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Business Loan in Dubai
Best Mortgage Loan In Dubai
The mortgage market in Dubai is now well-established, with local and foreign lenders providing the best mortgage loan in Dubai. Our loan brokers provide you with a set of qualified, experienced mortgage guidance that assists you in saving half of your efforts. Being one of the best loan brokers in Dubai, we take pride in getting in touch with the best lenders, certain of whom you may not be aware of. We also assist you in avoiding difficult payment terms from many lenders hidden in their mortgage agreements.
We give the best and most suitable mortgage loan help in Dubai. Our professionals are experienced and they bridge the gap between the businessman and the potential financier. Being a professional firm, we have created rapport with a huge network of financiers and bankers. Our professionals are also aware of new loan promotions and products. They have up-to-date and useful information regarding mortgage loan programs and as of this network and exposure, we can give clients loans in Dubai and advice on the right course of action. We are here to help business people provide the best possible assistance in getting a mortgage loan in Dubai.
A mortgage is referred to as a Mortgage loan in many parts of the world including Dubai. A mortgage makes your dream come true of buying a property without having all the cash upfront. To put it simply, it is a kind of loan from a bank or financial institution that people (borrowers) use to purchase a dream house. For the security of the loan, the bank or financial company uses the home itself as collateral.
The Process of Getting a Mortgage Loan in Dubai
Find a Lender
In the Dubai Emirate, mortgage loans are sourced through banks and should be registered with the Dubai Land Department to be valid in a legal way. You can request your bank directly for their obtainable mortgage deals or hire brokers to help you in getting a mortgage loan in Dubai.
Select the Right Mortgage
There are several kinds of mortgages in this emirate. They majorly come into the classifications of variable and fixed-rate mortgage loans. There are many aspects you have to think about when choosing the kind of mortgage loan in Dubai that is suitable for you.
Get a Pre-approval
It is a crucial move in the procedure of making an application for a mortgage loan is obtain pre-approval. A mortgage initial approval is an official paper granted by the bank as proof of your eligibility to acquire a mortgage loan. It shows the maximum borrowing limit permitted to you and gives higher certainty of acquiring a mortgage.
Finalize Your Property Purchase
Once you have found the right property, you can contact your bank to finalize the loan contract. The bank can assign a property evaluator to gauge the value of your chosen property and aid you in creating a better offer on it. Once the seller and you agree on the cost, you can make the deposit amount and select a final date of the transaction.
Types of Mortgage Loans in Dubai
There are different kinds of mortgage loans available in this emirate that comprise –
Fixed-rate Mortgage
The rate of interest is specified before the loan term’s onset in a fixed-rate mortgage. Plus, this rate does not alter during the previously agreed duration, which usually is less than 5 years. However, you can be lucky enough to locate a lender giving a complete loan pay-off duration at a fixed rate.
Variable Rate Mortgage
The rate of interest can alter during the pay-off duration for variable interest rate mortgage loans based on the market terms. Borrowers can end up accessing an appealing deal or making the payment of a high rate of return based on the case. In case you choose this sort of loan, ensure you hold the financial liquidity to manage any rise in payments.
Discounted Rate Mortgage
In certain terms, obtaining a discounted-rate mortgage loan in Dubai can be the finest choice among the distinct types of mortgage loans here. A discounted rate is usually applied for 2 to 5 years duration. After that duration, your payment would be based on the base variable rate of a lender.
Capped Mortgage
Mortgage loans in this emirate even comprise capped mortgage loans where the borrower has a few edges. You will pay at a variable rate, but a maximum cap is specified before the loan term initiates. Usually, the capped duration can be for a limited duration. The rate of interest can increase based on the market terms.
Offset Mortgage
An offset mortgage loan in Dubai comprises connecting a conventional mortgage loan with one or more deposit accounts. Borrowers can connect their savings, credit, current, and loan accounts in an offset mortgage, and the more funds they hold in their account, the less they need to spend the interest.
Eligibility Criteria for Applying for a Mortgage Loan in Dubai
The eligibility criteria for applying for a mortgage loan in Dubai are listed below:
- For certain banks, you have to be a country resident which is on the list of banks before applying for this kind of loan.
- You must also be self-employed or salaried.
- You would require a minimum monthly income as the bank defined. This income has completed the minimum criteria after the deduction of a tax.
- The current 6 to 12-month personal or business bank statements
Documents Required for Mortgage Loan in Dubai
The required documents are mentioned below:
- Identity proof as a valid passport.
- For the past six months, the statement of the bank may require similar companies and an individual.
- If you making payments of tax, then you also have to give these returns.
- If you have a credit rating system in a place of residence, a credit report will be necessary.
- Salary certificate and payment slips.
- For self-employed persons, certificate of incorporation, business license, audited statement, and business profiles.
These are all the necessary documents that you need to prepare. We also help to complete the process of documentation for a mortgage loan in Dubai.
For more details, you can consult with us, which will also help you to obtain a mortgage loan in Dubai. They will guide you properly and understand your entire requirements. They provide you with the best services possible and process your work according to your needs and your budget.
How we Helps Customers To Get The Best Property Mortgage in Dubai?
Company is a finance advisor (mortgage broker) company based in Dubai that helps you to find the best property mortgage in Dubai at the cheapest interest rate with less paperwork. The mortgage is not easy to obtain in Dubai on your own and the understands very well. We minimize the complexity involved in it.
- Our financial expert gives you the best mortgage loan after knowing the prospective buyer’s needs and goals in detail.
- We compare top lenders’ mortgage processing fees, interest rates, terms, and condition
- Negotiation on processing fee and interest rate on your part
- Preparation of required document along with application form
- Arrangement of local advocate and concerned person
- Submission of document
- Take all measures to secure your mortgage
- Regular in touch with the lender until the loan is not approved
Why we are Trusted Finance Company For Getting Property Mortgage loans in Dubai
- You will come to know whether you are eligible to get a mortgage loan in Dubai or not free of cost.
- We put forward the different types of mortgages of different lenders to you as it is.
- We guide you through the entire process
- Competitive consultation fee
- Let you be aware of different types of interests that are suitable for you in the long run.
- We are experienced in finance and loan
- After-sales services as long you continue loan
A mortgage is considered to be best from Our point of view if it follows certain points like,
- LTV is high (Loan-to-value ratio)
- ERC (early repayment charges) option at the lowest service cost
- Re-mortgage facilities (flexibility to choose another bank)
- Fixed-rate mortgage
Contact for pre-approved mortgage loans in Dubai free of cost today and plan your future.
Top Lenders of Dubai to Choose from
- Standard Chartered
- FADB
- ABCD
- ADIB
- CBD
- Mashreq
- CBI
- Union National Bank
- National Bank of Fujairah
- Rank Bank
#1:- Minimum Salary requirement to get a mortgage loan in Dubai
AED 10000*
#2:- Interest rate
2.75%* starting rate
#3:- Finance Amount
Up to 75%*
Frequently Asked Questions (FAQs)
Can I get a mortgage in Dubai?
Yes, someone can obtain a mortgage loan in Dubai. Expatriates should understand that they may receive a mortgage only for freehold properties, while UAE citizens can obtain a mortgage loan for any kind of property.
How does a mortgage work in Dubai?
The property mortgage in Dubai complies with a pretty smooth procedure. One can obtain a loan sanctioned in around two weeks, pays the down payment, and make the payment of the remaining amount in an EMI way.
How much deposit is required to buy a house in Dubai?
The residents of the UAE will require to make a payment of around 15% of the overseas property amount while the expatriates need to pay is around 20%.
How can I buy a home in Dubai if I am a foreigner?
You just need to decide on an appropriate property in Dubai and contact the real estate agent. Another best choice is obtaining the best mortgage loan in Dubai to purchase a home easily, all you need to communicate with the loan brokers.
Where can I find a mortgage in Dubai as a non-resident?
Nearly, every bank and private lenders give mortgage loan in Dubai to non-residents. You are just required to compare the packages that they offer and compute the options.
How long does it take to secure a mortgage in the UAE?
Usually, the whole procedure of property mortgage in Dubai takes around ten working days or two weeks prior to you receiving the offer letter for a mortgage. It involves the time it takes to set up prior approval on your application.
How much loan I can get in UAE?
As per the Central Bank of the UAE laws, banks can’t provide a loan more than 20 times a person’s monthly salary. So, if you make around 10,000 in a month, the maximum loan you will be eligible for is AED 200,000.
To know more on the mortgage loan sanction process read our latest article “How to get mortgage loans in Dubai”. Our most sought financial service Trade Facilities Dubai Known here