- We arrange all types of mortgage finance for you
- We committed to minimize your interest rates
- Complications looks easy for our mortgage experts
Mortgageto purchase new villas or apartments
Whoever wants to buy apartments or villa from developers or re-sellers which are ready to occupy can be financed with a very low rate of interest and within a very reasonable time.
Mortgagefor properties under construction
Properties which are under construction can be financed and the construction stages and developer’s status will be reviewed with land department updates and process the loan
Mortgage to buy commercial properties
We arrange finance for properties for offices, ware houses, labour camps and buildings which are found with any complexity in nature are our subject of interest and it’s done easy
Mortgage for non-residents
We arrange finance for foreigners who are even non-residents of UAE and who wish to purchase properties in UAE with simple documentation and finance process.
Buy out & Equity release
Get finance by mortgaging own properties and enjoy low rate of interest and use the fund for your emergency cash flow will be a low cost source of funding for you.
Mortgage for business
Finance for business requirements can be arranged through mortgaging the existing own properties with a very low rate of interest and for longer tenure.
What is Mortgage finance
Mortgage is a loan that you get from a financial institution, usually a bank, to enable you to purchase or construct a new house or renovate your existing building. By availing yourself of a home loan in Dubai, you are taking the very first step towards acquiring your own asset that is going to fetch you many times its original value later on in life.
This is the present scenario in Dubai where the real estate market is undergoing tremendous appreciation and it only makes sense to acquire a home loan that will get you a solid asset as well as a great investment in something that will give you greater returns in future.
In order to understand your eligibility for a mortgage loan, monthly installments and the various fees you will have to pay before getting the loan sanctioned, you need to know about the mortgage calculator that gives you these details, so you can ascertain your affordability and decide on how much you need to borrow to invest in your new property.
What you should know before taking a Mortgage Loan
- The most important aspect of a mortgage is to have a realistic budget. You would need to understand the following before purchasing a property:
- Your affordability, so look for a property within your budget
- You need to make a down payment for the house that you plan to buy and in UAE this would typically be 25% of the purchase price. Make sure that you will be able to pay this amount
- Understand the fee structure well before entering into a contract, for it should not be a burden on your pocket later
- Get to know about the principal, interest, insurance and taxes that are essential parts of a mortgage
- Be prepared to make regular repayments according to the EMI calculated based on the loan amount
- The same EMI rate may continue till your loan is fully repaid or it may be reset at fixed intervals
- Floating interest rates may change at any time. If it is reduced, you stand to benefit because you would be paying much less than the fixed interest rate, but if it is increased, you will have to pay a lot more interest on your loan. Make sure that you can afford the Dubai mortgage interest rate before you take the home loan
- A non-refundable processing fee of 0.5 to 1.5% of the loan amount is charged by the bank for processing your loan application whether or not you decide to take the loan
- You will be paying more by way of interest if you opt for the off plan property mortgage instead of the ownership for a ready property mortgage as your intention is to profit from the investment
- If you want to prepay the Dubai mortgage loan from your personal savings, the bank does not charge you a fee, or may charge at 1% but in case you are shifting your loan to a different lender, you will have to pay 1 to 3% of your loan outstanding amount as early settlement charges
- Be aware that by taking a mortgage loan, you enter into a legal contract with the lender, so non-payment of your debt will give the lender the right to resort to foreclosure, a term given to the process of selling your property to cover the loan amount. It would also affect your credibility to a great extent that it may be very difficult for you to purchase a new property later
New rules for Mortgage in Dubai
The long-awaited new rules governing Infinite loans have been issued by the UAE Central Bank. According to the new rules:
- Expatriates will be allowed to borrow 75% of the total value of a property for a first investment of less than AED 5 million whereas UAE nationals will be allowed to borrow up to 80%
- Loan repayment will be spread over a term of 25 years. Maximum age for expatriates and UAE nationals at the time of the last installment of the loan will be 65 and 70 years respectively
- For properties worth more than AED 5 million, expatriates and UAE nationals can borrow up to 65% and 70% respectively of the total value of the property
- EMI cannot be greater than 50% of a borrower’s monthly income and total repayments cannot be more than the annual income earned in 7 years for an expatriate and 8 years for a UAE national
- All mortgages will be restricted to 50% for off-plan properties irrespective of purpose, value or nationality
- The above new rules came into effect from November 2013.
Eligibility for a Mortgage loan in Dubai
- You need to be at least 21 years of age to buy a property
- You need to have a steady income to be able to get a mortgage loan as your monthly income alone can help determine your loan amount
- Maximum age to get a home loan is 58 years if you are salaried and 60 years if you are self-employed but this can change according to the lender
- Clean credit record
Documents required for a Mortgage in UAE
For Individuals
- Document that proves your identity, passport , Emirates ID
- Statement of account from your bank
- Utility bill as proof of residence
- Latest salary certificate & Salary slips
For Self employed
- Document that proves your identity, passport , Emirates ID
- Copy of Trade license
- Utility bill as proof of residence
- Employee list
- Statement of account from your bank
- Memorandum of Association
- Company profile / Web address