Features of home loans in the UAE
In the UAE, there are many housing loan providers. You can get the home of your dreams with the help of a home loan offered at great interest rates. Let us take a look at some of the features of home loans in the UAE:
- Home loans are offered at attractive interest rates.
- Most banks do not require a salary transfer.
- The repayment period is generally given up to 25 years.
- Home loans are given to both UAE nationals as well as expatriates.
- Mortgage amount of up to 80% of the property value
- Home loans are given at fixed or variable interest rates. Fixed interest rates remain the same throughout the loan tenure. Variable interest rates tend to differ with the variations in the market rate.
- Banks typically give pre-approval letters for loan applications.
Factors to consider while taking a mortgage in the UAE
When you are applying for a mortgage in the UAE, you need to consider a few factors and they include:
- Credit score: Check your credit score before you apply for a home loan. If it is low, you need to work on it and increase it. A high credit score is essential for your loan to be accepted.
- Rate of interest: This will show the amount you need to pay for your loan every month. Knowing your interest rate will help you plan your funds efficiently.
- Down payment: You will have to pay a down payment when you take a mortgage. Hence, you need to keep a good amount of money ready for your down payment.
- Income: You will have to fill the loan application form with your income details. Make sure you do not shift jobs just before taking a mortgage as lenders look for steadiness in income before approving a loan. You can learn more significant factors to consider while securing a mortgage.
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