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Urgent - Need info on Home Loans in UAE

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2043

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EW EXPERT

Latest post on 15 September 2014 - 21:46

Jenny, try to be a bit more subtle ;)

Jenny Morrow98742

4

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EW NEWBIE

Latest post on 15 September 2014 - 15:15

You can go with ADCB, one of the fastest growing banks in UAE. It offers mortgage services with 25 years of repayment period, competitive interest rate options, mortgage amount of up to 80% of the property value and no charges for early settlement. It also offers personal loan with attractive rates, extended tenure & flexible eligibility for UAE Nationals as well as Expats. I’d recommend checking with bank for more details.

Saharagypsyrose

484

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EW EXPLORER

Latest post on 30 August 2014 - 16:49

You can definitely get mortgage loans on off-plan properties, although the regulations on obtaining loans are a lot more stringent now. Depending on which type you get, standard vs Islamic mortgage, you payments will defer from the predicted handover vs actual handover dates. As the other posters have pointed out, often the actual handover may not be what they promised, and you may end up with a huge monthly bill while your "property" still sits in the sand lot. From personal experience, I would never ever buy off-plan properties here again. You have very little recourse if something goes wrong ie delivery date, quality issues, change of design etc (unless you have the time, money, and mental stamina). As for getting the loans, you could either go with the one-stop shops and see what banks they work with or call up each bank yourself to find out what they have to offer. Remember, everything is negotiable. :D Good luck!

2584

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EW EXPERT

Latest post on 30 August 2014 - 06:37

Hi Ellaar As far as I know you can obtain a mortgage for off-plan properties, but I think your mortgage payments begin from the time you purchase (i.e. now) so you may wish to recheck the expected date of handover. Handover dates rarely happen when they are meant to as the buildings are subject to municipality approval, DEWA connections etc, so if you are paying from now until say May 2016 before you receive the property it may make a difference to whether you want to go ahead or not. A good website which follows the construction of the property until handover is www.skyscrapercity.com

1913

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EW EXPERT

Latest post on 29 August 2014 - 16:36

I think the one CP is referring to is called Home Matters. Look at www.homematters.ae We used them when we bought our house and they were helpful and efficient. It looks like you can now do quite a lot from their website. HTH

2043

Posts

EW EXPERT

Latest post on 29 August 2014 - 08:03

Why not make an appointment with a mortgage broker? There is one on the ground floor of Emaar Square building 4, I can't remember the name offhand sorry.

81

Posts

EW NEWBIE

Latest post on 28 August 2014 - 20:46

Hello Ladies, I would like to understand the possibility of availing a mortgage. I have no idea on the current bank regulations. This is the situation wrt the property It is a freehold property in Dubai It is under construction (Expected delivery Oct 2015) I am willing to fund 50% of the property value and looking for 50% as mortgage. I can confirm that i meet the other criteria for availing a mortgage I would like to know if mortgage is provided for under-construction projects Please advise.

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