Dubai is a paradise for expats looking for a luxurious lifestyle in a modern well-developed city. Not only do professionals move here for a career boost, but it can also be a fantastic destination for families, too, with a range of activities for all interests and ages. If you are planning on staying in Dubai and want to get a home loan then everything you need to know about home loan in Dubai. these all things will help you to understand the entire necessary process of getting a home loan.
What is a Home Loan
A home loan is to borrow from a bank or an official lender an amount of money to purchase a property when you do not have enough cash. Home loan in Dubai is also known as home finance. The borrower has to pay back the loan amount with interest in Easy Monthly Installments over a period of time that can vary between 10-30 years depending on the nature of the loan.
What is the Process of Getting a Home Loan in Dubai
You want to purchase a home in Dubai with financing. Here is the complete step-by-step procedure of getting a home loan in Dubai.
- Find a Lender
In Dubai, home loans are sourced through banks and should be registered with the Dubai Land Department (DED) to be legally valid. You can directly request your bank for their available home loan deal or appoint a loan broker to work on your behalf to obtain the home loan in Dubai.
Loan brokers in Dubai have invaluable insight and knowledge of the local market and available home loans that can work for you. this permits you to focus efforts on finding the right home instead of getting caught up and lost in the entire process of a home loan.
- Choose the Right Loan for you
There are different kinds of home loans in Dubai. The majorly fall in the categories of fixed-rate and changeable rate home loans. There are many factors that you require to consider when deciding what kind of home loan is right for your circumstances. These factors include your lifestyle, the type of property you want to purchase, the loan amount you require, the cash deposit amount you can manage to pay.
Most banks have an online home loan calculator that permits you to input your variables and get an idea of their monthly installments into the application home loan interest rate in Dubai.
- Get a Pre-approval Letter
This is the very crucial step in the process of applying for a home loan in Dubai is getting a pre-approval. A home loan pre-approval letter is an official document issued by the banks as evidence of your eligibility for getting housing finance. It outlines the maximum borrowing limit permitted to you and offers greater certainty of obtaining a home loan.
Normally, a home loan pre-approval letter from a bank takes three or five working days. Although, when you choose the Taskmaster loan brokers in Dubai, the pre-approvals are instant, saving you a considerable amount of time and effort.
- Finalize Your Property Purchase
After finding the property, you can reach out to your bank to finalize the loan agreement. The bank may assign a property evaluator to assess the value of your solicited property and help you make a good offer on it.
Once you and the seller agree on a price, you can make the payment and decide on a completion date for the purchase transaction. On the final day of property transfer, the bank will release your loan amount to the seller – making you the owner of the property.
Eligibility Criteria to Get a Home Loan in Dubai
There are certain terms that you have to complete to apply for a home loan in Dubai, the necessary criteria mentioned below:
- You should have been for six months or a year at your current job
- For business owners, your business should have been operating for two years
- You should have a clean credit history to get your loan easier as this shows that you are a trusted person
- If you did not have a credit card before, you have to think about having one and start using it. Only make sure to pay it every month on the due date to create a clean credit history.
Documents Required for Get a Home Loan in Dubai
The necessary documents that you require to prepare to get a home loan in Dubai are:
- A proof of your salary
- Copy of passport
- A proof that you are living in Dubai, UAE
- The bank statement for the last three or six months
- A proof of your current address
- For business owners, a trade license
We Are Here to Help you
Taskmaster loan broker in Dubai, has a team of skilled professionals that will guide you properly and understand your entire requirements. Our Specialists provide you the best possible services and help you to obtain a home loan in Dubai, processing your work as per your requirements.
Our Loan brokers will work closely with our dedicated transaction department to help you manage the whole home loan procedure, from initial product advice to legal transfer of property. We provide you the best expert advice and assist you with pleasure.
Also Check: Business Loan in Dubai