ey there, expats! Are you dreaming of owning a home in Dubai? You’re not alone. With its stunning properties, tax-free perks, and vibrant lifestyle, Dubai is a top choice for expats from around the globe. Getting a mortgage in Dubai doesn’t have to be a headache. With the right info and support at Alba Homes, you can find a perfect deal.
I’m here to spill the beans on everything you might need to learn about getting a mortgage in Dubai.
The Lowdown on Mortgages for Expats
So, you want to buy a home in Dubai, but where do you start? Mortgages can seem like a maze but here are some key points to keep in mind.
1. Loan-to-Value (LTV) Ratios:
- Did you know that as an expat, you can get a mortgage for up to 75% of the property’s value if it’s under AED 5 million? For properties over that, it’s 65%. This means you’ll need a down payment of 25-35%.
2. Interest Rates:
- Enjoy the stability of fixed rates or the thrill of variable rates that change with the market! Currently, interest rates range from as low as 1.49% to 3.94%. So, which is better for you? It depends on how much risk you’re willing to take.
3. Mortgage Tenure:
- Mortgages here can last from 5 to 25 years. Longer tenure means lower monthly payments but more interest paid over time. It’s a balancing act!
4. Eligibility Criteria:
- When applying for a mortgage, banks will carefully evaluate your income, employment history, and credit score to assess your eligibility. For expatriates, some banks may have additional requirements, such as a minimum salary threshold, to ensure financial stability. It’s important to understand these criteria to enhance your chances of securing a favorable mortgage.
Why AlbaHomes is Your Best Bet in Dubai’s Real Estate
At Alba Homes, we’ve got your back. We know the Dubai real estate market inside out and are here to make your mortgage journey smooth and successful. We ensure expert guidance, and comprehensive support, and have access to exclusive deals, which are sometimes off-market.
