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- What is the minimum period that the company needs to be in business in UAE?
- What is the purpose for availing Loan Against Property (LAP)?
- Business expansion
- Construction of factory premises, warehouses, branches etc. (property being offered as collateral, should be other than that being constructed)
- Working Capital for business
- How much loan can I apply for?
- In whose name will the loan granted be in favour of?
- What do you mean by Loan-to-value (LTV)?
- The amount you wish to borrow divided by the value of the property x 100 = your loan to value
- Residential Properties: Up to maximum of 70% of the market value of the property
- Commercial Properties: Up to maximum of 65% of the market value of the property
- Which properties are eligible for LAP?
- In whose name can the property be?
- How would the value of my property be determined?
- Over how many years can I repay the loan?
- Is there a maximum age required from the main applicant or from the guarantor to qualify for LAP?
- In case I'm living in the other Emirates but my property is in Dubai, can I apply for LAP?
- How many properties can I assign as security for my LAP?
- I have a property which is under mortgage with another bank, may I still assign that for my LAP with Standard Chartered Bank?
- Can I apply for a fixed or a floating interest rate? How is the interest rate computed?
- How is my LAP loan funds disbursed to my account?
Minimum 5 years of business establishment and operations.
Loan Against Property should be availed for business purposes such as:
It should not be used for speculative purposes.
You can apply for a loan of up to AED 3,675,000* with your existing property as security. Maximum amount borrowed can be 70% of the market value of your residential property and 65% of the market value of your commercial property.
The loan proceeds will be in favour of the company. In case the property is in the name of an individual, the individual should be a co-borrower to the loan.
LTV is the proportion of the value of the property that you borrow on a mortgage. For example, an AED 1,000,000 mortgage on a house valued at AED 700,000 would mean a LTV of 70%. You can calculate your LTV by using this simple calculation:
You can calculate your LTV by using this simple calculation:
For LAP, the LTV* are as follows:
Fully completed, freehold properties which can be registered with the Dubai Lands Department.
Property can be in name of an entity or individual (individual limited to owners/ shareholders in entity and father, son, spouse of owner/ shareholder).
The value of your property would be determined through a market valuation conducted by independent agencies approved by Standard Chartered Bank.
You have the option of selecting a term you are comfortable with for you LAP monthly installments. You can choose from our flexible tenors ranging from 1 yr to 15 years.
The minimum age and maximum age limits for the main applicant/borrower, co-borrower and guarantor should be a minimum of 25 years on application and maximum age of 70 years old on maturity of the loan.
The customer can be located in Dubai, Sharjah or Abu Dhabi but the property should be located in Dubai only.
A maximum of 2 properties can be considered for review by the Bank.
Properties mortgaged with other Banks are allowed for LAP as long as your LAP is used in part to completely pay off the mortgage leaving Standard Chartered Bank with an "unencumbered" property security.
The LAP is only available under the floating interest rate option.
LAP loan funds are disbursed directly by the Bank to your Business Current account opened with the Bank. It is disbursed in local currency (AED) only.
