House Financing or Mortgage loans

MORTGAGE BENEFITS

In recent times , in the Dubai particularly the mortgage costs have gone lower than yearly rentals. If  someone is paying yearly 60,000 AED in rent for a 1bed room apartment in Dubai, in mortgage yearly payments you would be paying around 36,000- 40,000 AED a year for your own apartment. Sounds interesting doesn’t it?

Rather than paying rent for years and not really saving towards an asset, its smarter to have a mortgage instead which allows you to own an apartment while living in it. 

WHAT HAPPENS IF YOU LOOSE YOUR JOB?

Many clients have a real fear of how to manage their mortgage if incase they lose their job? And it’s a valid concern.

Well the good news is in Dubai, you can actually cover your mortgage payments through rental incomes. If in an unfortunate event you loose your job , than simply lease your apartment on rent, and cover your mortgage installments. With an average rental return of 7% – 8% and mortgage rates as low as 4.44% , you can easily cover your mortgage payments and infact, make some extra income out of it as well.

WHO CAN APPLY FOR A MORTGAGE IN UAE?

Mortgage options are available for every one whether you are living in UAE or outside UAE as long as you have a source of income. The rates may differ and the finance amount depending on whether you are a resident or Non Resident in UAE but you will be able to apply for mortgage regardless.

 If you are interested to know more about your eligibility please get in touch with one of our mortgage  advisors.