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ViewsDubai Banking and MortgagesFrom Wiki[edit] BanksCitibank Commercial Bank of Dubai Commercial Bank International plc Emirates Bank International First Gulf Bank HSBC Lloyds Bank Mashreq Bank Middle East Bank National Bank of Abu Dhabi National Bank of Dubai Royal Bank of Canada Standard Chartered Bank Union National Bank [edit] Mortgage InformationThe Dubai mortgage market is still very immature and largely unregulated. The market is not open - you cannot shop around and choose any mortgage to finance any property, as many lenders will only mortgage properties from certain developers. Terms and conditions also differ depending on whether you wish to buy on the primary or secondary markets; generally speaking, buying direct from the developer (which usually means off-plan or under construction) means you will have the most flexibility - smaller deposits (as low as 4%, 3% or even 0%) and longer repayment periods. Buying an existing property from a private owner often requires a larger deposit (typically 20-25%) and a shorter repayment period, possibly as little as 10-15 years. 100% mortgages are generally not available, except as special promotions direct from developers on specific off-plan properties that may be several years away from completion. Mortgage interest rates in Dubai are in the 7-9% range. Individual lenders retain the right to set their own interest rates and vary them up or down as they deem appropriate. There have been instances of lenders informing clients of a rate increase, backdated six months, with immediate effect; in such circumstances, there is no recourse to consumer law, and the client must simply pay the outstanding amount immediately as demanded. Two of the main mortgage lenders are Amlak Finance and Tamweel. Most banks also offer mortgages. |