UAE Resident Mortgage
UAE Resident Mortgage- The In’s and Out’s No One Told You
UAE has emerged as one of the favorite places for people to settle down in the past decade. Where people were seen moving to the US and UK previously, the luxurious lifestyle and job opportunities have lured many people into relocating to the UAE. But stop! Before you too start planning your “move” there, carefully plan it out.
Finding residence in the UAE might be easy, but getting a residential property mortgage is a bit of a challenge. This goes especially for people who do not understand the process. Understanding the complications that come along, we at Credit Link ensure to make things much easier for you.
What is a UAE Resident Mortgage?
Residential property mortgage UAE simply means getting a loan from a bank to buy property/home/office in the area of your choice. Rather than paying 100% upfront payment for real estate purchases, you pay only a certain amount at the beginning and distribute the rest over easy installments over a certain period.
Who Is A UAE Resident Mortgage Provider?
We understand that getting a mortgage for a real estate purchase can be pretty tricky, especially in the UAE. Thus, this is where we at Credit Link come into your rescue. We help you find the real estate of your choice, fill in the documents for the mortgage application, and get the best deal.
Most mortgage providers like us are in contact with top UAE banks, hence allowing us to help you get your hands on the most favorable mortgage plan with flexible re-payment options.
The In’s and Out’s of the Process
Finding real estate is hard work, but the real challenge lies in getting a residential property mortgage. But before you apply for one, here are a few things you need to know about it:
1. The UAE resident mortgage terms can last up to 25 years.
2.The lender owns the property rights until the buyer has completely paid off the loan installments.
3. If you fail to repay the mortgage, the lender will repossess the property and the rights to sell it to another party.
4. You can either directly apply for a loan with a bank or hire a broker for assistance.
5. Your loans taken for the purpose of buying residential or commercial property should be registered with DLD (Dubai Land Department).
6. The lending limit for residential property mortgage is 25% of your monthly income.
7. In Dubai, you usually have to pay monthly installments or as per the contract.
8. You should be at least 21 years of age. This goes for both Dubai nationals and non-nationals.
9. Your credit score determines your chances of getting a mortgage. The stronger your credit score is with a stable income, the higher your chances of getting a loan.
At Credit Link, we help you apply for a mortgage and put forward a strong case. We calculate your credit score and then based on that, we try to find the best deals. So, if you
We’re dedicated to simplifying your mortgage journey with expertise and personalized service
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