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Getting a perfect blend of luxury with assurance is possible now. Unlock the key to your dream home at affordable EMIs+ longer tenure with our Home Loans! EMI starts from 2.49%!

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Home Loan Dubai

With time the United Arab Emirates has risen as an increasingly in-demand destination, especially across business-friendly areas including Dubai and Abu Dhabi. The UAE mortgage market has been exceptionally established with the perception of this trend. The international banks in addition to local banks are offering mortgage loans to UAE nationals as well as expatriates. Potential proprietors forage for home loans in Dubai, when they line up to buy apartments/ villas in Dubai.

Home Loan in Dubai: Features and Benefits

Here is a swift rundown of indispensable features and benefits of home finance to catch sight of what makes mortgage loans so sought-after amid the UAE residents.

  • Numerous banks across the Arab Emirates put forward two genres of housing loans i.e. fixed and variable.
  • When a borrower finances the house purchase through a mortgage UAE, he gravitates towards a long-drawn-put commitment.
  • The down-payment paid by the loan applicant varies, as per the property they desire to invest in and bank rates today.
  • The borrowers have an alternative of re-mortgaging the home loan. Remortgaging refers to the switch of lenders within the loan tenure to avail of reduced mortgage rates.

Get in touch with mortgage brokers, to access comprehensive information about mortgage loan and mortgage rates to procure home finance effortlessly. Further, mortgage finders are tremendously obliging to know about the ongoing housing loan schemes.

Home Loan: Provision & Eligibility

The applicants can indisputably avail a mortgage UAE, after satisfying the depicted eligibility criterion.

  • Applicants must be up and running with the current corporation for at least one year. This notable tenure may vary based upon the lender's term and the locality where the loan is applied for.
  • In the case of self-employed mortgage loan borrowers, the business must be actively running for more than 2 years.
  • Being an existing bank customer with a good CIBIL score, financial stability and payment record will add in easy eligibility criteria for home finance.
  • Some lenders limit the disbursement of home loan approval to specific companies. Only employees working for the enlisted companies can procure loans from these lenders.
  • People enrolled with a banking institution, MCCs, or with government authorities can get home loans with utmost ease. The applicant needs to be creditworthy to effortlessly avail desirable mortgage loan.
  • If you have never opted for credit ever, it is suggested to get a credit card and make timely payments to generate good credit history.
  • Excellent credit history is essential to get easy approval as no one wants to offer loans to applicants with poor credit history and non-payments.
  • Monthly income of AED 15K for salaried employees & AED 25K for self-employed.

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Home Loan in Dubai for Expats

Home loan in Dubai for Expats is easily accessible if you meet a specific set of criteria. Through mortgage finders, retrieve a list of lenders who offer home loans in Dubai for expats. Surprisingly, with the huge Indian population in Dubai, people look for NRI home loan. In general banks and finance providers consider the following things as an eligibility criterion:

  • Must be a resident on UAE for a year
  • Minimum 6 months of employment length in UAE in the event of a salaried employee
  • 2 to 3 years of business period in the event of self-employed
  • Excellent credit history
Note: Your corporation must be listed with the chosen bank. This is a must to satisfy the condition of home loan eligibility in Dubai.
Mortgage Pre-Approval Process in Dubai

The mortgage pre-approval process can differ from one borrower to another. There can be certain correlated factors behind this varying process including property type, financial stability, income, and past record. So, you might experience a slightly dissimilar procedure from the outlined one. Banks usually consider the below mentioned basic six steps before the approval of a home loan.

  • Find a foremost lender through a mortgage finder or mortgage broker.
  • Choose an optimal mortgage for yourself.
  • Get a pre-approval letter from the bank for mortgage Dubai.
  • Find your dream house as per the available loan amount.
  • Finalize the property purchase.
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Home Loan Rate of Interest

Mortgage rates in Dubai vary significantly based on the lender, chosen property, and applicants’ financial stability. Home loan interest rate begins at 2.75 percent per Annum t0 3.89 percent per annum for three years. At the same time, the interest rate is 3.99 percent for five years.

These mortgage rates are the lowest available rates across the financial market, so you may be charged with considerably more rates. Mortgage rates can significantly vary over time, because of fluctuating international market and Nation’s economic situation in addition to oil prices.

Mortgage Payment Structure in Dubai

Four major factors play a crucial role to compute mortgage payment structure. These components are principal amount, interest rate, infused taxes, in addition to insurance (PITI).

  • Principal: Every mortgage payment comprises a specific amount dedicated for the repayment of the principal balance.
  • Interest: Interest can be considered as the lender’s reward for risk associated with the approved loan amount. Interest rates have a significant impact on mortgage payments.
  • Taxes: Banks and lenders compute the taxes by considering yearly government policy. Borrowers pay these taxes as a part of monthly mortgage payments.
  • Insurance: The borrower has to pay insurance payments with every mortgage payment. It is held in escrow unless the whole amount is returned.
Getting approval for a home loan Dubai is a goal, yet it can be handily availed by following the proper home loan process. With an appropriate home loan in Dubai, own your dream house with utmost ease. For residents of Abu Dhabi, getting in touch with banks in Abu Dhabi will be immensely helpful.
FAQ’s
What is a home loan settlement?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.
Can I apply for early settlement of my home loan?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.
How can I apply for an early settlement of my home loan?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.
How long does it take to do a home loan settlement?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.
Will I get charged for early settlement of my home loan?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.
Who should I contact to do a home loan settlement?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.
Can I do a partial payment towards my home loan? Will any charges be applicable?
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.