Due to unlimited business resources and a friendly investment environment, most of the investors and visitors are now interested to be settled in Dubai. But it’s not that simple to have one’s own home in UAE because the property rates are high and not approachable for all people. But we also see most of the expatriates come to Dubai for job purposes or business variancetv purposes so their residence is a big problem for the government of Dubai.
To solve this issue there is a complete mechanism introduced by public authorities with the support of private companies including Dubai banks. This strategy is known as a home loan for expatriates. Such loan facilities are being provided by top banks in Dubai either a public bank or a private bank. One can also take the services of a financial institution such as different lending firms that are working for a home loan in UAE.
To have one’s own home probably a big achievement for a salaried person and even for a businessman. This might be the biggest purchase you will make during your lifetime and if you can cover all the expenses at the end of the agreement about your home loan, you can gift this property to your next generation.
To get home loans for Non-UAE Residents, an expat should have to understand the exact terms and conditions for a loan package. Well, the following are the main requirement when you will apply for such services in UAE:
- If you are working in Dubai in a reputed company, you can generate a job certificate through your HR manager which is the basic requirement from a lending firm.
- For a customer, if not a resident of the UAE, will have to provide a passport so that to understand the nationality of the lender. Your passport should be valid for at least three years.
- The loan amount will vary according to the type of a customer. If you are going to apply with an excellent credit history, you can demand a big amount for a loan with the lowest interest rate package. While the other side is quite problematic that if you have a bad credit history, the lending institution would not be in a position to provide a big loan amount. Also, the interest rate will be high for a loan package.
For best services, Mashreq Bank, a private bank in UAE provide some attractive and affordable packages for a home loan for expatriates.
If you have decided on financing your purchase through a home loan for expatriates, then the first thing you should keep in your mind that home loan services in UAE are being provided on different mortgage rates in Dubai.
With a diverse pattern in interest rate system to basic criteria, different factors are involved that decide whether or not you’re eligible for a home loan for Non-UAE residents or not. To get some detailed information kindly visit the official page of Mashreq Bank.