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Contact Info

YES Buisness Center
Al Barsha 1,
Behind Mall of the Emirates
P.O.Box : 125341

Office Tel : +971 4 4204033
Office Fax : +971 4 4204034

ORN : 11842
Email :

Terms used in Housing Finance

  • EMI: Equated Monthly Instalment till the loan is paid back. It consists of a portion of interest and the principal 
  • Floating Rate of interest: Rate of interest which varies with the market lending rate. This means that there is an element of risk of paying more than budgeted amount in case the lending rates goes up 
  • Monthly Reducing balance: In this system interest reduces monthly with repayment of Principal amount 
  • Annual Reducing Balance: In this system principal is reduced annually at the end of the year so you end up paying interest even for the portion of principal you have actually paid back 
  • Fixed rate of interest: Rate of interest remains unchanged throughout the period of the loan 
  • Processing charge: It's a fee payable to the lender on applying for the loan 
  • Prepayment Penalties: When loan is paid back before the agreed term of the loan, then banks/ institutions charge penalty for the prepayment 
  • Commitment Fee: Some institution charge commitment fee in case the loan is not availed within a stipulated period, after it is processed and sanctioned