UNDERSTANDING ABOUT MORTGAGE IN DUBAI !!!
Are you looking forward to buy your dream home in Dubai and worried about the payment? Let me help you. There are 2 ways you can buy Property in Dubai – with cash or on a Mortgage. If you are ready to pay full cash go on for it, while cash investment be overall more cost effective. It allows flexibility in terms of finance management.
If you don’t have ready cash Mortgage is a perfect choice to buy your dream home. It’s a type of loan used to purchase or maintain a home, land, or other types of real estate. You’re able to make monthly payments while the value of the home increases. This allows you to build equity and make a profit on your home.
WHO ARE ELIGIBLE ?
Nearly everyone can get a mortgage within the UAE as long as you can demonstrate your income (including salary, commission, and rental income).  The Individuals applying for the loan must be at least 21 years old and the maximum limit generally being 65-70 years.
The main factors that decide your mortgage ability are:
Credit Score:
Estimates how likely to repay credit card or loan. Higher the credit score more likely to be able to get mortgage.
Downpayment:
You will have to pay downpayment on full cash (% depends upon developer)
Affordability:
Documents needed to assess your affordability may include proof of additional income, bank statements,credit card statements.
Employment status:
Must earn minimum salary of AED 10,000 per month. Also salary certificate is needed as a proof.
WHAT DOCUMENTS ARE REQUIRED TO APPLY FOR A MORTGAGE?
Generally required documents are listed below:
- Emirates ID/Passport (Copy)
- Residency evidence like DEWA bill or tenancy contract (Copy)
- Income proof/ bank statement for the past 6 months
- Proof of employment
- MOU (Copy),
- Title deed(Copy)
WHAT IS THE MORTGAGE INTEREST RATE IN DUBAI?
The mortgage interest rate in Dubai is variable and depends on multiple factors. However, it generally falls between 2.99% and 5% of the principal amount.Â
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