mortgages & buying house in dubai
hi,wondering if anyone has any advice on how to obtain a mortgage for buying a house in dubai....cheers
|
Re: mortgages & buying house in dubai
Banks are usually good for that type of thing ;)
|
Re: mortgages & buying house in dubai
Originally Posted by NedKelly63
(Post 6483737)
Banks are usually good for that type of thing ;)
|
Re: mortgages & buying house in dubai
Originally Posted by Eva
(Post 6483804)
serc-y or sarc-y?
Why would it be any different in Dubai as opposed to anywhere else. |
Re: mortgages & buying house in dubai
Originally Posted by NedKelly63
(Post 6483840)
I mean really!
Why would it be any different in Dubai as opposed to anywhere else. Maybe OP inquiry is a little more specific in regard to which Bank has best rate etc.That said,your reply was funny. |
Re: mortgages & buying house in dubai
Originally Posted by Eva
(Post 6483848)
You missing your Thursday nite out?
Maybe OP inquiry is a little more specific in regard to which Bank has best rate etc.That said,your reply was funny. OP's inquiry should be a bit more specific e.g. I've looked at this deal from bank A, and that deal from bank B. I've got £xx,xxx for a deposit. Can any developers guide me with finance options? etc. There are just too many people expecting to be spoon fed. |
Re: mortgages & buying house in dubai
Originally Posted by NedKelly63
(Post 6483840)
I mean really!
Why would it be any different in Dubai as opposed to anywhere else. |
Re: mortgages & buying house in dubai
A mortgage in Dubai would be in Dhs. Firstly you need to decide where you need to live as not all lenders lend on all developments. Secondly, deposits can be big- you need to plan on having up to 20%, depending on the lender, although some lenders on some developments will require less. Back to firstly.... Finally, interest rates tend to be on the high side- 7% plus, although shopping around might find you a lower one.
Amlak and Tamweel are two of the biggest lenders- have a look at their websites. |
Re: mortgages & buying house in dubai
Your mortgage options are limited by the developer you are buying from (even in the secondary market) as each lender has a list of acceptable developers/developments.
Most mortgages are in dirhams with interest rates around the 7 - 7.5% mark. Max salary multiple is five times annual income, less existing commitments. You will usually need a deposit of at least 20%. Arrangement fees are usually 1% with various other fees. Mortgages in other curencies (Sterling, Euros, Swiss Francs, US Dollars etc) are available with strict criteria, but are worth considering if eligible as interest rates are lower and there are more options regarding repayment methods. Feel free to PM me if you are interested in pursuing this matter. - |
Re: mortgages & buying house in dubai
Originally Posted by the big nowhere
(Post 6483618)
hi,wondering if anyone has any advice on how to obtain a mortgage for buying a house in dubai....cheers
And although it was a COMPLETELY different type of situation, the Deyaar Properties fiasco shows how easy it is for the wheels of the apple cart to hit the buffers and come off the bandwagon.......... (NB: This post contains confusing mixed metaphors.....) |
Re: mortgages & buying house in dubai
Originally Posted by Border Reiver
(Post 6485464)
A mortgage in Dubai would be in Dhs. Firstly you need to decide where you need to live as not all lenders lend on all developments. Secondly, deposits can be big- you need to plan on having up to 20%, depending on the lender, although some lenders on some developments will require less. Back to firstly.... Finally, interest rates tend to be on the high side- 7% plus, although shopping around might find you a lower one.
Amlak and Tamweel are two of the biggest lenders- have a look at their websites. |
Re: mortgages & buying house in dubai
Originally Posted by The Dean
(Post 6486057)
Be careful - a lot of local developers have 'finance deals' with banks, but many of the banks are themselves funded by non-local banks who have been hit by the credit/mortgage/sub-prime crunch....... it is by no means clear that these developers have any kind of finance experience of their own, so they rely on the banks who haven't got the lendable cash they used to have.......
And although it was a COMPLETELY different type of situation, the Deyaar Properties fiasco shows how easy it is for the wheels of the apple cart to hit the buffers and come off the bandwagon.......... (NB: This post contains confusing mixed metaphors.....) |
All times are GMT. The time now is 11:20 pm. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.