United Arab EmiratesAt a glance:
| | Mortgage | Refinance | Equity Release | Buy to Let | | Maximum Loan to value | 70% | 70% | 60% | 65%* | | Maximum Interest only period | 0 | 0 | 0 | 0 | | Maximum Term | 15 years | 15 years | 15 years | 15 years | | Maximum Age on completion | 70 | 70 | 70 | 70 | | Average interest rates | 8.75% | 8.75% | 8.75% | 8.75% | | Average monthly price per thousand | 9.21 | 9.21 | 9.21 | 9.21 |
Process:
Mortgages in The United Arab Emirates are relatively new, although the process is quite straight forward. With increasing competition more options are Approximate timelines (weekends not included): | 1. | Approval in principle | Instant | | 2. | Final licences | Day 1 | | 3. | Property registration details | Day 1 | | 4. | Application (receipt of documents) | Day 1 | | 5. | Power of attorney | Day 1 | | 6. | Confirmation of approval in principle | Day 3 | | 7. | Valuation | Day 6 | | 8. | Formal offer | Day 10 | | 9. | Arrange signing | Day 15 | | 10. | Signing | Day 20 | | 11. | Transfer of deeds | Day 20 | | 12. | Payment to developer | Day 20 | | 13. | Agency of service | Day 20 | | 14. | First mortgage payment | Day 21 | | 15. | Commission received | Day 41 |
Costs: For guidance purposes, as costs vary from lender to lender: Cost | Amount | Payable | | Broker fees | 800 | Up front (refundable) | | Application / bank fees | 200 | Up front | | Valuation fee | 500 | Up front (refundable) | | Opening commissions | 1% of loan amount | On signing | | Registry / Notary fees | 0.5% of purchase price | On signing | | Agency of Service | 120 | Annually on signing date |
Currencies:
Mortgages in the UAE are available currently in Euros, GBP, US Dollars, Swiss Francs, Yen, Canadian, Hong Kong, Singapore, Australian and New Zealand Dollars. If you have purchased a property in Dubai then visit our Dubai furniture provider for massive choice and quality
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