments of up to 25% on the outstanding amount per calendar year
  • No salary transfer required

Benefits

  • Competitive rates
    The EIBOR-mortgage interest rate is the three month EIBOR plus a fixed margin. The three-month EIBOR rate is reviewed on a quarterly basis.
  • Over payments
    Save a significant amount of money with overpayments by reducing the overall amount of interest payable over the life of your loan. You can overpay with no redemption penalty subject to a minimum amount of AED25,000. Please note that overpayments can only be made on your usual repayment date. Please note that any amount deposited as an over payment can not be withdrawn later in the future. Overpayments must not total more than 25% of the total outstanding loan amount in any calendar year.
  • No salary transfer required
    With an HSBC Home Loan, there is no mandatory requirement to transfer your salary to us. You can continue holding your account with another bank and still be eligible for an HSBC Home Loan.
  • Home Loan calculator
    Whether you are in the market for a new home or want all the details about a Home Loan. The HSBC Home Loan calculator range features calculators that are simple to fill in and give you quick answers.

    Home Loan repayments calculator
    Determine your monthly Home Loan repayments based on how much you need to borrow.

    Calculate

    Lump sum calculator
    How much time and interest can you save by paying a lump sum off your Home Loan?

    Calculate

Home Loan rates 

Applicable for new home loan customers

UAE Resident HSBC Premier Customer Rate1
Home Loan Amount of AED 5 Million or more
New Home Purchase, Balance Transfer, Balance Transfer with Top Up 3.24% p.a.
Home Loan Top Up and Equity Release Loan 3.99% p.a.
Home Loan Amount less than AED 5 Million
New Home Purchase, Balance Transfer, Balance Transfer with Top Up 3.99% p.a.
Home Loan Top Up and Equity Release Loan 4.49% p.a.

UAE HSBC Advance Customers Rate1
New Home Purchase, Balance Transfer, Balance Transfer with Top Up 3.99% p.a.
Home Loan Top Up and Equity Release Loan 4.49% p.a.

UAE HSBC Personal Banking and Non Resident Customers Rate1
New Home Purchase, Balance Transfer, Balance Transfer with Top Up 4.49% p.a.
Home Loan Top Up and Equity Release Loan 4.99% p.a.

1 Rates are based on reducing balance and are comprised of 3 month variable EIBOR which is updated on a quarterly basis and a fixed margin that remains fixed for the life of the loan (Please refer to the Schedule of Services and Tariffs or your Home Loan Agreement for the margin).

3 Months EIBOR at 1st October 2017 – 1.55783%

FAQs 

What does the HSBC Home Loan provide? 

It provides the opportunity for customers, both national and expatriate, to borrow money for the purchase of selected residential properties in developments in the Emirates of Abu Dhabi and Dubai. The home loan will be secured against the property.

Do I have to have an HSBC bank account to apply for an HSBC Home Loan? 

Yes. However you can apply without being a current HSBC customer and we will arrange an appropriate account for you if you are approved for a home loan.

Who is eligible? 

Customers earning a income of AED15,000 per month and above (or equivalent in other currencies), who wish to purchase a property from one of the selected developments for which HSBC is providing finance, subject to meeting HSBC's lending criteria.

What are the principal features of HSBC Home Loan? 

– EIBOR home loans are based on the three-month EIBOR, subject to quarterly review, and a fixed margin that remains fixed for the life of the loan
– Maximum term of 25 years (subject to applicable regulations)
– Finance amount of up to 75% of the purchase price or the professional valuation, whichever is lower

What are the advantages of HSBC Home Loan? 

We offer competitive home loan rates with no financial penalties if you repay the loan in full before the end of the Repayment Period after the first 3 years (administrative charges will apply for loan closure).You can also overpay throughout the term of the home loan (subject to minimum and maximum overpayment requirements) see our Schedule of Tariffs for further details. A dedicated team of experienced mortgage advisers will assist you to arrange your home loan. Following your purchase further assistance is available by calling at 800 HOUSE.

How is interest for HSBC Home Loan calculated? 

Interest is calculated on the daily principal balance outstanding on your home loan account. Your monthly installment will be applied against your outstanding balance, plus the interest accrued.

How do I apply for HSBC Home Loan? 

To apply for an HSBC Home Loan you can call toll–free 800 HOUSE, visit your nearest branch or the HSBC website.
You can discuss your needs with a member of the HSBC Home Loan team, who will conduct an initial fact-find interview to ensure that you have a full picture of what is required.

What happens if I sell the house before the home loan is paid off? 

We will require you to repay the full outstanding balance of your home loan (principal plus interest) owing up to the time of sale, whereupon we will release our security over the property. Please call toll free 800 HOUSE or visit a branch for further details.

Can I arrange my own insurance? 

Yes. Customers can take life and property insurance arranged by HSBC or provide their own cover through an accepted insurance provider and assign the benefit of the policy to HSBC. If a customer makes their own insurance arrangements there may be a cost involved in the assignment of the policies and the borrower must pay these costs. Life insurance and property insurance (for villas and townhouses) are both mandatory.

What is the mortgage closure procedure? 

If you are planning to close your mortgage account with us and pay off the remaining outstanding balance of the home loan, we request you to let us know the appropriate scenario applicable. This information is required by us in order to issue the relevant liability letter(s).


Scenarios

1. Are you planning to sell the property to a cash buyer? If so, please provide the name and passport of the buyer and specify the source of the buyer's funds.
2. Are you planning to sell the property to a buyer who is availing a mortgage with HSBC Bank Middle East? If so, please provide the name of the buyer.
3. Are you planning to sell the property to a buyer who is availing his/her mortgage from another bank/finance company? If so, please provide the name of the bank/company.
4. Are you planning to transfer your mortgage from HSBC to another bank/finance company? If so, please provide the name of the bank/company.
5. Are you planning to pay off and close the mortgage with your own funds? If so, please specify the source of these funds.



Basic charges for per mortgage closure will be:

Home Loan Closure Fees
Early Settlement Charge for home loans 1% on the amount of loan outstanding or AED 10,000, whichever is less Your home loan is subject to an Early Settlement Charge, which is applied when you settle the loan in full. This Early Settlement Charge will only be applicable within the first 3 years of the Repayment Period.


Process and requirements

- Once you let us know your closure scenario, we shall arrange to prepare your liability letter, which will give you the pay off amounts including charges, within 15 working days
- Additionally, a copy of the liability letter will also be prepared (applicable to scenario number 3 and 4 only) in order for you to forward the same to the other bank/company
- The liability letter needs to be signed by yourself, and the original copy must be returned to the bank in order for us to proceed with your closure. (The Bank will be unable to settle the outstanding mortgage if the signed liability letter redemption statement is not returned to the HSBC Home Finance Department)



Mode of payment

You can make funds available in your HSBC bank account and provide us with an authority to debit the account. Alternatively you can send us a manager's cheque payable to: HSBC Bank Middle East Limited



Number of days to release your documents

– If you close your mortgage through cash (funds available in your HSBC account), the documents will be released after seven working days
– If you close your mortgage by giving us a cheque (manager's cheque), the documents will be released after ten working days

What is the mortgage part-payment procedure? 

You can make an overpayment at any time. This should be a minimum of AED25,000 on top of your usual monthly installment. We will not charge a fee for overpayments. Such additional payments can only be made on your usual monthly installment date.
Overpayments must not total more than 25% of the total outstanding loan amount in any calendar year.

– If you wish to make an overpayment please notify us in writing
– Please note that you will not be able to redraw any overpayments made. We must not normally reverse or cancel any overpayment instructions.
– You can choose to make the part payment by using your online banking account or by signing a debit authority for us to facilitate the payment.
– Please note that following the overpayment your loan tenure will remain the same, however your monthly installment amount will reduce.
– Existing Amanah mortgage customers looking to make overpayments will need to sign a letter in addition to the above.
– For any further queries, you can contact one of our mortgage advisers or call 800 HOUSE.

Eligibility

You can get an HSBC Home Loan if:

  • Aged 21 to 65 years
  • 65 for salaried and 70 for self–employed/UAE Nationals
  • Minimum income of AED15,000 per month
  • Salaried or Self Employed
  • Customers residing outside the UAE applying for a mortgage will only be considered if they are Premier customers and meet the HSBC lending criteria


If you're a new HSBC customer who have just started transferring their salary to HSBC, you will be eligible for a 25% Arrangement fee waiver. Please refer to the 'Switcher Online Offer' section under the HSBC Online Sale Campaign terms and conditions to check eligibility criteria.

Home Loan Terms and Conditions, Schedule of Services and tariffs apply.

1 Rate is based on reducing balance and applicable to UAE resident Premier Customers, borrowing a loan amount of AED 5 million or more.

2 Home Loan approval is in principle. It will be provided in 60 minutes after submitting satisfactory documentation to an HSBC Mortgage Advisor during working hours between Sunday to Thursday, 8:00am to 4:00pm

If you default on your home loan agreement, this may result in additional charges and/or discontinued service (see our Schedule of Tariffs and Personal Banking Terms and Conditions).

HSBC Premier by Home Loan : Eligibility criteria

If your home loan meets the below eligibility criteria, then you may be eligible for a Premier bank account with us. Please contact us for more details.

1. Your home loan amount must be AED 3 million or more
2. You must successfully meet the HSBC Premier by Mortgage eligibility criteria set out above in order to take advantage of discounted fees and charges available to HSBC Premier Customers. Please see our Schedule of Tariffs for further information
3. AED 350,000 has to be maintained in deposits and/or investments within 24 months or if the Home Loan is fully paid-off before 24 months to avoid charges and discontinued service or Monthly net salary transfer of AED 50,000 or above.

Ready to apply?

Our representative will call you back in 60 minutes


Have us call you

Call us at your convenience:


800 HOUSE (800 46873) within UAE
+971 4 325 4792 outside UAE


Lines open from Saturday to Thursday 8am – 4pm



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How to apply

Are you already an HSBC UAE customer?

Or call: 800 46873

What if I'm not eligible

HSBC works to develop products and services to meet your requirements. To simplify the criteria for each product we provide a minimum salary or deposit criteria.

Find out more about HSBC Home Loans

Thank you for wishing to bank with HSBC. To apply for this product simply click Apply Now to fill out your details and let one of our experienced HSBC representatives call you back. Alternatively you can call us on the number below, whatever is more convenient for you.

Or call: 800 46873