Barclays/Barclaycard

Key facts

Whether you’re a first home buyer or an experienced home owner, taking out a mortgage can be a daunting task. At Barclays we have a team of dedicated mortgage relationship managers who will help guide you through every step of the way.

• Borrow up to a maximum of 80 percent of the property value

• Mortgages available for salaried, self-employed and professionals

• Repayment Period up to a maximum of 25 years

• Competitive interest rates

• Quick and easy processing

• Minimal processing and application fees

• Mortgages are available on completed freehold properties, developed by our approved developers
  

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Mortgage FAQs

1. How do I know if I am eligible to apply for a mortgage?
All nationalities and UAE residents who wish to purchase a completed property in the designated freehold areas of Dubai can apply for a mortgage from Barclays. If you are a minimum of 21 years of age and not surpassing the age of 70* years on maturity of the mortgage term, you are eligible to apply. Being a responsible lender we assess each application on a case-by-case basis, based on the information you provide us regarding your employment and financial net worth.

2. How much of a down payment or deposit do I need to buy a home?
At Barclays, our financing depends on factors such as whether it is your first or second mortgage and whether you are a resident of UAE when applying for a mortgage.

Your Relationship Manager will provide you with details on the down payment you would require to have available, depending on your Loan to Value eligibility.

3. Can the income of more than one person be considered for eligibility calculations? And do all owners of the property have to be co-borrowers to the loan?
The maximum applicants allowed are four. Income can be clubbed from maximum of two borrowers for eligibility and joint borrowers/applicants should be blood relatives limited to parents & children and spouse only.

4. What costs should I anticipate when buying a home?
When you submit a mortgage application you will be asked to pay a non-refundable Application Fee together with a Processing Fee. The Processing Fee is usually a percentage of the amount requested for financing and is refunded if the application is declined. This charge will not be refunded if your application has been declined based on fraudulent or inaccurate information provided.

You will also incur a Valuation Fee, for the value of the property you are purchasing to ensure that the property has suitable security for the mortgage. The valuation report is for Barclays use only and will not be shared with you.

In addition, you should also bear in mind costs such as property Broker Fees, Title and Transfer Deed Fees, Developer’s Fees and moving costs (if applicable).

5. What properties does Barclays offer mortgages for?
Please refer to the Developments Listing for projects we lend on at our website www.barclays.ae

6. Why does the property have to be valued?
Once an application has been approved and a property is identified, Barclays obtains a professional valuation on the property from one of its valuation panel firms to ensure that the property you are purchasing is suitable security for the mortgage. It is also carried out for Barclays own use and helps in calculating the Loan to Value (LTV), which is determined on the lower of the market price or assessor’s valuation. 

7. Is the interest rate quoted to me at the application stage fixed throughout the lifetime of my mortgage?
For Variable rate: No, the interest rate quoted at the application stage is indicative, and may be subject to change before or after the mortgage is disbursed.

For Fixed rate: Interest rate quoted at the application stage is a fixed rate for the period you opted, and will be changed once the fixed period expires.

In case your interest rate changes after the Offer letter is provided or during the lifetime of your mortgage, our Mortgage Customer Management Desk will notify you on the relevant charges and will assist you in making the necessary amendments.

8. If mortgage interest rates fluctuate what happens to my monthly mortgage payment?
If and when mortgage interest rates fluctuate, Mortgage Customer Management Desk will contact you on the changes and your existing monthly payment will be adjusted to reflect any of the decrease or increase of the interest rate. We recommend that in cases where the interest rate is subject to increase, you ensure that you have sufficient funds to cover your mortgage payments to avoid late payment fees.

9. What is the term of the mortgage offered?
At Barclays, we offer term between 5 to 25 years for a mortgage up to you reaching age of 65 years (if salaried), or 70 years if self employed (on maturity of the loan).

10. Do I require insurance coverage for availing mortgage facility?
Life cover is mandatory for all completed villas and apartments being financed. In addition, it is also mandatory for you to arrange for property insurance on your completed villa.

11. When does my first monthly mortgage payment starts?
The first Monthly Payment will be due on the 30th day from the loan disbursement date.

12. I am making mortgage payments every month. Can you tell me where my payments are going?
When you make a monthly mortgage payment, the interest accrued and the outstanding portion of the capital are repaid. Gradually, over the term of the mortgage the balance is reduced and the mortgage is fully paid at the expiry of the mortgage term. 

13. The seller has a Power of Attorney (PoA), can he/she receive the disbursal cheque on the seller’s behalf?
Yes. However, payments will only be made in the name of the seller; or in the actual name of the party or parties who are selling the property. It is not possible to have a payment cheque made out to any other party unless the Power of Attorney specifically states otherwise and is subject to approval by our Legal team. 

14. What’s a Power of Attorney (POA)? What kind of legal authority can be granted with a Power of Attorney?
A power of attorney is a legal instrument that is used to delegate legal authority to another. The person who signs (executes) a Power of Attorney gives either broad legal authority; or very limited authority to another person to act on their behalf, for instance:

At Barclays, we ONLY accept powers of attorney that have been notarised with both parties involved after stringent verifications have been conducted to ensure the validity of the original. Moreover, we reserve the right to accept powers of attorney based on an individual case-by-case basis.

N.B.: A power of attorney can be misused, and therefore, it is important to appoint an agent who is completely trustworthy, and that the agent is required to provide complete and periodic accountings to you or the third party.

15. Can I make extra payments on my mortgage?
Yes, you may certainly make extra payments on your mortgage during the annual year of the mortgage. You will incur partial payment charges in accordance to the Schedule of Charges and payable on the day when the partial payment is made. Our Schedule of Charges is displayed or available in each of our UAE branches at any time. The Schedule of Charges is subject to change from time to time; the Bank’s decision shall be made at its own discretion and shall be conclusive.

For updated information on the current Schedule of Charges, please contact your Mortgage Relationship Manager or the Mortgage Customer Management Desk.

16. If I sell my home, what happens to my mortgage and are there any charges involved?
Barclays will be pleased to assist you in the steps involved in purchasing another property, and paying out your existing mortgage. If you are replacing your mortgage with an amount equal to or greater than the existing mortgage, processing fee for the new mortgage will not apply. However, if you are redeeming your mortgage in cash or transferring to another financial institution please refer to Schedule of Charges for further details.

17. I would like to voice my opinion. Who do I contact?
At Barclays, we value your feedback and encourage an open discourse between us and our clients. For comments and suggestions, please contact the Mortgage Customer Management Desk at:
Telephone: +971 4 4296922 or email us at UAEMortgageCustomerManagementDesk@barclays.com


*Terms and Conditions apply.

Application process

Mortgage Lending Rate

Current Mortgage Lending Rate

For Historic Mortgage Lending Rates, please click here.

Disclaimer:  Mortgage Lending Rate [MLR]  is a reference rate used at Barclays. The final applicable rate on your mortgage will have a component of Business Margin added to the MLR

For further information, please contact your respective relationship manager.