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Mortgages in uae

Mortgages in uae

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Mortgages in uae

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  2. *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 are categorized into two: 1. Fixed : The borrower is informed and he knows exactly the payment amount amount . Fixed mortgage plan is recommended when mortgage rates are going up. 2. 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. *The Amount you can borrow depends on many factors: 1. Age 2. Income Source 3. Credit Score 4. Imminent Expenses 5. 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. *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 7–8 per cent of the property value.

  6. *Mortgage process involves a series of steps completed in two to three weeks. *Once the preliminary valuation is conducted on the provided applicant’s 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. *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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