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