All You Need to Know About Home Loans in UAE for Expats

The UAE is considered a heaven for expatriates who wish to lead a lavish lifestyle. If you intend to settle in the United Arab Emirates, then reaching home will be your basic requirement. Here we mentioned the things that all you need to know about home loans in UAE for Expats if they are interested to take a home loan for their dream home. These all things will help you to understand all the processes which are essential.

What is a home loan in UAE

A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with every month’s installments. The property is taken as protection by the money lending company for the home loan.

The Process of get a Home Loan in UAE

The application process for a home loan in UAE is easy; you need to just follow the steps that are given below:

  • The first step is, you require to check that how much money you needed to buy a home in the United Arab Emirates.
  • Then along with fixing the rate of interest comes the term of the home loan in UAE, going for a variable, or having the fixed rate of interest.
  • The very crucial thing is you require to prepare all the essential documents required for getting a home loan in UAE.
  • The procedure of getting a home loan often takes a few weeks. Thus, people choosing the same have to get advance approval from the banks.

Types of Home Loans in UAE

There are different kinds of home loans in UAE which differ as per the interest rate. The types of home loans in the UAE are:

  • Fixed Rate – This is a basic one where you agree on a percentage for the interest before the loan tenure begins. This is a good option as it would not impact by any future circumstances; this makes you capable to calculate the amount you will pay in every installment throughout the entire tenure without any variance.
  • Variable Rate – This kind is with a changeable interest rate. It varies as per the market or any new regulations. This is a double-edged option as the increase or decrease is unpredictable. Only ensure that you are financially stable before selecting this one to be able to cover any increase.
  • Discount Rate – Here you provided an amount of discount with a stipulated percentage by the borrower throughout the first months of the loan term. You should decide whether this kind is suitable or not as per the amount you will pay after the discount period ends, or until be a tricky choice.
  • Capped Rate – This one has a slight similarity with the variable rate loans, as the interest rate is not fixed, although, you agree on a maximum interest rate before the loan period starts. Whatever changes happen in the market the interest rate would not increase the agreed on the maximum limit.

Eligibility Criteria to get a Home Loan in UAE

There are some conditions that you have to complete to apply for a home loan in UAE, check below the criteria:

  • 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 must have a clean credit history to get your loan easier as this shows that you are a reliable 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 UAE

The necessary documents that you need to prepare to apply for a home loan in UAE as an ex-pat are:

  • A proof of your salary
  • Copy of passport
  • A proof that you are living in the UAE
  • A bank statement for the last three or six months
  • A proof of your current address
  • For business owners, a trade license

Why You Should Choose Us

Taskmaster commercial broker LLC has a team of skilled professionals who help you to obtain a home loan in the UAE. Our experts have already done this process many times; we have extensive experience in this field.

If you are seeking for loan against property, then we at Taskmaster are here for you. We make your process easy and complete it in a possible short time.

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