- April 26, 2021
- Posted by: admin
- Categories: Blog, Loans
Dubai has presented itself as a marvelous destination in the world. Everyone wants to stay here and purchase property every year in Dubai. Some people are looking for tax-free rental yields for leading the world and some are looking to invest in a better lifestyle, and some are looking for a property and also looking for mortgage loans in Dubai. We at taskmaster here for you to help you throughout the process and making it easy and reliable.
What is Mortgage loan
A mortgage loan is a type of secured loan, which is given by banks or other financial entities against the residential or commercial property of the borrowers. The borrowers may use the amount collected while keeping the property as collateral until repayment of the loan for various purposes like the expansion of the business, money for the education of their children, payment of medical expenses, and more.
Process of Applying for a Mortgage Loans in Dubai
The following are the key steps to obtain a mortgage loan:
- Get pre-approval loan on the portal of Taskmaster
- Researching well to locate the suitable kind of mortgage loan for you
- Getting an agreement in principle through the lender and asking for an evidence letter
- Looking for an ideal property that is well within your budget and then making an offer.
- After the amount has been decided, you need to make payment of the deposit for confirming the purchase and determining the date of completion.
- On the completion date, funds would be released to the seller by the lender.
Features and Benefits of Mortgage Loans in Dubai
Here is a brief description of the features and benefits of mortgage loans to see what makes them so popular in Dubai.
- Many banks in Dubai provide two types of mortgage loans – fixed and variable
- When the borrowers pledge and finance their home purchases, they go for a long-term commitment.
- The deposit amount to be paid by the borrowers will differ based on the situation and the specific asset in which they want to invest.
- The borrowers also have the option to re-mortgage the loan if they wish. The term re-mortgaging refers to a change in the lender within the period of the loan so that the borrower can take advantage of promotional rates or better options for loans.
- In the case of mortgage loans, the interest rate is low and the loan term is more flexible as compared to a personal loan.
Eligibility Criteria to Get Mortgage Loans in Dubai
Eligibility criteria to apply for a mortgage loan in Dubai is mentioned below:
- For some banks. You must be a resident of the country which is on the list of the banks prior to applying for a mortgage loan.
- You should also be self-employed or salaried.
- You will need a minimum monthly income as the bank specified. This income has accomplished the minimum criteria after the deduction of a tax.
Basic Documents Required for Mortgage Loans in Dubai
These essential documents that are required for applying for a mortgage loan are listed below:
- Identity proof as a Valid passport
- For the last six-month bank statement may require similar an individual and companies.
- Residence proof
- Salary certificate and payment slips.
- For self-employed persons, certificate of incorporation, business license, audited statement, and business profiles.
These all the required documents that you have to be prepare, we at Taskmaster helpful to accomplish the process of paperwork for a mortgage loan in Dubai in a shortage possible time, and save your precious time.
For more details, you can consult with a Taskmaster commercial broker LLC, which will also assist you to obtain a mortgage loan in Dubai. They will guide you properly and understand your entire requirements. They provide you with the best possible services and process your work according to your needs and your budget.
Read More – Best mortgage loans in UAE for Expats 2021