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Mortgages In The
United Arab Emirates
Owning a home should not
be just a dream, but a
reality. You can now
realise your dream with
our in house Mortgage
and Finance consultants
are at your service.
Mortgages are now widely
available from most
banks and some financial
institutions in the UAE.
Mortgages are now widely
available from most
banks and some financial
institutions in the UAE.
You have two options
when selecting a UAE
mortgage: conventional
mortgages and Islamic
mortgages. Interestingly
enough, 70% of Islamic
mortgages are granted to
non-Muslims. A main
benefit of the Islamic
mortgage is the fact
that there is no charge
for early repayment of
the loan. Currently HSBC
interest rates are
approximately 6%.
Mortgages are available to buyers of
residential property as well as those
interested in buying for the buy-to-let
market. The lending criteria vary from
one lender to another, but in general
purchasers can expect to get an 80%
mortgage on the value of the property if
they are residents and 70% if they are
non-residents. The mortgage term usually
runs for 25 years, but must be paid by
the borrower’s 60th birthday.
Each financial institution will require
particular documents in order to apply
for a mortgage. These are likely to
include:
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Application form
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Passport
Documents required for salaried
individuals
-
Salary Certificate.
-
6 Months Bank statement of salary
A/C.
-
Passport copy along with visa page.
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Liability letter from the Banks
where you have Loans.
Documents required for Self-Employed
People are:
-
Last 2 years Audited Financial
Statement.
-
6 months Company Bank A/C and
Personal Bank A/C Statements.
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Trade License Copy & Chamber of
Commerce Registration Copy.
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Copy of Memorandum of Association
and Articles of Association.
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Passport Copy of Applicant.Liability
Letter from Personal Bank A/C.
Equity Release
This is another popular form of raising
finance for property in the UAE. If you
already have property and wish to raise
funds on it in an equity release scheme,
we can introduce you to independent
financial advisors who will assist you
with raising the necessary finance.
Pages
related to:
investment
Property Buyers
Guide
United Arab
Emirates Property Tax
Why
Invest in United Arab
Emirates?
Economic Factors In The
United Arab Emirates
The
United Arab Emirates
Investment Strategies
United
Arab Emirates Investment
Growth
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me find property in United
Arab Emirates
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