2.99% Smashing Home Loan Rates - Terms and Conditions

2.99% Smashing Home Loan Rates - Terms and Conditions:

The Program is the existing mortgage proposition on offer, subject to Terms and Conditions. By submitting your interest to be contacted by the Bank, you are agreeing to abide by the Terms and Conditions.

The proposition is applicable for customers making a new application for home loan with Mashreq (the "Bank"). The Proposition does not apply to customers holding an existing home loan with the Bank.

The proposition is valid on both Conventional Home Loan & Ijarah Finance Options.

The starting rates of 2.99% fixed for 1 year is applicable on select transaction types including ? buy-out, first sale, re-sale, buy-out + refinance and top-up transactions.

The starting rates of 2.99% fixed for 1 year is applicable for select client segments including ? Salaried salary transfer clients from CAT A / CAT B Company & Salaried Mashreq Gold, Private banking clients only.

There is also a 2 year fixed rate option starting at 3.49% available for Salaried salary transfer clients from CAT A / CAT B Companies & Salaried Mashreq Gold and Private Banking clients on only buyout, first sale, re-sale, buy-out + refinance and top-up transactions.

Post expiry of first year preferential fixed term pricing, rates will be linked to 3M EIBOR which is updated on a quarterly basis, plus a fixed margin that remains locked for the life of the loan. (Applicable margin on the loan will be explicitly mentioned in the final offer letter/ loan agreement an original copy of which is provided to the client by Bank at time of sanction of the loan).

Other benefit on waiver of pre-approval fee is applicable for all segments and transactions type. Client will be initially required to pay the pre-approval fee of AED 1,000 at time of submission of loan application that will then be adjusted in the processing fee upon disbursement. For e.g. on an approved loan amount of AED 1MM processing fee is lower of 1% or AED 10,000. Client will pay AED 1,000 pre-approval fee at loan application and AED 9,000 as balance processing fee upon final approval prior to booking of the loan.

Benefit on complimentary property insurance for first year is applicable on select transaction and segment types including ? buy-out, first sale, re-sale, buy-out + refinance and top-up transactions available for CAT A / CAT B company, Mashreq Gold & Private Banking salary transfer customers only.

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 Free partial payment of up to 25% loan outstanding in a calendar year is applicable for all Residential Properties. Any payment above 25% of loan outstanding shall then be charged at 1% or AED 10,000; whichever is lower.

Customers eligible for one year free property insurance shall provide SIO for one year less than total term approved.

Mashreq reserves the right, at its absolute discretion, to amend and/or supplement these terms and conditions at any time without any prior notification. Any such amendments or supplements shall be provided on Mashreq bank website

In no event shall Mashreq, any of its affiliates, or any of its officers, directors, employees or agents be liable or responsible for any loss, damage or expense arising out of or otherwise related to this campaign.

These terms and conditions are in addition to the respective standard Mashreq home loans terms and conditions.

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