Ready Dubai properties come with some innate benefits. The best part is that you know what you are paying while minimizing all the associated risks that come with making investments in the real estate sector.
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Before buying a ready property in Dubai Real Estate, you should be aware of the associated costs of owning a home. You should also figure out the procedures through which you can acquire your home finance. Meanwhile Buying your first property is a big accomplishment but this sense of fulfillment comes with an attached liability of home loans or mortgage. It is important that you find out your eligibility for a loan or whether you have any mortgage constraints. Some loans may seem enticing but consider a few conditions before you gulp down any of their packages. You should calculate the maximum amount that the bank is willing to provide you for your property and also the highest interest rate to value ratio.
Most banks in Dubai offers two types of interest rates on mortgages: Fixed rate and variable rate. The variable rate changes with the changing market rates while the fixed rate on your mortgage is set for a certain number of years. So It is recommended to go with the variable rates and not the lowest fixed rate offered for a fixed period of time.
The bank will ask for certain documents from you to certify your identification, income, and other issues. The papers needed for identification is the same for all borrowers which include:
• Emirates ID copy
• Valid Visa with Valid Residence
If you are a salaried Individual, you will need:
• Latest salary certificate
• Newest pay slips
• Previous employment proof
• Your bank statement for the past 6 months
If you are self-employed you will need
• A financial audit of the past two years
• MOA (Memorandum of Association)
• Latest 6 months back transfer
• Two years audited financial records
When you are buying a property in Dubai, it is very naïve to expect no down payment mortgage facilities to be given to the buyers as the down payment regulations are monitored under the UAE mortgage law. When you purchase your first property in the UAE you will be required to pay 25% down payment on the value of the property that worth AED 5 million. You can choose to make a high down payment for a lower loan to value to gain practical benefits.
When you purchase a property in Dubai you will have to pay some transaction fees including
• 4% of Property Registration Fee to DLD
• 0.1% Mortgage Processing Fee
• 0.25% Mortgage Registration
In case you are buying directly from the developer there will not be any commission fees, but if you are buying from the secondary market and there is a broker involved the standard fee is 2% of the sales price.
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