Baytify Real Estate Dubai | Global

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Planning to buy property in Dubai? You have two main options: pay cash or get a mortgage. While paying cash avoids interest, it requires substantial savings. Opting for a mortgage provides financial flexibility, requiring less money upfront. This guide will help you navigate the mortgage process in Dubai, whether you're a resident or a non-resident. There are two types of mortgage financing institutions in Dubai: banks and independent mortgage firms. Banks are the most common choice, offering variable-rate, fixed-rate, and Islamic mortgages. Major banks include Emirates NBD, HSBC, Dubai Islamic Bank, and Abu Dhabi Commercial Bank (ADCB). Independent Mortgage Firms specialize in mortgage services with more flexible terms, though interest rates and fees might be higher. Mortgage Brokers are highly recommended. They act as intermediaries between you and the lender, working with multiple lenders to find the best mortgage rates and terms for your needs. Before applying for a mortgage, ensure you meet the following criteria: Age: 21 to 65 years old Income: Minimum AED 15K for salaried individuals, AED 25K for self-employed individuals Credit Score: Good credit history Residency Status: UAE resident or holder of a valid UAE residency visa. Non-residents have different requirements. Required Documentation Prepare the following documents for your mortgage application: Passport or visa Emirates ID Salary certificate Bank statements (last six months) Proof of residence (tenancy contract or DEWA bill) Mortgage Process Follow these steps to get a mortgage in Dubai: Find a Lender: Approach banks directly or use a mortgage broker who can compare mortgage products for you. Decide between a fixed-rate or variable-rate mortgage. Online mortgage calculators can help estimate your monthly payments. Get a Pre-Approval Letter: Obtain a pre-approval letter from the bank, confirming your eligibility and outlining the maximum loan amount. This usually takes 3 to 5 working days. With your pre-approval letter, start property hunting. These letters are valid for 60 to 90 days. Finalize the Purchase: Sign the purchase agreement, pay a deposit, and have your lender conduct a property valuation. Once complete, the lender will release the loan amount to finalize your purchase. Be aware of the following fees: Mortgage Registration Fee: 0.25% of the loan amount, charged by the Dubai Land Department (DLD). Valuation Fee: AED 2,500 to AED 5,000, charged by the lender. Processing Fee: 1% to 2% of the loan amount, charged by the lender. Late Payment Fee: 3% to 6% of the monthly mortgage payment, if you miss a payment. Getting a mortgage in Dubai can be complex, but with proper research and guidance, it becomes manageable. Compare different mortgage options, interest rates, and terms from various lenders. Plan your budget carefully to ensure you can afford the monthly payments. Baytify is here to help you make informed decisions for a rewarding property buying experience.

عيد مبارك Eid Mubarak

It is getting hotter outside and in the property market! Now has never been a better time to start your career in Dubai Real Estate! We have the knowledge and ability to get you set up quickly even if you aren't already in the industry! If you are considering a move into Real Estate get in touch with us today and let's have a chat!

What are you looking for in your next role? 👀

🔊 WE ARE HIRING! 📢 Baytify are expanding and we are looking for sales professionals to join our Real Estate team located in Emaar South. If you have any sales experience or customer service we want to hear from you! Please send your updated CV and contact number via DM and our Recruitment team will be in touch!

BAYTIFY REAL ESTATE HIRING!!!