Dubai has earned popularity as a destination for expatriates. To align with such trends, the Dubai mortgage has developed to become well established, with the international and local lenders offerings the expatriates with mortgage loans. The people who want to buy a property are looking for a mortgage loan in Dubai. So, here we discussing the procedure of obtaining a mortgage loan which will help you to understand.
Mortgage loans make the dream of buying a property in Dubai come true without having to deposit all the money in front of you. simply put, this is a type of loan from a bank or financial entity that borrowers use to purchase a dream home. The bank of financial institutions uses the house itself as collateral to protect the loan.
The mortgage loan in Dubai is available for residents and also for non-resident. Several banks provide mortgage loans in Dubai for non-residents as long as they live in a particular country on the bank’s list of approved countries. These kinds of mortgage loans reflect themselves with numerous interesting features that range from high loan amounts to competitive rates of interest and the attractive repayment period. Certain banks can offer investors a mortgage for multiple properties.
Mortgage Loan: Step-by-Step Process
The following are the main steps to obtain a mortgage:
- You need to get a pre-approval loan on the loan broker’s portal
- Researching well to figure out the suitable type of mortgage.
- Obtaining an agreement in principle through the lender and asking for an evidence letter.
- Looking for an ideal property that is well within the budget of the applicant and then making an offer.
- After the price has been decided, making payment of the deposit for confirming the purchase and determining the date of completion.
- On the date of completion, funds will be released to the seller by
We at Taskmaster mortgage brokers in Dubai are able to provide you a mortgage loan in a timely manner.
Features & Benefits of Mortgage Loans UAE
When you plan to apply for a mortgage loan, you need to be aware of some common concepts that are associated with mortgage loans:
Features
- The interest rate on mortgage loans is much low than the interest rate on other loans
- You have the option to select from a number of rates of interest to service your loan. The options involve floating rates, fixed interest rates, interest-only mortgages, and payment options.
- A mortgage loan is one of the easiest ways to avail of a home loan. You can be the sole owner of the house once the loan is repaid.
- Most of the lenders offered a loan based on the market value of the registered value of the property whichever is lower.
- The mortgage loan is available for a longer tenure.
Benefits
- Obtaining a mortgage loan is quite easy. If you have completed the necessary eligibility criteria and have a strong credit history, obtaining a mortgage loan is not that tough.
- The mortgage loan is a secured loan therefore lenders can have less worry in disbursing this loan. Since a mortgage loan is a high-value loan, the risk quotient is presumably higher.
Documents Required for Mortgage UAE
If you want a mortgage loan in Dubai, first need to apply for one. The documents required to process a mortgage application in Dubai. The needs can differ slightly from one bank to another, but for the most part, you will require the following documents to apply for a mortgage loan in Dubai:
- Identity proof as a valid passport
- For the last six-month bank statement may require similar and individual and companies.
- Residence proof
- Salary certificate and payment slips
- For self-employed persons, certificate of incorporation, business license, audited statement, and business profiles.
These all the required documents that you have to be prepare, the mortgage brokers in Dubai are helpful to complete the procedure of paperwork for a mortgage loan in a shortage of possible time.
For more details, you can contact the Taskmaster commercial broker LLC, which will also help you to obtain a mortgage loan in Dubai. They will guide you properly and understand your whole needs. They offer you the best services possible and processing your work as per your needs and your budget.
