has recently launched a promotion for Home Loans
starting at just 2.99% p.a. This is one of the lowest rates available in UAE, currently.
MoneyCamel Team finds out if its really worth while to shift your existing loan to FGB. Here’s a review of the 2.99% p.a. Loan Offer:
The attractive 2.99% p.a. rate is offered only for the first year only. However the Bank has offers for 2 & 3 years fixed terms as well.
Interest Rates options for salaried customer on Residential Properties:
Interest Rate options for Self-Employed on Residential Properties:
So what happens after 3 years?
After 3 years the rate becomes variable at FGB EBOR +2% p.a. Just to give you an idea, that’s (approx.) 5.25%p.a. The offer doesn’t seem so attractive now, does it?
Other relevant information:
- Financing available up to AED 10 Million.
- This promotion is valid till 31st January 2015
MoneyCamel View :
- Recommended for New Home Loans only if you cant get a better deal with 5 year fixed rate.
- Recommended for Balance Transfer only if the rate of interest on the current loan is more than 6.5% p.a . If you’re thinking of shifting your loan, please note that 1% processing fee applies to this offer. Your existing Bank might also put a early closure or balance transfer charge of 1%-3%.