What You Should Know Before Securing a Mortgage in Dubai

Purchasing a property can be quite an impressive yet daunting procedure. As one of the major steps in buying a house is taking a mortgage. But there are many aspects that you should know. Hence, if you looking for getting a mortgage loan in Dubai then you need to contact Taskmaster loan brokers who will assist you and provide you guidance on the factors that you need to understand before applying for a mortgage loan. Here we mentioned a little guide that will surely help you.

Some of the key decisions we take in our lives are on where to purchase a house and how. Hence, this is essential to consider the best choices and consult on the way to go about it. As an aspiring homeowner, this is essential that you look professional suggestion on the most suitable mortgage products available in the market. At Taskmaster, you get a team of professionals who are readily available to provide complete guidance on the steps in purchasing a home through a mortgage. Taskmaster reaches out to the customer who requires to buy their house for the first time, who are keen to mortgage their home, and even want to buy a property for the rental purpose. The institution has a great deal of experience in the property market of Dubai and hence has a good understanding of the processes.

 

 

Factors that You Should Know Before Getting a Mortgage in Dubai 

 

·         Have Your Down Payment Ready 

Not like other countries, where you can be able to get up to 95% of the property amount from a bank, in the United Arab Emirates, the maximum you can get on a residential expatriate mortgage is 80% - it means you would require to give the rest 20% as a down payment. Prior to beginning looking for properties and the mortgage product available, this is vital to set up where the 20% down payment would be coming from.

 

·         Get a Copy of Your UAE Credit Report 

Credit history records are not transferable between countries; hence this is vital that you have a good credit record in UAE to reflect your credibility when it comes to making credit payments. The Al Etihad Credit Bureau maintains this information in UAE and this is useful to know what your credit score is so that there are no unexpected surprises later.

 

You can request this report from the bureau online, which would make you capable right of increase your score is required before submitting your mortgage application.

 

·         Contact a Mortgage Broker 

Using the help of the mortgage brokers in Dubai will mean that you would benefit from their experience and positive working rapport with banks. A mortgage broker can assist you to locate the correct home loan that is most suitable for your personal needs and update you with the regulations of the central bank. They can also assist you with all the documentation and ensure that everything is in order before making the final application.

 

This is advisable to engage with an expert and experienced broker at the beginning of the procedure, particularly if you are an expatriate and new to a shopping trip in Dubai. There would undoubtedly be many subtle differences between a Mortgage in UAE and one you get in your nation, hence make sure to utilize a professional to avoid getting caught.

 

·         Get Your Documentation in order 

The decision on whether you would be sanctioned for a mortgage depends partly on how you present yourself in your application to the bank. The more you can do to show that you are a low-hazard and trusted investment, the more likely your application will be successful. The bank would need different documentation as part of your application to create an image of you and your financial condition. To make sure that your application is smoothly processed, this is worthwhile to prepare all the norms necessary documents before submitting your application.