Numerous factors may be helpful and important to recommend for the majority of the expatriates in UAE. For example, if you are looking for a home loan in UAE then you must go for it and do proper research to get the lowest rates. To have your own home is the most basic necessity of a person and if one is living outside of their home country then it will become more difficult. You don’t want to pay rents which can make a big cut on your salary. So I would recommend you take the services of a bank for the loan option. Keep one thing in your mind that here I am specifically talking about banks of Dubai so that to provide some relevant information to expatriates. No other banks in the world can compete with the interest rate which is available here in UAE.
Our major concern in this article is to highlight the home loan requirements and eligibility criteria. The first point is directly related to the working of a borrower is that if one is ready to avail of the loan facility from a specific bank working in Dubai, then the borrower should consider the initial costs. If you could get the basic idea about your inputs and outputs then it will become very easy to handle the complete process. This is the first step towards your initial planning which can help you to manage all your dealings properly. As per rules, expats must pay a minimum deposit of 25 percent of the purchase price while approaching a bank for a loan option. I am not sure but it may vary from one bank to another. This shows that when you are going to take the home loan services then you have to deposit the initial fixed amount.
Besides this down payment, you’ll need an additional four percent transfer fee plus a 0.25 percent mortgage registration fee which is applied by all banks in UAE. I will explain to you here that the home loan option is a good choice but banks in Dubai will also get some benefits from a borrower. For example, if you will get a loan package with easy installments then in return bank will get customers and also some interest rate on the actual loan amount. So you can calculate the whole expenses and deposit on the loan amount by using a calculator available on the official site of a bank.
Keep one thing in your mind that home loan for resident is really important to manage with complete work. You should first check your credit score to approach a bank for your loan amount. Then you should have to choose a specific method for the repayment of the loan amount which can work in favor of you. For best rates, I would recommend you to choose Mashreq bank in Dubai because it is one of the most reliable options.