Fees & Charges

1. What are the fees and charges linked to my loan?
The following fees and charges are linked to your loan:

• Processing fee starting from 0.1% of the loan amount
• Interest payable for the amount disbursed to the developer during the period of construction
• EMI: Equated Monthly Installment (interest + principal) payable over the repayment period and upon possession
• Early settlement fees starting from 1% of loan value
• Late payment fee in case of delay in monthly installments

2. How much should I expect to repay each month?
Please use our mortgage calculator to check your EMI.

3. When will my EMI begin?
Your monthly installments will begin when the bank/hfc has disbursed the final payment to DAMAC; the property is completed and handed over; or earlier of 36months from the first disbursement.

4. How do I pay the EMI, if I’m a non-resident?
You can wire money to the bank account which you’ve opened with the lender.

5. When and how is the money disbursed to DAMAC?
The bank disburses the money to DAMAC as per the payment schedules specified for each project.  

6. Do I need to pay anything during the construction phase?
Yes, you need to pay interest on the disbursed amount during the construction period if you are availing conventional mortgage products. If you utilize a Shariah compliant mortgage product, interest is accrued on the amount disbursed by the bank during the construction period, but this is payable on commencement of monthly installments.