Q. When will Home Loans be available?
	A. Home Loans are available now through HSBC.
Q. Do I need to have an HSBC bank account in order to apply for an HSBC Home Loan?
	A. Yes, you need to have an account with HSBC.
Q. Who is eligible for a Home Loan through HSBC?
	A. Customers who wish to purchase a property on Palm Jumeirah or Palm Jebel Ali are subject to meeting the lending criteria set in place by HSBC. You can apply from anywhere in the world.
Q. Does the HSBC Home Loan apply to any property?
	A. At this time, the HSBC Home Loan is designed for properties being built on The Palm Jumeirah and The Palm Jebel Ali for ownership by any member of the public (including expatriates). You can apply from anywhere in the world.
Q. What are the principle features of HSBC Home Loan?
	A. The principle features are: - Variable interest rate - HSBC will offer fixed rate mortgages in the future, but the current low interest rate environment favours a variable interest rate. - HSBC will create a mortgage base rate - The rate will vary according to the underlying cost of money and changes will be governed by the movements in the USA Fed Funds Rate. - A maximum term of 25 years (subject to repayment before 60th birthday). - An advance of up to 70 percent of the purchase price of the property. - The property will be registered in the name of the purchaser and HSBC will take a first legal charge over that property. - A discount will be offered to customers who agree to transfer their salaries to the bank. - The discount will be a slightly better rate over the entire life of the mortgage facility, but in the event of the salary being withdrawn, the normal mortgage rate will apply. - HSBC can arrange a Mortgage Protection Scheme and arrange Buildings Insurance. - The Bank can arrange cover for both the primary and secondary borrowers so that in the event of death of either of those parties the loan will be repaid in full. - HSBC will require the borrower to insure the buildings and can arrange a preferential rate on your behalf. Customers may use their own insurance subject to the company being acceptable and the policy proceeds being assigned to the Bank. All costs of assignment are to be paid by the customer.
Q. Are there advantages of the HSBC Home Loan?
	A. –Yes. HSBC can arrange competitive mortgage rates, as well as life/building insurance. -HSBC can also make arrangements for coverage such as contents insurance, as well as sickness, accident and redundancy cover, which will be provided through a major international life insurance company. -As a major international bank, HSBC can also offer a full range of financial services and products - i.e. budget accounts, money remittance services, credit cards and personal loans.
Q. How is the interest on an HSBC Home Loan calculated?
	A. Interest is calculated on the daily balance outstanding on the mortgage account, and is added to the account each month. Payments that are made will reduce the outstanding balance each month.
Q. What if I decide to sell the house before the mortgage is paid off?
	A. HSBC will require you to repay the outstanding mortgage and interest owing up to the time of sale.
Q. Can I arrange my own insurance coverage(s)?
	A. Yes. Customers can choose coverage of life and property insurance from the Bank, or provide their own coverage through an approved insurer. If a customer makes their own insurance arrangements there may be costs involved in the assignment of the policies and it is the borrower’s responsibility to pay any incurred costs. Failure to make payment of premiums on non-HSBC policies will be breach of the mortgage conditions.
Q. How do I apply for HSBC Home Loan?
	A. Call HSBC toll-free 800 4440 (within the UAE) or +9714 228 8007 (if calling from outside the UAE). An appointment will be made with a member of the HSBC Home Loan team, who will conduct an initial interview process to make sure that you have a full picture of what is required. We anticipate that the initial discussions will take up to an hour.