One of the most significant transactions done in an individual’s lifetime would undoubtedly happen when they decide to invest in a property, irrespective of the size and location. Buying a home could be a stressful journey for everybody, and it would be even more daunting for first-time buyers. Affording the properties for sale in Dubai is not so easy, and not everybody has enough savings to pay up fully. When noticed appropriately, it is always better to invest in a property than to rent a home. In a couple of years, the mortgage paid by the owner would result in owning the entire property. People applying for a home mortgage prolong for a certain period and seem challenging in many aspects. Getting a mortgage loan is not as easy as it sounds. The following checklist must be held handy when approaching a property purchase or applying for a home mortgage.
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Check For Eligibility
Applying, and availing of a mortgage loan is a huge step in any person’s life. Being an outsider or expat in the UAE, many would find it scary to approach a mortgage loan. To get a mortgage loan effortlessly, checking for eligibility is quite essential. One must hold a Qatar ID, be a resident or a citizen of UAE, steady annual income for being eligible for a mortgage loan.
Search For The Ideal Lender
The one place where anybody can get a loan in Dubai is through banks and money lenders. Several registered banks provide great mortgage deals with the lowest interest rates. If only the buyer knows where to find it, they can get a suitable type of mortgage loan. To comprehend this information, hiring a mortgage broker would be the best way to learn about the local market.
Select The Best Mortgage Type
Mortgage loans are classified into several types so that buyers can pick the right one according to their requirements. This can be decided based on when the buyer besides to pay for the property being purchased. They can either choose to pay before the property is completed or pay the monthly rent till the mortgage loan is closed completely. This also depends on the initial deposits one can afford.
Get Pre-Approved By Lenders
One of the most important parts of getting a housing loan is to be qualified for it. An individual must be pre-approved by the local bank to showcase their affordability and eligibility for buying a home in the UAE. This process could take a few minutes to a few days based on when and where a person is applying for the pre-approval letter.
Choose The Best Residence
After fixing the overall budget for a rental home, and location and getting the pre-approval, one can begin their hunt for new homes. It must be selected based on certain factors like the budget, necessity, type and size of the house, etc., before the pre-approval letter expires, one must ensure to fix a property and proceed forward with what next steps have to be taken.
Make An Offer
With everything in place, the buyer can go ahead and make an offer to the landowner. Both parties would negotiate the prices for a while, and it would take a few days to a few weeks to settle on a fixed price tag. After finalising the property, the buyer can go on to make further arrangements for the property agreement, registration and other works.
Close The Deal
Once the initial deposits are paid from the savings of the buyer and partially from the mortgage loan, they can proceed with signing the agreement deal with the landlord. The papers must be read thoroughly before they are signed. The deal is closed and is followed by the monthly payments of mortgages based on what plan the buyer chooses. Apart from these costs, the residents must also pay the DLD fees and the estate agent fee during this process.