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Description
Dubai's allure as a real estate hub is undeniable, with 50-60% of property buyers being non-residents. But how does Dubai's mortgage landscape accommodate this vast international clientele? Understanding Mortgage In Dubai.
Dubai banks primarily offer two mortgage categories: one tailored for citizens of the UAE and resident expats, offering up to 85% funding on their first property and 60% for any investments that follow, and another designed for non-residents eager to tap into the real estate market and expand their investment portfolio. A notable highlight is that non-residents aren't left in the lurch; they can secure up to 60% funding of the property value based on their income from their home country.
Similar to other global markets, mortgage interest rates are primarily of 2 kinds - fixed term and variable. Fixed interest rates are set by individual banks for a specific period of time [eg: currently the lowest interest rate is 4.24% fixed for 3 years] and variable rates are a base rate set by banks + an EIBOR rate [Emirates Inter Bank Offering Rate] which is an average of the daily base rates that banks offer and is set by the Central Bank of the UAE on a daily basis, variable rates are offered at shorter fixed periods, the most common being 3 months [eg: 0.99% + 3 month EIBOR].
Products and Services
New Purchase: First-time buyers turn to the New Purchase mortgage as their avenue to property ownership. This mortgage option enables individuals to secure a loan for either a brand-new property or a resale. The loan amount is typically determined by the buyer's income and debt-to-income ratio.
Buyout/Refinance: This mortgage product offers borrowers an opportunity to buyout of a current mortgage and switch a new mortgage either with the same lender or a new one, if you find a more favorable interest rate or better terms, this potentially leads to considerable savings in the long run.
Handover Payment: Visionaries who've invested in off-plan properties can rely on the Handover Payment mortgage when their property reaches completion and buyers are expected to pay a lump sum of approximately 30 - 70% of the property value. The process for applying for a handover payment can begin as soon as the buyer receives the handover notice from the developer, thereby ensuring the final payment is made, allowing owners to claim their property.
Equity-Release: Equity-Release offers property owners a unique opportunity to release funds against their property. These funds can be used for renovation of the existing property, business investments or personal use. A great way to build your investment portfolio is to release equity from one property and use the funds to invest in another one. With rental ROI’s in Dubai generally around 6-8%, more often than not, the rental income will cover the new mortgage EMI and in some cases even provide you with surplus income. Equity-release mortgages can also be paired with both buyout and handover payment schemes for added flexibility.
Offset Mortgages: Exclusively available to Dubai residents, Offset mortgages merge innovation with flexibility by connecting a mortgage to current accounts. The interest calculation is based on the balance maintained in the account. By offsetting the loan value against the available funds thereby benefiting the owner: the more savings you have in your account, the less interest you pay.
Location
My Mortgage - Dubai - United Arab Emirates
Contact Details
- https://mymortgage.ae/
- (+971) 800 33999
- [email protected]
- 2601 Aspect Tower - Business Bay, Dubai, United Arab Amirates
- Business Bay
- Dubai (UAE)
