Financing & mortgage
Buying a home might seem stressfully complicated, but it’s one of life’s key moments. It is important to get the fundamentals so you can get the steps right to owning your dream home and not resent the purchase through being misinformed, misguided, or poorly educated on the process.
Our firm has a reputation for offering clarity, expertise, transparency, skills you can only achieve from countless transactions and happy customers.
Banks in the UAE provide mortgaging financing. The major criteria to get the mortgage financing for ex-pats is the UAE are;
- Residency visa
- Employment contract or
- Salary certificate (with the required salary level which shall cover the mortgage payments)
- Bank statement for the last 6 or 12 months depending
For legal entities, one of the core documents would be the company’s balance for the last 2 or 3 years and the company account statements. Another important factor would be the business of the company and the steadiness of the company profit received.
In case of a mortgage for a physical person and of a mortgage for a legal entity, the important factor for the mortgage would be the bank’s evaluation of the property market value. This is the reason why it is easier to receive the mortgage financing for a property of a large developer which is known to the bank by its construction quality rather than for a property built by a small and unknown developer.
It is also important to outline that they provide mostly the mortgage financing to the fully completed properties or the properties nearing the completion. The average mortgage loan rate in UAE ranges from 5.5% to 7% per annum.
We will help you apply for a mortgage in Dubai either for a home you intend to live in or as an investment property. This will depend on your financial capabilities and preferred property to buy, we will be with you every step of the way.
Normally, if you’re looking for an investment property you may encounter greater risk and the bank asks for a higher initial deposit, an upfront that is usually up to 40% of the initial price and 50% if bought on off-plan. In such cases, our firm will intervene and mediate for you, and ensure the process is smoothly executed in a short amount of time.
We will make sure that all your paperwork is in check and depending on the bank, they may ask for the following documents;
- Copies of your personal identification documents (passport)
- Proof of legal residence in Dubai
- Evidence of your current residential address
- Proof that your credit-worthy (usually bank statements, proof of your wages, tax returns or a letter from your employer)
- Proof of affordability of the mortgage
As your firm, we will provide you with the necessary guidelines, policies, and documentation needed to be able to acquire your preferred investment. We take pride in ensuring our clients’ needs are catered for.
We offer very good rates with the most proactive customer service in Dubai and we are confident choosing us as your advisors will yield more returns than expected. One of the slogans that govern us is “We make the impossible possible” so with us you are in safe hands.