The most significant aspect of a mortgage is to keep a realistic budget in mind. An applicant needs to understand the following before purchasing a property:

• The value of the chosen property must suit the budget
• You have to submit a down payment for the chosen property. In UAE, it would be typically a 20% of the purchase value. One must be ready to pay this amount.
• Before entering into a contract, understanding the fee structure thoroughly is very important.
• Learn the points regarding principal, interest, insurance and taxes that are essential parts to get a mortgage loan.
• Get ready to get routine repayments done as per the EMI calculated depending on the loan amount.
• The EMI rate will continue till the loan gets fully repaid or it gets reset at fixed intervals.
• Variable interest rates may change at any time. If it gets reduced, an applicant gets benefited because he would pay much lesser than the fixed interest rate. However, if it gets increased, the applicant would be asked to pay a lot more interest on the same loan. Hence, one must ensure that he can afford the Dubai mortgage interest rate before taking the mortgage loan.
• A non-refundable processing charge of 0.5 to 1% of the loan amount gets charged by the bank for processing a loan application whether or not one decides to take the loan.
• One would have to pay more by way of interest if he chooses buy-to-let mortgage instead of the ownership mortgage as his intends to profit from the very investment.
• If the applicant wants to prepay the Dubai mortgage loan from his personal savings, the bank will not charge a fee. However, in case he shifts the loan to a different loan provider, he will be asked to pay 1 to 2% of the loan amount as early settlement fees.
• By availing a mortgage loan, one enters into a legal contract with the loan provider. Non-payment of the debt gives the loan provider the right to opt for foreclosure which means he can sell the property to recover the loan amount. It negatively influences the applicant’s credibility highly. It can turn out to be difficult for the applicant to purchase a new property in future.

The new rules of mortgage loans have been issued by the UAE Central Bank. As per the new rules:

• Non-natives get allowed to take a loan of 75% of the total value of a chosen property for the first investment of less than AED 5 million whereas UAE residents will be allowed to get loans up to 80%.
• For assets worth more than AED 5 million, non-natives and UAE residents can take loan up to 65% and 70% respectively of the total value of the property.
• All mortgages get restricted to 50% for off-plan properties or assets irrespective of their purpose, value or nationality.
• Loan repayment timeline can be extended up to 25 years. Maximum age for non-natives and UAE residents as loan applicants are 65 and 70 years respectively.
• EMI cannot be more than 50% of a borrower’s monthly income. Total repayments cannot exceed the yearly income earned in 7 years for a non-native and 8 years for a UAE resident.
• Since November 2013, the above new rules came into effect.

• The minimum age of a loan applicant is 21 years.
• The maximum age of a loan applicant is 58 years. If an applicant is salaried and he is 60 years of age with a self-employment, it can change according to the loan provider.
• An applicant needs to have a stable earning to repay the mortgage loan as his monthly income alone can help him in determining the loan amount.
• Clean credit record.

• Documents that confirms the applicant’s identity such as his passport or driver’s license.
• Proof of residence.
• Age proof
• Bank account statement.
• Latest salary slips

When an applicant asks for our assistance in regards to getting home loan in Dubai, we offer assistance mentioned below:

• We gauge the different mortgage products to help a client in choosing the right loan from the right loan provider.
• Our alliance with a great range of banks lets us assist a client in selecting the right product and he will get access to the easiest and fastest mortgage loans in Dubai.
• Our team of skilled and experienced professionals knows the nitty-gritty of banking and real estate operations in UAE. We assist with all the requirements engaged with a mortgage loan like mortgage underwriting, mortgage sales and mortgage policy development etc.
• Our guidance and assistance ensures right investment of the client’s money.
  Applying our advice and insight, clients find it easy to make a solid and well-informed financial decision always.
• We assist you in going through an easy loan application process.
• We offer articulately planned advice to save the time and money of our clients.

People take loans for both new and used homes. Even for this type of purchases, many banks in the UAE offer used home loans that get processed almost the same way as loans for new home.

• Simple and speedy solutions for the client’s personal financial problems.
• We offer the most updated information with reference to the eligibility criteria and the processes involved in the loan application process.
• Easy application procedure.
• Fast turnaround time in processing and getting approval from the banks.

Best home loan provider in Dubai, UAE quick and easy with Money in Gulf. Make your dream home in UAE with us. Our latest mortgage offers in Dubai, UAE. Apply now for your dream home or Call: 00971509064015