HOW TO ACHIEVE PERSONAL FINANCIAL STABILITY in Dubai?

It’s very important to achieve personal financial stability. Especial if you’re living in Dubai. Expatriate in Dubai know how busy and ahead of time here life is. If you’re planning to stay here in Dubai, you’ll need a decent place to live in. For this non-resident home loan will be needed as living places are not very easy to avail here.

It is better to plan your finances. There are various ways to bring stability to your finances while looking for a home. Start off with a bank that can help you with this. A bank that will not burden you in any way. Be it the process of applying for a loan or paying back the loan.

Every bank has their own terms on which loans are given. Various banks in Dubai provide loans with a minimum interest rate. These are exclusive to customers who are looking forward to taking effective steps to secure their future. In regard to this, banks try to facilitate their customers the maximum possible. To avail bank loan for personal financial stability or loan, there are certain requirements.

Fees and Charges for Personal Stability Finances

The basic thing you need to know before availing any of these services is that there are some documents required. As well as certain fees and charges are applied when looking for loans. When we talk about fees and charges, you need to have a rough idea about it. Before planning your personal finance you need to Pay AED 3,000, a principal fee, to proceed further. 1% of your loan has to be paid as loan processing fee. Along with this, the arrangement fee which is 1.5% of your loan amount is demanded. and minimum charges of AED 10,000, have to be paid.

Settlement fee is also charged, which is only 2% of your outstanding loan. In case your debts are handled by another financial institution, your settlement fee might be around 5% of your outstanding loan. This is if your proposal has been accepted and considered eligible for further processing. All personal financial stability loans require liability fee. Now the liability letter fee is usually fixed to AED 300 by all the best banks of Dubai.

Important Documents’ demand by Financial Institutes

Now that you know about charges and fee you have to pay. One extremely important thing that you need to be aware of is documents. Every bank asks for documents to confirm various things about you.

• First, to confirm your identity, you need to provide the bank with your ID card and passport. This will give them basic information about you. Both these things must be upgraded and have not expired.
• An additional thing that you need to submit being an expat is your residence visa. This will confirm the financial institute that you’re legally eligible to live here.
• Next thing is that your bank statement will also be asked about. This will allow them to judge your existing financial status.
• Lastly, your job status and a verified salary statement are also to be provided. These documents will assure whether you can pay back the loan on time.

Dubai allows you a wide range of banks and financial institutes that can provide you with loans. Every bank has their own way of processing. After various surveys and personal experiences of customers, a few of the banks hold distinctive positions. Among all the banks, Mashreq Bank is considered to be most liable in this regard. They facilitate you in every possible way with easy loan terms. Especially, in terms of Dubai non-resident home loan. This enables expatriates to bring financial stability in the easiest way possible.

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