HSBC announced today it is decreasing its rates across its variable rate mortgage and Amanah Home Finance for new customers, effective immediately.
New customers with a 40% or more deposit can take advantage of HSBC's revised rate at 5.49% when purchasing a completed property. This offer is applicable for new home purchases and loan buy-outs.
Arrangement fees for mortgage loans have also been reduced. HSBC Premier Customers will receive a 75% discount on arrangement fees, HSBC Advance and Personal Banking customers will receive a 50% and 25% discount respectively on the arrangement fees.
James Pearson, Head of Assets and Liabilities, HSBC UAE said, "The changes we are making are great news for those looking to buy a house in the UAE, where valuations are now very attractive. HSBC is committed to offering competitive deals that are designed to deliver great value to the customer."
LTVs vary across the bank's approved developments. The list can be viewed on www.hsbc.ae
Minimum salary requirement to qualify for a loan to purchase a property | AED 15,000 Salary transfer is not mandatory |
Maximum loan term | Loan term 5 to 25 years or until you reach the age of 70, whichever occurs first. |
Who can apply for a loan | UAE Nationals and Expatriates |
HSBC's Interest Rates per annum Premier Customers Advance Customers Personal Banking Customers | LTV less than or equal to 60% | 5.49% p.a. |
Premier Customers Advance Customers Personal Banking Customers | LTV from 60% to 80% | 5.99% p.a. |
Previous rate Premier Customers Advance Customers Personal Banking Customers | LTV up to 80% LTV up to 80% LTV up to 80% | 5.99% p.a. 5.99% p.a. 6.75% p.a. |
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HSBC Bank Middle East Limited (HSBC)
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 50 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In addition to the branch network HSBC maintains a representative office in Tripoli, Libya. This extensive regional coverage is strengthened by HSBC Bank Egypt SAE; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Media enquiries to Andrea Jaishankar, Manager Communications, HSBC Bank Middle East Limited on 04 4235635 or at andreajaishankar@hsbc.com
© Press Release 2011
