Just purchased here in a new development.
25% in the downpayment in the secondary market but you also need to factor in 4% for the land registration, 2% agent fees (in UAE it's the buyer that pays this, not the seller. Go figure), bank processing fees, life insurance, home insurance and so on...all in all, your total upfront payment will be something close to 32% of the property value.
There are different mortgage "packages" with different banks but what we've found is that they all average out around the same. All banks lend from each-other (IBOR) but they're tricky insofar one might offer what appears to be a better interest rate on one hand but they will take away something else with the other.
Interest rates are heading north to 4% up from 2.9% at the beginning of the year. We secured a fixed rate of 3.49% in June for 2 years.
Hi Zoco
I'm a mortgage broker here and would be more than happy to answer your questions.
Yes you are correct at a purchase price under AED 5m you would need a 25% deposit for your first mortgaged home.
In relation to documentation it varies but usually:
3/6 months UAE bank statements/credit card statements
3 months salary slips
salary certificate from your employer
proof of deposit
You would also also need to be out of any probationary period with your employer.
Your income would need to come from the UAE.
Please let me know if I can be of any further assistance.
We're returning to Dubai after some time overseas and want to buy a house as soon as new residence visas etc are all set up. I have a couple of queries on which I'd appreciate any input if anyone's been in a similar situation...
Any recommendations for mortgage brokers in Dubai?
Does anyone know if it's still the case that ready to move properties require a 25% deposit while off plan require a 50% deposit? I recall hearing a rumour of this a few years back.
Anyone know how many months back of bank statements/salary/ employment evidence you have to supply to get a mortgage in Dubai and if UK records will be taken into account or if all evidence must be Dubai based?
Any experiences with brokers/banks/agencies (good and bad) welcome!
TIA
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