Buying assets in MBR is a good decision, and getting mortgages can help make it more affordable. When you are new to the procedure, don’t stress. In this article, we will simplify the procedure in a simple way so you can understand how mortgages work in Dubai and how to get one for your ideal home in MBR city.
In simple words, a mortgage is a loan from a financial organization that assists you in buying any property. This means you are not supposed to pay the total cost; you borrow money (break the entire amount into small amounts) and pay back in some years along with interest.
If you need any consultation, Zahabi Homes assist families in buying and renting villas and apartments in the MBR community. zahabihomes.com
Who Can Apply for a Mortgage?
Some demands for the mortgages
Residents or Nonresidents of UAE: Both are eligible, but nonresidents have some requirements.
Stable Income: Lenders need evidence of a job or enterprise income. You must make sure you can repay the loan.
Age limits: You must be 21 years old and repay the loan before 65 or 70.
Amount Of Borrow
The amount you can borrow relies on different factors:
- Down payment: you must pay the asset’s portion cost.
- For the residents of UAE: At least the down payment is 20%
- For non-residents of UAE: At least the down payment is 25% to 30%
- Banks will lend 80% of the asset’s value.
- Lenders note you pay based on your monthly income. (monthly mortgage payment cannot exceed 50% of your income.
How To Get a Mortgage?
Inspect the Finance
- It would help if you calculated your recifest affordability, which involves a monthly down payment, registration charges, and installation.
- Make sure you have a good credit record.
Determine the lender
- Compare different banks and financial organizations
- Note the interest rates, repayment conditions, and special offers.
Obtain Pre-Approval
Pre-approving documents from the bank say how much they will give you a loan. After this you need:
- Valid passport and visa copy
- Evidence of income
- Identification of personal documents.
Select Your Possession
When you know how much you can borrow, you can choose the perfect villas, townhouses, and apartments in MBR property for sale.
Present Application Of Mortgage
- After choosing the asset, present the application along with asset information.
- The bank will examine the asset worth and approve the loan when everything compares to their criteria.
Approve the Loan
Once the bank approves the loan, you will sign the contract and transfer the entire asset. Then, you will start monthly repayment.
Alongside the loan repayment and down payments, you must have budget for additional things like:
- Procedure charges like 1 % of the loan amount
- Asset examination charges: fees for inspecting the value of the assets in AED 2000-3000
- Registering charges ( 4% of the asset price)
- Most banks need life insurance connected to mortgages.
Moreover from finding the ideal position to negotiating the price, Zahabi Homesis is here to help buyers every step of the villa-buying journey.https://zahabihomes.com/