Bank Loan for accommodation | ExpatWoman.com
 

Bank Loan for accommodation

26
Posts
EW NEWBIE
Latest post on 16 April 2013 - 16:17

Hi

I am due to start working and living in AD in June with my husband and 2 children. My new employer has advised me that he will give me a letter confirming my salary which I will then be able to use to borrow funds from a bank to pay a year's rent for accommodation.

Please could anyone let me know if this arrangement is the norm and if so, which banks offer this service, is it fairly simple if you are earning enough to cover your payments and does anyone have an idea of the fees they will add to the loan for the service.

Thanks

Maria

26
Posts
EW NEWBIE
Latest post on 18 April 2013 - 02:00
My employer banks at NBAD so I will see what they can offer too. Thanks Busybee.
4747
Posts
EW MASTER
Latest post on 17 April 2013 - 08:13
Thanks Busybee2 I agree ADCB looked the best. HSBC interest rate was much higher! My new company have offered me a salary which has an accommodation allowance and car allowance built in so I am expected to procure both myself out of my salary, as you indicated. I get a months free accommodation so hopefully, that will give me enough time to sort out financing for annual rent and find a suitable home. With kind regards Maria stay away from hsbc, have been with adcb 16 years they are pretty good. yes a lot of contracts nowadays are lump sum and you spend your money as you need to. what bank does your company use, as that can be a quick way of sorting out the paperwork, if construction companies some are blacklisted and banks wont lend to you, also banks may well ask for 3 months salary before they lend so you would need to take that into account too. <em>edited by busybee2 on 17/04/2013</em>
26
Posts
EW NEWBIE
Latest post on 17 April 2013 - 02:33
Thanks Busybee2 I agree ADCB looked the best. HSBC interest rate was much higher! My new company have offered me a salary which has an accommodation allowance and car allowance built in so I am expected to procure both myself out of my salary, as you indicated. I get a months free accommodation so hopefully, that will give me enough time to sort out financing for annual rent and find a suitable home. With kind regards Maria
4747
Posts
EW MASTER
Latest post on 16 April 2013 - 23:35
Thanks Saralou I will check those banks out and find out what the criteria is in advance With best wishes Maria It isn't usual for companies to do this, most either give you a housing allowance in a lump sum or it is broken down monthly over the year It all depends on the employer no its not the norm nowadays, a lot of companies give you a lump sum for you to sort everything out yourself, less headache for companies etc, but puts everything on the employees head.
4747
Posts
EW MASTER
Latest post on 16 April 2013 - 23:34
Hi I am due to start working and living in AD in June with my husband and 2 children. My new employer has advised me that he will give me a letter confirming my salary which I will then be able to use to borrow funds from a bank to pay a year's rent for accommodation. Please could anyone let me know if this arrangement is the norm and if so, which banks offer this service, is it fairly simple if you are earning enough to cover your payments and does anyone have an idea of the fees they will add to the loan for the service. Thanks Maria look at adcb, stay away from hsbc loads of people have issues with them. interest rates vary according to your profession/company etc but its not cheap here, and a pretty big debt over your head.
26
Posts
EW NEWBIE
Latest post on 16 April 2013 - 17:11
I have looked at the websites of the three banks you recommended Sarahlou, and can see that the option to borrow the money is available and pretty simple, so thanks for putting my mind at rest! Maria
8965
Posts
EW MASTER
Latest post on 16 April 2013 - 16:34
Thanks Saralou I will check those banks out and find out what the criteria is in advance With best wishes Maria It isn't usual for companies to do this, most either give you a housing allowance in a lump sum or it is broken down monthly over the year It all depends on the employer
26
Posts
EW NEWBIE
Latest post on 16 April 2013 - 16:24
Thanks Saralou I will check those banks out and find out what the criteria is in advance With best wishes Maria
8965
Posts
EW MASTER
Latest post on 16 April 2013 - 16:20
Hi I am due to start working and living in AD in June with my husband and 2 children. My new employer has advised me that he will give me a letter confirming my salary which I will then be able to use to borrow funds from a bank to pay a year's rent for accommodation. Please could anyone let me know if this arrangement is the norm and if so, which banks offer this service, is it fairly simple if you are earning enough to cover your payments and does anyone have an idea of the fees they will add to the loan for the service. Thanks Maria I have seen this advertised in the past however alot of the local banks want 3 months payslips for loans Perhaps look at HSBC Emirates NBD ADCB I know i saw avertisements for this at one of these banks Watch the interest rates though as they are very high here!