Are you facing some type of debt? Is there any task to achieve in future? There are different types of question and thoughts we all have in our mind every day and every time. Sometimes we think about to have our own home if we lack such type of thing. Sometimes we are depressed due to our debts that need to pay on time. So for everything to be settled. I will suggest to avail the personal finance in UAE. This type of financial service is being provided by top banks of Dubai and also by many top lending institutions at the same time. This is the most appropriate way to meet one’s liabilities in an easy and smooth way.
Well if we talk about the situation of Dubai, top banks of Dubai provide best loan packages through easy repayment options. Here we are going to discuss home finance in UAE, in detail.
What do you mean by home finance in Dubai?
It is basically a type of home loan. When we think about to get our own home as most of the people in Dubai does not. It is because they are confused about the terms and conditions being applied by a lending company. But it is not true. Nowadays top banks in Dubai are very much supportive in this regard. But there is a question why we need for a home finance or loan in Dubai? It is that much needed as we think about it? Let me just explain you this phenomenon through a simple story. Suppose you are an expat and live in Dubai. You got a job in Dubai and has started living in a flat that is on rent. As a renter now you are paying a huge amount of rent on every first of the month. This amount for some period of time you could afford but not for a longer period. But why you are bearing so much amount of balance when you will be awarded for nothing at the end of your term?
So there is another option like you can take a home loan in Dubai from a bank. We suggest you for this thing is because the amount of installment you have to pay on your mortgage amount is exactly equal to the amount of installment you are paying for rent on each month. So which should be a better option it’s now up to you.
What are the conditions for a home loan in Dubai?
There is a number of packages are available regarding home finance in Dubai. Top banks of Dubai dealing for this service offers different packages with a little variance in the eligibility criteria. But following major common points are included in all type of packages –
- For a home finance in UAE, the criteria for expatriates and residents is quite different. For residents, there is no condition for having a job. But for expatriates, you need to show a job letter which would be actually a proof of your monthly gross income. This income will be counted as your credit history regarding how much you are able to carry on your loan. Are you really be able or eligible for this service or not? You have a minimum wage almost AED 4,000.
- The second requirement is about your job as surety. It is a much more needed thing for the borrower of the loan to have at least 1-year remaining contract with the referral company through which you are applying for a home loan in Dubai.
- You should have a valid passport for your identity.
Some future concerns and securities
Always keep in mind one thing which I suggest to all expatriates especially for those living in Dubai, you should be well planned in your life because not because for yourself but for the coming generation. In this way, you can provide them a better living that you, unfortunately, could not afford in your life. In the form of a home, it would be the best gift for your children. Now all you do just take the services of Mashreq bank for Mashreq mortgages services. It is best suited for all expats according to their budget