How to get a mortgage loan in Dubai with minimum interest?

by Muhammad N. Technology Geek

How to get a mortgage loan in Dubai with minimum interest?

Dubai has become a city which attracts a lot of people seeking to build up a successful career to lead a luxury life. It is a land which provides you opportunities in almost every field of life. But to become a resident of this wonderful city you need to have a home in it. To buy a home in Dubai, you will need to seek the best mortgage in Dubai. A mortgage loan helps you buy a home in UAE among all other states. Dubai has the biggest and well-established mortgage market. There are a lot of opportunities and attractive options available for you even if you are an expatriate, mortgage loans can fulfill all your needs.

There are some certain instructions which you need to keep in your mind about mortgages. The terms of taking mortgage loan depend upon your purpose of buying the property whether you want to live in it or it’s for some investment. The deposit price varies as per your need. 25% price will be asked to pay if you want to buy the property for a home whereas for the investment property this amount will be 40-50%.

Banks will take 3-4 working days to examine the documents you provided for the mortgage, after the approval, mortgage letter will be issued to the client within 4-5 working days. You are supposed to pay the decided amount on time. If you are failed to do so within the decided time, leverage of 30 days will be given to you. But if you fail again to payback in this additional time, it will go to the negative balance which may be used against you when you apply for any other loan. There is also an age limit for taking a mortgage. You have to be less than 65 years of age to get the loan. And at times, your age by the time your payback tenure finishes is also noted. Which is before you get retired home loan in uae.

Mortgage rates for non-residents

If you are a nonresident, you don’t need to worry as there is also an opportunity that nonresidents can also apply for a mortgage. Documents which you have to submit are very important. You have to show your identity through your identity card which is a very important process. Furthermore, you have to show your residence in Dubai and you have to prove that you are living legally in Dubai. After these your confirmations you will be allowed to gain mortgages. Furthermore, you will also have to show your bank statements to declare your income and taxes and that you are not involved in any kind of fraud and tax stealing. You will also have to submit documents ensuring that you will pay back the mortgage in decided time.

There are some further steps which could be very helpful for you in taking mortgages. Legal advice would be much better for applying mortgages and filling and sorting out the process with banks. You also need to be aware of the price and market value of the property you need to buy.

There are certain fees which vary from 0.1% to 1% of the mortgage applied by the bank. These may include a mortgages application fee, property valuation fee, and processing fee. There will be a lot of option available for you if you are interested in taking a mortgage in Dubai. Always be sure about your needs for buying the property and about terms and conditions which are suitable for you as different banks have different terms and conditions. Never forget to get the advice of experts related to the mortgage loan.