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Mortgages in uae (2)

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Title: Mortgages in uae (2)


1
Mortgages in Dubai??
Buying Property
2
INTRODUCTON
  • Getting a mortgage in dubai is always an
    intimidating task but there are different ways
    through which one can increase his chances.
  • Related Compare and Apply for Mortgages in UAE
  • Before investing huge amount one should have a
    clear insight of certain factors like 

3
MORTGAGE RATES
  • Mortgage rates are categorized into two
  • Fixed  The borrower is informed and he knows
    exactly the payment amount amount . Fixed
    mortgage plan is recommended when mortgage rates
    are going up.
  • Variable  In variable mortgage plan,interest
    rates are not fixed and is recommended when there
    is a downfall in rates.
  • Related Best Mortgage rates in UAE

4
LOAN TO VALUE
  • The Amount you can borrow depends on many
    factors
  • Age
  • Income Source
  • Credit Score
  • Imminent Expenses
  • DBR(Debt Burden Ratio)
  • For UAE Nationals, the maximum financing amount
    allowed is up to 8 years yearly income and for
    expats is up to 7 years yearly income.
  • The maximum Loan to Value and the interest rates
    differs among different lenders.

5
STANDBY CASH
  • Buyer should have a good cash reserve of 25 per
    cent to 30 per cent of the property purchase
    price, and then definitely the deposit will not
    be a big hurdle on your investment plan.
    Likewise, there are additional fees associated
    with the mortgage loan that would be around 78
    per cent of the property value.

6
MORTGAGE PROCESS
  • Mortgage process involves a series of steps
    completed in two to three weeks.
  • Once the preliminary valuation is conducted on
    the provided applicants documents, the lender
    offers pre-approval letter.
  • Afterward, you have to shop around for the
    property in your desired development, keeping in
    line the affordability amount.
  • And once the MOU is signed the required documents
    are submitted to the lender for evaluation and
    thereafter, the financial institution draft the
    final offer letter as per the agreed terms and
    conditions.

7
MORTGAGE PROCESS
  • And further, the property transfer takes place in
    the land department after attaining NOC from the
    developer.
  • The mortgage process is lengthy and can be
    time-consuming hence, using the valuable and
    impartial advice of a mortgage consultant can be
    of great benefit and help you to save time and
    money by identifying the bespoke mortgage
    solution that fit into your investment budget.
  • Unnecessary outgoings or regularly going
    overdrawn hamper your mortgage ambitions. So act
    smartly!
  • If you need any assistance, visit our
    website  Compare4Benefit
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