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5 Tips for getting a mortgage in Dubai

If you’re an expat searching for a home to buy in Dubai, map out your mortgage plan first. Supposing you’re not paying cash, that is. There are many options for off-plan properties in Dubai that expats can consider. 

With properties selling like the well-known hotcakes, you need to be proficient in making an offer rapidly, or you’ll end up missing out on your dream home in Dubai. We gathered the best recommendations so you can get control of the competition. Here are five tips to help obtain the mortgage you want.

Secure your down payment:

One of the largest expenses you’ll face upfront with a mortgage? The down payment it’s a good-faith deposit of sorts. Downtown Dubai has a variety of off-plan properties in Dubai at suitable prices with all the basic amenities for the residents.

For expats, that is a 20% down payment for buying. Your savings and investments come into play here. So, get a good hold of your finances and inaugurate where you’ll be obtaining this sum from.

Get the documents ready:

Getting a mortgage includes paperwork. A lot of it! Stay prepared and confirms you got them all ready.

The basics comprise a copy of your passport, visa, Emirates ID, salary certificate, trade license for self-employed individuals, and bank statements. Some may require other associate documents to prove employment, income sources, and accountabilities.

Contact a mortgage broker:

Using a mortgage broker, like Mortgage Discoverer, will mean you advantage from their involvement and positive working relationships with banks and other third parties. A mortgage broker can help you find the right home loan that best suits your surroundings and keep you up to date with Central Bank procedures.

Linking with a specialized and experienced mortgage broker early in the process is advisable, especially if you are an expat and new to the obtaining journey in Dubai. There will be several subtle differences between a UAE mortgage and one you may get in your home country, so make sure to get the services of an expert to avoid getting caught out.

Check your credit:

To estimate what kind of debtor you are and will be, banks carry out credit checks.

How you manage your finances is imitated by your credit score. A long track record of accountable credit use is best for your rating. Meanwhile, missed payments, mortgage evasions, and bankruptcy can be perceived as red flags.

In the UAE, the Al Etihad Credit Bureau (AECB) is accountable for issuing credit reports. Check your credit score from their official website. The Six Senses Dubai IS a luxurious waterfront project at Palm Jumeirah Dubai. If you can afford a luxurious residence then this project is the best suitable option for you in Dubai. The Six Senses Dubai offers residents a high standard and classy living experience.

Boost your borrowing power:

Generally, banks limit mortgage offering to no more than 25% of your monthly income.

Pay close attention to your remaining debts while buying off-plan properties in Dubai. That comprises credit cards, personal loans, car loans, lease agreements, and other ongoing financial obligations.

What you have left is your non-refundable income. Banks use this to assess how much enough money you have in repayments.

Consider tenure and fees:

In the UAE, the period for repayment is at least 25 years. When searching for the best mortgage, the interest rate matters.

A longer tenancy charges less per month. Although, you pay extra in total because of higher interest over the long term. Equally, while a shorter tenancy charges more, you pay less in total due to lesser interest rates charged.

Also, look outside interest alone. Watch out for setup, transference, and penalty fees.

Get a mortgage pre-approval:

If you are searching for a home to buy, boost your self-confidence and your buying power by receiving your mortgage pre-approved.

A pre-approval lets you know how much you can apply. Second, you’ll be able to lock in a mortgage rate offer onward of time. Lastly, it indicates to sellers that you have no issue financing the purchase, making them more likely to receive your offer.

We are here to help you buy your dream home in Dubai or investment property. We can advise on every aspect of your searching for a home journey in Dubai, from any early questions to last-minute essentials.

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