Real estate loan in the UAE

Dubai is the most popular and crowded city in the UAE. The reasons for its success are its favorable location, developed infrastructure, good investment returns and, of course, the real estate industry. According to many analysts, real estate investment in Dubai offers a much higher income than the capitals of other developed countries. The emirate offers a high-end real estate market, where all types of residential properties in different price categories are available to the buyer. To buy property in Dubai, foreigners do not have to pay the full amount at once, a mortgage is a good alternative. Credit for real estate in the Emirates is rapidly gaining momentum, as more and more foreign investors prefer to make a purchase through mortgage lending.

Using a mortgage is a great opportunity to get your own real estate, and at the same time it is profitable to invest your funds in various assets. If you are wondering how to get a loan to buy real estate in the UAE, then UAE Assets specialists will tell you in detail about this in the article. It will be difficult to find and purchase real estate without the help of professional support - the Dubai real estate market is very diverse, so it is recommended to select housing with specialists. Our company cooperates with the best developers in the UAE and has solid experience in working with the local real estate market. Experienced specialists will help you quickly get a mortgage loan and prepare all the necessary documents.

How to get a loan in Dubai for real estate

Despite the difficult situation of the banking sector in recent years, the local mortgage market is still actively increasing its turnover. For several years, almost half of the purchase and sale transactions fell on mortgage lending. What are the requirements for borrowers in the UAE? According to local law, foreigners can apply for a mortgage on real estate only in freehold (freehold) and leasehold (leasehold) zones. First of all, you need to choose a bank where a mortgage loan in Dubai will be available. Local and foreign banks operate on the territory of the country, which have their own mortgage offers for foreign citizens. You can search for a bank yourself, or get professional advice from UAE Assets.

Once a lender bank has been selected, the lender's approval regarding the minimum requirements must be obtained. According to local law, foreigners can get housing in a mortgage only if the following factors are confirmed

• Availability of a resident visa
• Official employment in a local company or own company (mandatory in the UAE)
• Availability of down payment (not less than 25%)
• Availability of funds for paperwork and legal support
• Age 21 to 65 (employed) or 70 (self-employed) years • Age 21 to 65 (employed) or 70 (self-employed) years

An optional, but good advantage would be the presence of an already paid property located on the territory of the Emirates. To get a loan for the purchase of real estate in the UAE, it is enough to meet two or three items from the above list.

As for age, this is a mandatory item in order to obtain a mortgage loan for non-residents in the UAE. According to the laws of the Emirates, regardless of gender, the retirement age is 65 years. A foreigner planning to purchase mortgage housing in Dubai must be of working age. Moreover, the last loan payment must be made before the retirement age of the borrower. Most local banks are ready to issue a mortgage loan for 15-20 years. But the closer you are to retirement age, the shorter the repayment period and the higher the monthly payment.

Term of repayment of a loan for real estate in the UAE

The mortgage application verification procedure takes approximately 3-4 days. During this time, the bank looks at the assets, income and credit history of a potential client. A preliminary check makes it possible to determine the reliability of the borrower and understand whether he will be able to pay the mortgage. If everything is in order, then the bank will issue a loan for the purchase of real estate in Dubai without any problems, and you will only have to provide the necessary documents and certificates. After receiving approval for a mortgage, 2 months are given to search for suitable housing. The right to real estate must be registered with the Dubai Land Department - the original certificate will remain with the bank until the final repayment of the mortgage, and the borrower will be given a certified copy.

For consideration of an application for a mortgage, the bank withholds 1% of the amount of housing. This percentage is returned in case of refusal to issue a loan. Buying an apartment on credit in Dubai requires attention not only to the property itself, but also to banks with their variety of mortgage packages. By contacting UAE Assets, you will receive the assistance of qualified employees. Our experts will select the best property option for you and help you collect the necessary documents, saving time and nerves. To get advice or make an appointment, call the contact phone number listed on the site. Or fill out an application for a call back - we will contact you during the working day and answer all your questions.