Yes! The UAE Central Bank regulations are clear; banks cannot finance buyer deposits or down payments, however there is no restriction on financing fees (providing the applicant is eligible).
Once your full set of documents have been received, it will take 3 to 5 working days for employed persons and 10 working days for self-employed applicants.
Usually, low entry fees result in a more expensive mortgage or higher fees on the way out.
Between 30 to 90 days, depending on the bank.
From AED 2,500 to AED 3,000, depending on your bank.
Typically, you are advised to set aside 7% of your purchase price to cover bank, real estate and Land Department fees.
No. If your mortgage advisor is telling you to inflate your property purchase price to get a higher LTV, this is illegal and unethical. It could result in loss if the property valuation is lower.
This should be done before searching for a property as it helps when you’re negotiating terms with the seller as they will be aware that you can purchase the property and have already started the process with the bank.
Typically this will take between 6-8 weeks. As a non-Muslim, you should get advice on DIFC Wills to fully secure your investments. Contact us for more information.
Contact us today to get advice on DIFC Wills to fully secure your investments
There is no credit rating agency in the UAE, however banks do use the Al Etihad Credit Bureau, which provides details of all car Loans, personal Loans, mortgages and credit card facilities.
Reduce or close your credit cards, especially those you do not use.
This is unlikely and many real estate companies offering in-house conveyance will not explain potential pitfalls of your contract. Therefore it is recommended that you use a third, impartial party for your conveyance.
No, not if you see yourself living and working here for the next 3-5 years.
They are likely to increase.