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Use the LOANS & HOMES Mortgage Calculator to Estimate Your Monthly Installment.

Enter the details to calculate.
What is the price of your desired property?
AED
How much is the down payment you can provide?
AED
%
How many years/months do you wish to pay your mortgage over?
Years
Months
%

We have applied the current average market interest rate (3.99%) as the default value for calculations. You are welcome to adjust the interest rate field to better suit your specific financial circumstances and obtain a more personalized estimation.

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Key Terms and Definitions

A Mortgage/Home Finance is a type of financing you get from a bank or a financial institution to buy a property, where you pay back the loan with a certain interest over a specific period of time against placing a mortgage on the property in favor of the lender.

It’s a way for people to own homes without paying for the entire price upfront.

A downpayment is the initial sum of money you pay upfront when buying a property.

It’s usually a percentage of the purchase price, as per UAE central bank policy the minimum downpayment is 15% for UAE nationals and 20% for Expats for a property value less than AED 5 Million – it increases to 25% for UAE Nationals and 30% for Expats for a property value more than AED 5 Million.

The down payment is your contribution, and the remaining amount is usually covered by a mortgage loan from the bank.

Remember, when it comes to buying a property in the UAE, there are additional fees to consider. These fees can differ based on factors like the Emirate, property type, and your chosen mortgage product. But don’t worry, we have solutions to help finance some of these costs – for a more comprehensive understanding of the mortgage process and costs, don’t hesitate to speak with one of Bonook’s mortgage experts.

A Loan Term refers to the number of years you wish to repay your mortgage.

Shorter terms mean higher monthly payments but less interest paid over time, while longer terms have lower monthly payments but more interest paid in the long run.

It’s essential to choose a loan term that fits your budget and financial goals.

Typically, for salaried individuals, the loan matures at the age of 65 for expats and 70 for UAE locals. Self-employed clients, whether expats or UAE locals, can avail home loans up to the age of 70. Get in touch with us for solutions to extend loan maturity past those age limits.

An interest rate is the percentage charged by the bank to a borrower for the use of money, typically expressed as an annual percentage rate. It represents the cost of borrowing.

In the world of Mortgages rates are calculated on a reducing basis with the options of Fixed & Variable rates or a mix of both. Get a free consultation to explore rate options that best fits your needs.

Key Terms and Definitions

Mortgage / Home Finance

A Mortgage/Home Finance is a type of financing you get from a bank or a financial institution to buy a property, where you pay back the loan with a certain interest over a specific period of time against placing a mortgage on the property in favor of the lender.

It’s a way for people to own homes without paying for the entire price upfront.

Down Payment

A downpayment is the initial sum of money you pay upfront when buying a property.

It’s usually a percentage of the purchase price, as per UAE central bank policy the minimum downpayment is 15% for UAE nationals and 20% for Expats for a property value less than AED 5 Million – it increases to 25% for UAE Nationals and 30% for Expats for a property value more than AED 5 Million.

The down payment is your contribution, and the remaining amount is usually covered by a mortgage loan from the bank.

Remember, when it comes to buying a property in the UAE, there are additional fees to consider. These fees can differ based on factors like the Emirate, property type, and your chosen mortgage product. But don’t worry, we have solutions to help finance some of these costs – for a more comprehensive understanding of the mortgage process and costs, don’t hesitate to speak with one of Bonook’s mortgage experts.

Loan Term

A Loan Term refers to the number of years you wish to repay your mortgage.

Shorter terms mean higher monthly payments but less interest paid over time, while longer terms have lower monthly payments but more interest paid in the long run.

It’s essential to choose a loan term that fits your budget and financial goals.

Typically, for salaried individuals, the loan matures at the age of 65 for expats and 70 for UAE locals. Self-employed clients, whether expats or UAE locals, can avail home loans up to the age of 70. Get in touch with us for solutions to extend loan maturity past those age limits.

Interest Rate

An interest rate is the percentage charged by the bank to a borrower for the use of money, typically expressed as an annual percentage rate. It represents the cost of borrowing.

In the world of Mortgages rates are calculated on a reducing basis with the options of Fixed & Variable rates or a mix of both. Get a free consultation to explore rate options that best fits your needs.

Essential Calculator Facts

How does this Mortgage Calculator work?

Our calculator can help you estimate your monthly mortgage installment (principal + interest) based on the property value, down payment and loan term.

The rate used to calculate your installment is based on the current average rate in the market and is constantly updated accordingly.

Get started by filling in the different variables into the calculator and click “Calculate” to see what your monthly installment might be.

Is the calculated Monthly Installment accurate?

The calculated installment may not 100% reflect the exact payment as rates and terms vary between different banks and mortgage products. But it’s still a valuable tool that can help you get a near accurate calculation and better plan your budget.

What is the difference between Fixed and Variable rate?

Fixed Interest Rate

A fixed-rate mortgage is a type of home loan in which the interest rate remains constant, or “fixed,” for a specified period at the beginning of the loan.This means your monthly mortgage payments can stay predictable, making it easier to budget.

 

Variable Interest Rate

A variable or adjustable interest rate means your interest rate can change over time. These changes are usually tied to a benchmark interest rate, such as the EIBOR (Emirates Interbank Offering rate).

Your monthly installment can go up or down based on fluctuations in the benchmark rate, which can make budgeting less predictable.

Variable rates often start lower than fixed rates, but they carry the risk of higher payments if interest rates rise.

Can you help me get my Pre-Approval?

Certainly! We’d be delighted to help. Start by filling the below form and we’ll get in touch for a free consultation to better understand your goals, walk you through the whole process and compare different mortgage products. Afterwards, we’ll work together to secure your Pre Approval from the bank, all the way to owning your dream home.

Talk With One of Our Mortgage Experts

We’ll do all the legwork and guide you through the mortgage process
from the moment you contact us, to the day you host a BBQ party in your new house!

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