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Purchasing a house is arguably the most significant financial move one will ever make. With ever-increasing real estate costs, purchasing a home without financial assistance is becoming increasingly difficult. Contact our experts for the right type of salaried loan for you.
Documentation Needed:
Are you thinking of applying for a home loan? Do you want to know how much money you could get if you applied?
Before you make a large financial commitment, it's best to know how much money you can borrow. We clarified the rules that govern your home loan eligibility, as well as the steps you must take before submitting your application.
Your income may or may not be required to be transferred to the account by the bank. Another thing to consider is if your company is on the bank's approved list of businesses. Some businesses, for example, have a history of late salary payments. Some banks only give loans to people who work for companies on their approved list.
Banks are not permitted to provide loans in excess of 20 times an individual's monthly income, according to UAE Central Bank regulations. So, if you make AED 10,000 per month, the most loan you can get is AED 200,000.
In recent years, the UAE has seen an increase in home loans. Banks and financial institutions have become more attentive to each individual's desire to purchase a home and are now offering simple and appealing schemes.
The following are some of the most notable characteristics of UAE home loans:
The easiest way to realize your dream of owning a home is to take out a home loan. A home gives you a sense of peace and comfort, and it's also a good investment.
The following are some of the benefits of taking out a home loan in the UAE:
As with eligibility, each bank will have its own document requirements for processing your loan application. The following are some basic documents that are required:
Home loans come with a variety of fees and charges, which can differ from one bank to the next.
0% to AED 1,000
AED 0 to 5,000
1% of the outstanding amount or AED 10,000, whichever is higher. No pre-payment fee after one year.
1% of the outstanding amount or AED 10,000, whichever is lower.
It's worth repeating that these rates will fluctuate and alter at any time. Before applying for a loan, please consult with your loan provider.
The bank conducts a survey of the property you are interested in purchasing before sanctioning a loan. They have home loans up to 80-85 percent of the property value based on preset criteria. You would be required to pay the remaining balance, also known as a down payment. In no circumstances can a bank fund 100 percent of a property's value.
Banks are not permitted to provide personal loans in excess of 20 times an individual's monthly income, according to UAE Central Bank regulations.
Enjoy high finance approvals for your personal finance needs with a minimum salary requirement of AED 3,000 and the added bonus of a maximum term of 48 months.