• Health Club, including sauna and jacuzzi
• Swimming Pool
• Children's playground
• Restaurants café
• Landscaped leisure
• 24 Hour Security
• Storage Rental

• Built in closets
• Ceramic tiles throughout
• Selected granite counter tops
• Stainless Steel sink with chrome plated mixer taps
• Space provided for major appliances

• Initial Deposit – 10% of purchase price Payable on signing of the reservation form.
  
• 10% of purchase price is payable 3 months after signing the reservation form.
  
• 10% of the purchase price is payable 5 months after signing the reservation form.
  
• 15% of the purchase price id payable 8 months after signing the reservation form.
  
• 55% of the purchase price is payable on completion of the Lake Shore Tower.

Finance available – ‘100% home finance for residents and non-residents by First Gulf Bank’

Please download the reservation form.

What are the service floors?

This is located between the 31 & 32 floors and is not numbered. In this area we will include storage areas that can be rented by Tenants, most of the services will be the basement.

Can a property be registered in a company name or in joint names?

Yes. All apartments are FREE HOLD title. A resident visa will be issued with each apartment.

Is parking available?

Each apartment receives one car park; the four bedroom penthouse will receive two car parks. Parking is located on two levels in the basement.

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90% finance for new and existing buyers
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Frequently Asked Questions:

1. What are the minimum monthly income requirements for a UAE Resident?

For Residential Properties:

· Salaried-AED 12,000
· Self-Employed - Based on 6 Months Business Bank Statements.
· Companies Incorporated In UAE- Based on 6 Months Business Bank Statements plus 2 Years Audited Financial Statements of the Company

2. What are the minimum monthly income requirements for a Non UAE Resident (pre- tax)?

For Residential Properties:

· Salaried - AED 12,000
· Self-Employed - Based on 6 Months Business Bank Statements.
· Companies Incorporated outside UAE- Based on 6 Months Business Bank Statements plus 2 Years Audited Financial Statements of the Company

3. Can the income of more than one applicant be considered and combined with my co-applicant

Yes, more than one applicant can be considered.

For Residential Properties:

Salaried Resident- One applicant must be drawing a minimum monthly income of AED 8,000 with total joint monthly income must be more than or equal to AED 15,000.

Salaried Non Resident- - One applicant must be drawing a minimum monthly income of AED 8,000 with total joint monthly income must be more than or equal to AED 15,000.

What is my equity contribution?
For Residential Properties:
· Resident Individuals/ Companies -Min 10% Down payment is required.
· Non Resident Individuals/ Companies-Min 20% Down payment is required.

4. Do I have to be an existing FGB account holder to apply for a mortgage?

No - FGB Mortgage are open to all eligible customers

5. What are the maximum numbers of units I can finance through FGB?

Maximum units that can be financed for an individual is one, however additional units can be considered on a case-by-case basis.

6. Is there a minimum and maximum age range?

· For Residents -Minimum Age is 21 years old and has to be paid off by your 65th birthday.
· For Non Residents-Minimum Age is 25 years and has to be paid off by your 60th birthday.

7. Do I have to have my salary transferred to FGB?

No.

8. What happens after I have applied for a mortgage loan?

Our Credit Department representative will issue (subject to all necessary preliminary documents being submitted with application form) an offer letter quoting the loan amount, terms and conditions of the loan, Interest Rate and Monthly installment amount.

The offer letter has an acceptance date of 30 days from the date of issuing.

9. What is the maximum tenure that the mortgage loans are available

For Residential Properties:
· UAE Nationals- 25 Years
· Residents of UAE- 20 Years
· Non-Residents of UAE-15 Years.

10. If there is a joint ownership of the property then what would be the liability of the co- owner on the loan?

The co-owner will have to sign additional documents to express the responsibility on the property, which is mortgaged to FGB.

11. What is the interest rate charged to me on the mortgage loan?

FGB offers a fixed rate of interest on the loan during the construction period. On completion of the property, the loan repayment starts and the interest rate is a fixed margin over 6 month EIBOR (Emirates Inter Bank Offer Rate, similar to LIBOR).

· 6 Months EIBOR + 3.00% for Residents
· 6 Months EIBOR + 3.50% for Non Residents

Six months EIBOR is a rate, which is issued by the Central Bank of the UAE and is published in all national newspapers in UAE.

12. What will my monthly repayments be?

Your monthly repayments are based on the loan amount, loan tenor and the interest rate.

13. Do I require any insurance if I take out a mortgage loan with FGB?

Yes. Life and property insurance is mandatory during the tenor of the loan.

14. Why should I avail the Insurance through FGB tie-up?

It is mandatory to have your life and property insured through the provider which has an exclusive tie-up with FGB for mortgage loan facility.

FGB has an arrangement with world renowned American Life Insurance Company partnering with American International Group.

This tie-up will allow our customers to the following unprecedented facilities:-

a. Single Premium payment during the life span of the loan
b. Best in class rates , approximately 1/5th of the market rates
c. Insurance premium is added to your loan i.e. you pay for your insurance every month with your installment
d. ‘Locked In’ rate for the life of the loan i.e. the premium rate does not increase with age or any medical condition in the future

For Loan Amount less than AED 1,100,000 - based on tenor of loan, age of applicant, loan amount and medical questionnaire.

For Loan Amount more than AED 1,100,000 or age over 49 year - to be advised on medicals.

Property Insurance : Against (fire and other allied natural perils) tie up though AL Khazna Insurance Company (premium 0.025% per annum of purchase / property value or a minimum of AED 60 which ever is higher.

15. What additional charges will there be for processing the loan?

• Commitment fee : AED 1,000/ Property
• Documentation fee : Residents - 1% of the loan amount
  
  Non Residents - 1.5% of loan amount
• Insurance :
  Life Insurance - A single premium is to be paid during the life span of the loan and the premium is built into the mortgage loan amount. Rates start from 0. 050% per year and are decided by the underwriter based on your age, loan tenor and medical examination results.
• Property Insurance - Rate of 0.025% per annum of the property value.

16. What can I do if I can’t make a loan installment repayment on a particular month?

FGB’s mortgage loan does not have a deferment policy, therefore a special request must be made well in advance, or the Bank must be informed ahead of time if a certain installment cannot be made according to the installment repayment plan. Your property is at risk if you do not keep up with the repayments.

17. Can I sell my property before the loan is paid off?

Yes, you can sell the property but the following need to be ensured as part of the process.

At the developer - You sale and purchase agreement at some developer mandates a fixed percentage of the property price has to be paid before a transfer can take place. The developer some time will also charge a transfer fee in addition to any fee levied by the government of Dubai.

At the bank - The Bank will require the loan to be paid off, either through a cash settlement or another mortgage arrangement with the potential buyer. However the buyer will have to qualify the credit criteria applicable at that time i.e. the loan will not be transferred. An early settlement fee subject to the tariff applicable at the time of such settlement will be applicable.

18. Can I repay my mortgage loan early?

Yes.

19. If so, will I be liable to any penalties?

3% on the principle amount outstanding is charged upon early settlement.

20. Can I make over payments?

Yes, but all over payment will be subject to a fee applied as a percentage of the amount paid in. The rate is the same as the early settlement fee.

21. How is my interest calculated?

FGB calculates interest on daily outstanding balances, in line with the directives of our regulators The Central Bank of the UAE. The interest amount is however recovered on a monthly basis.

22. How do you disburse the funds?

We release the payments for the property, on your behalf, directly to the developer based on the payment schedule provided by the developer and agreed by you.

23. How do I ensure that my property transactions are legitimate?

The responsibility of checking the legitimacy of the property transactions lies with the customer. FGB however, will not associate itself with any party that does not comply with internationally recognized good practices.