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Investing in property in Dubai is a serious deal, and you should take the time to study the available finance options from different banks or private lenders. |
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Before going out for the big adventure to search and invest in a property, It is advisable to make sure that you are an eligible candidate for a loan application. Try to get an estimated finance property pre approval letter from your bank. This one is important. A number of buyers go out looking for a property without being sure that they will even be financed and pay a downpayment from their hard earned saving to reserve the property. While many have luck and get to find a finance institute within 2 weeks. They were still rushed to make a fast decision and may have not gotten the best loan deal available for them. |
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Non Residents can also apply for a loan in the U.A.E. You can either apply for a resident or non-resident finance. |
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Consider the entire loan package. Many peoples only look at the initial interest rate when looking for a Mortgage. However, you should realize that the entire package, including costs, flexibility and exit fees should be considered - Not just the initial interest rate. |
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The Waterways in the area gives it an added beauty and value |
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Islamic/Sharia Loans and Mortgages –What is the difference? Although both Shariah loans and Mortgages fulfills the same role (providing money to a borrower) Shariah loans do not charge interest - they are based on Islamic profit-share principals. Shariah loans are similar to hire/purchase agreements in that the title of the asset stays with the lender of the money, until the final loan payment is made - and the title is then transferred unencumbered to the buyer. For a mortgage, the title is always with the buyer, but a "registered interest" of the bank stays on that title until the last payment is made – and the registered interest is then removed. |
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Shariah loans are also available to people who are not Muslims. |
