All You Need to Know about Home Mortgage Loan in Dubai

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The UAE has become a growing famous spot for
expatriates, particularly in business-friendly
places like Dubai. In recognition of these
trends, the mortgage market is now well-setup,
with local and international lenders
giving mortgage loan in Dubai for expatriates.
Both domestic and get to let mortgages are
available to overseas residents staying in Dubai,
however, their criteria differ
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This goes without stating that property is costly
in Dubai. Even if you are searching for a home
entity in affordable places, be ready to spend a
fortune to get one. Since not several have much
cash available at their disposal to pay such a
large amount, most people trust obtaining a
mortgage loan in Dubai to transform their dream
of buying a house into a reality. Keeping the
mortgage vs cash debate side, make your decision
to take the benefits of own a property in Dubai
deserves a pat on your back. Having stated that,
if you are choosing the mortgage choice, keep in
mind that the procedure to get it sanctioned
entails numerous phases
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Steps to Buying a Property with Mortgage Loan in
Dubai 
The steps you will have to follow for getting
a property mortgage in Dubai are mentioned below
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Finalize a Lender 
To start with, you have to finalize the lender.
This can be a bank or a private lending firm. For
this, you can make a list of the most suitable
banks or lenders for mortgages, depending on the
recommendations or research you have gotten from
your peers or friends. Then, compare their rates
of mortgage and the need to make an informed
decision.
Finalize the Property 
Choose the Type of Mortgage 
Obtain a Pre-approval Letter 
As mentioned above, there are various kinds of
mortgage loans in Dubai. They vary in terms of
rates of interest, payments terms, and more. Do a
little research on your end and then make a
decision accordingly. Take many factors into
consideration when deciding.
Now that you get the pre-approval letter and
maximum budget limit, you can begin your hunt for
the appropriate property. Decide the spot and
kind of property and then base your search on
these aspects. Remember that the letter of
pre-approval is valid for 60 to 90 days. This
tenure is based on the lender you have chosen.
Hence, you would have to figure property in this
duration only.
One of the very crucial stages to get a home loan
in Dubai is obtaining the pre-approval letter.
After getting this letter, the applicant can
begin searching for convenient home choices that
suit your needs. This is usually an official
document that is issued by the bank or lender.
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Seal the Deal 
This is the last stage of getting a loan and
receiving ownership of your chosen house. Once
you have located the property, contact the bank
or lender for the purpose of finalizing the loan
contract. They can be appointing a property
evaluator who would be responsible to know the
price of the property you have chosen.
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Eligibility Criteria for Getting a Mortgage Loan
in Dubai 

• Prior to applying for a mortgage loan, ensure
  that you are eligible for taking such a loan.
  This phase is essential whether you wish to
  purchase a commercial or residential property in
  Dubai. Typically, the eligibility criteria differ
  from bank to bank, based on their policies. Other
  lending firms also have their set of terms that
  the applicant should complete getting their
  application sanctioned for a home loan in Dubai.
  Although, the usual terms are
• The application should be a UAE resident or
  citizen
• Their age must be between 25 to 65.
• They should have a monthly income of about AED
  15000. It must be AED 25,000 minimum if the
  applicant is self-employed.

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Documents Required for Getting a Mortgage Loan in
Dubai 

• The vital point for getting a home mortgage loan
  in Dubai is presenting the necessary documents.
  The loan brokers in Dubai can also help you in
  preparing and submitting essential documents.
  However, the documents are
• Copy of the passport
• Copy of visa
• Emirates ID
• Salary certificate
• Bank statement of last six months
• Tenancy agreement
• Latest credit card statements

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Mortgage Loan in Dubai
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