Establish trust with your lenders
As thousands are moving to the land of opportunities to make a Future, the idea of buying property in this land is gaining prominence. It’s such a big decision to purchase property where you are living as an expats. And also, finding your dream property is not a big deal. But, getting a mortgage to purchase the property is still challenging.
New to the Land of UAE
For approving the loan, the banks & lenders are having some criteria’s like the length of your employment service and the time you have been living in UAE etc. The Banks doesn’t go through these, if you have just arrived here. The minimum duration of time since you have been relocated to UAE should be 6 months to 1 year. Other than that duration, the banks 0or the lenders will check about the length of service at your current employer, which needs to be minimum 6 months.
Your employer company should be listed on the banks employer list. While Government sectors are listed with banks, some Multi-National companies are not. So, if the Mortgage applicant is having good credit score & eligibility for the bank loan, if the employer is not listed by the bank, this makes disappointments. For Self Employed individuals, the length of the business will considered. And, which is supposed to be more than that of two or three years. And also, if you have saving/ salary account with applied bank, the chances of getting approval will be high.
Monthly Income/ Salary
Each banks in the UAE is having monthly income/ Salary criterion. And this will be different for Expats and UAE Nationals. The minimum monthly income for an expats should be 10,000 DHS. At some banks, this is same for the self-employed & salaried individuals also. Most of the banks are approve the spouse as Co-applicant. And, if the co-applicant is also a salaried employee, the loan eligibility criteria’s will meet easily.
You will require the same documents as UAE National & the Expats. In additional, expats are supposed to submit the passport copy and the Residents visa copy with the other required documents like Emirates ID, Salary Certificate the 6 Months bank statement. And also, the self-employees should submit their Trade License. As long as you have these documents, this is not a big issue.
Your Credit History plays an important role while applying for the Home Loans in UAE. And, your credit score will depends on your incoming & outgoing cash flow & the loans. Banks or lenders will rejects the loan application, if your history is poor and nonexistent. It is recommended to start paying card bills on time after using your credit card when moving to new country. It’s always important when you moving to a new Country and planning to get the bank loan on that country in future.
If you are taking care of these criteria’s, definitely you will get the Best Home loans in Abu Dhabi. Dar Al Tamleek facilitates you to get the Best mortgages in UAE. We have an excellent team of professionals who will guide you to get the fastest and low rate mortgages that meets your circumstances.