Life Cover & Property Insurance

Life cover is mandatory for all completed villas and apartments being financed. In addition, it is also mandatory for you to arrange Property insurance on your completed villa.

Your Mortgage Relationship Manager will provide you details on Group Insurance from Oman Insurance Company for Barclays Bank Plc, UAE.

 

Repayment Methods

When purchasing a fully constructed villa or apartment through one of our partners, you will make Monthly Payments towards the interest accrued and on the principal portion of the outstanding amount of your mortgage.

Over the term of your mortgage, the outstanding amount will gradually reduce, so that at the end of the term your mortgage is fully paid off

Fees

When you submit a mortgage application you will be asked to pay a non-refundable application fee together with a processing Charge.

The Processing Charge is usually a percentage of the amount requested and is refunded if the application is declined (unless fraudulent information is supplied). In addition, you will also be asked to pay a Valuation Fee to cover the cost of a property appraisal. Our partners obtains this valuation report to ensure that the property is suitable security for the loan. the valuation report is for the bank’s use only and will not be shared with you.

Additional partial payment or early repayment charges are payable on the Loan in accordance to the Schedule of Charges of any of our partner banks; which will be displayed or be otherwise available in each of our UAE branches at any time. The Schedule of Charges are subject to change from time to time, the partner bank’s determination shall be made at its own discretion and shall be conclusive

Property and Life Insurance

Life cover is mandatory for all completed villas and apartments being financed. In addition, it is also mandatory for you to arrange Property insurance on your completed villa.