Best Mortgages Loan For Your Home

Best mortgage loans available in Dubai

Dubai is a land of great opportunities. People come here not just to expands their careers but also with families to settle down. It is an amazing place to grow in many ways. But to get started you need to buy a home for yourself. To do so, you will need to look for best mortgage loan in Dubai.

A mortgage loan is to aid you in buying a property in UAE. Dubai has a huge and well-established mortgage market. You will be given a lot of options to choose from as per your needs. Either you are an expat or a non-resident, mortgages cater all your needs.

Rules you need to be aware of about Mortgages

you need to decide the purpose of buying a property. Whether it is for a home for yourself to live in or to invest in property. The terms of giving loan will change accordingly. The deposit price will also change. If you’re looking for a home, you will be asked to pay 25%. whereas in the case of investment property, the deposit amount is 40-50%.

Banks usually take 3-4 working days to assess the documents you have provided. Once they are approved, they will take another 4-5 working days to issue mortgage letter to the client.

You are required to pay back the decided amount on time. In failure to do so, you are given the additional time of 30 days. After that, it will go to negative balance In future, this can be used against you before granting any loan.

You have to be less than 65 years of age to avail mortgage loans. There is an age limit after which you are granted a loan. And at times, your age by the time your payback tenure finishes is also noted. Which is before you get retired.

How Non-residents can apply for mortgages?

The most important thing is documents you have to submit. You have to prove your identity which is usually through ID cards. Also, show your residence in Dubai and that you are legal here. Only then you will be accepted for mortgages.

You have to show your bank statements to declare your income and your taxes. There shouldn’t be a nay record of fraud or tax stealing.

You also need to prove that you can pay back the mortgage you wish to receive, in document form.

It is better to ask for a legal advice while applying for mortgages. This will help you in filing documents and other important negotiations with banks.

Also be sure about the price of the property you wish to buy. Check the market value of it on your own before applying for a mortgage.

Certain fees are also applied by the bank. Like mortgages application fee, property valuation fee and processing fee. Wach of which varies from 0.1 to 1% of the loan.

There are a lot of options you can choose from. Different banks have different terms on which they allow mortgages. The first thing you need to be clear is about your needs. And then the terms you can easily agree upon. It is always preferred to go for experts’ advice before applying for Mortgage In UAE.

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