Frequently asked questions
Utilizing our expertise, we can find you the right home loan in within 24 hours as long as you give every one of us of the required documents in one go.
In the event that you are in a rush to get affirmed since you are heading off to a closeout or have a due date for a cooling off period on your purchase then please let your home loan specialist know and they can raise your application
Yes and yes. The UAE Central Bank regulations are clear in that banks cannot finance buyer deposits or down payments. In any case, there are no such limitations on financing expenses, provided the applicant is eligible.
After your full set of documents are gotten, 3 to 5 working days for employed people and 10 working days for independently employed applicants.
If your mortgage advisor is instructing you to inflate your property price tag to get a higher LTV, this is illegal and unethical. It could bring in heartbreak if the property valuation is lower – maintain a strategic distance from this and advisors suggesting this route at all costs.
Most banks will calculate affordability slightly differently, however a general rule of guideline is that they will consider just half of your month to month pay when figuring this.
From this 50% they will then deduct any other credit commitments you have (e.g. car loans, personal loans and approximately 5% of all your credit card limits), to work out your maximum affordability.
They will then carry out a stress test by applying a stress rate of interest which varies between 3.5% to 8% depending on the bank. The aim of this is to confirm that you will still be able to afford your mortgage repayments if the interest rates were to increase to the test level.
Yes, a husband and wife can be joint applicants on a property, even if one of the applicants is not working. As long as the applicant can demonstrate that the have the ability to repay the home loan.
It is possible to get an insurance policy to cover you in the event that you are unable to make your mortgage repayments due to accident, sickness or unemployment (this can include redundancy). This type of policy is not something you will get through your bank when taking your mortgage, instead you will need to speak to an insurance advisor to arrange this type of policy. We are able to put you in contact with insurance advisors if this is something you are interested in.
Please note that this type of insurance is separate to the life insurance you are required to have in order to get a mortgage in the UAE.
Yes, Life insurance is compulsory for any home loan in the UAE. In most cases the bank lending you the funds for your property purchase will require that you take their in-house life insurance policy in order to get the mortgage. However, we have a number of exclusive deals with banks where we can assign an external life insurance policy which can save you about 50% on the bank’s in-house life insurance policy.
Did you realize that there are some Mortgage brokers that advice that they are paid the same regardless of which money lender they choose? This is really a clever marketing trick.
If a lender pays low commissions, at that point these brokers don’t add them to their panel of moneylenders! For example, NAB and a couple of different lenders pay lower commissions to mortgage brokers.
Our Team do the majority of the hard work. All you will be required to do is round out the application and supply the required documentation. We would then be able to finish a primer assessment and give you a few choices to look over.
Once we know which lender you would like to proceed with then we lodge the loan online directly into their system for a quick approval.
Yes, absolutely! Banks have different preferences when it comes to employed and self-employed applications. We have a lot of experience working with self-employed customers and we are extremely familiar with the banks that look positively on these applicants.
A No Objection Certificate, usually curtailed to NOC, is a type of legal document issued by an organization or individual expressing that there are no objections to the points made within the document.
When purchasing property in the UAE an NOC is normally required from the developer giving clear title on the property and showing all the service changes and utilities have been paid. The NOC, in this case, shows that there is no objection from the developer to another person buying the property.
A title deed is a document enrolled at the Land Department which shows ownership for plot of land. If you have purchased the property with a mortgage then your name will be included on the deed as owning that property. The original title deed is kept with the bank as security until the mortgage has been fully repaid.
A MOU is a Memorandum of Understanding and is a part of the obtaining procedure. It is an agreement put together by the real estate agent, signed by you and the seller, outlining the timescales and terms and conditions of the property purchase. We will always check the MOU on your behalf before you sign it.
The benefit of using one of our mortgage brokers is that we are able to offer unbiased expert advice to help you find the best mortgage product for your situation. We will discuss all the available options with you and offer you our opinion on the best one for you, so that you can make an informed decision.