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Buying a home is arguably the biggest financial decision in our lives. With ever-increasing real estate prices, it is extremely difficult to purchase a house without seeking financial assistance. Such loans offered by banks or financial organizations to individuals are called ‘Home Loans’. The house is held as a mortgage as security till the loan is repaid. The lending institutions hold the right to claim the mortgaged property in case the borrower fails to repay the loan.
Home Loans are categorized based on how interest is charged. The two types of Home Loans in UAE are:
You must talk to the loan advisor before deciding on which type of loans would best suit your needs.
UAE has seen a surge in home loans in recent times. The banks and financial organizations have become more sensitive to every individual’s need of buying a house and are offering easy and attractive schemes. Some salient features of Home Loans in UAE are:
A Home Loan is the best way to fulfill your dream of owning a house. A house provides a sense of stability and security and is a great investment option too. Some advantages of availing a home loan in the UAE are as follows:
Every bank has its own eligibility criteria which need to be checked individually. However, some basic requirements are as follows:
As is the case with eligibility, every bank can have its own requirement of documents to process your loan application. Some basic documents needed are:
If you already have an account with the bank, then the number of documents needed might reduce. Please ensure that you understand this list and arrange all the documents before submitting your application to avoid chances of loan rejection.
There are different kinds of fees and charges associated with home loans, and they can vary with each bank.
Again, it is important to note that these rates can vary and change from time to time. Please check with your loan provider before you apply for the loan.
Considering the sheer magnitude of the money involved in buying a house, you must plan yourself well to ensure that you don’t make hasty decisions. With Home Loans being easily available, it is possible that you get pulled into buying a house even when you are not ready for it financially. Here is a checklist to help you make the right decision.
You can always opt for a house that is within your budget than trying to stretch your finances too far. Remember, there is a thin line between courage and foolishness; don’t find yourself on the other side of the line.
While Home loans are offered by majority banks in the UAE, there are some banks which offer it as a priority product. They are:
A. A Home loan can be applied for by personally walking into a branch and asking for an application form or downloading the form from the bank’s website. The completed and duly signed application form then needs to be submitted to the bank along with the required documents and a processing fee.
A. There are tax benefits to be availed of on both the principal and interest components of the home loan. These laws change yearly. Hence it is advisable to consult a tax advisor to understand it in detail.
A. No. You can use the amount from a home loan to make home improvements or home extensions. Be clear about your plans at the time of application.
A. Before sanctioning a loan, the bank does a survey of the property that you are interested in buying. Based on preset parameters, they offer home loans up to 80-85% of the property value. You are expected to pay the balance amount which is also known as down payment. Bank’s do not finance 100% of the property value under any circumstance.
A. Yes. It is mandatory to take an insurance when you apply for a home loan.
A. Due to the high number of expatriate population in UAE, many banks offer special schemes on home loans for expatriates. Ensure that you research and compare the options available before zeroing in on the bank.
A. Most banks will require you to repay the complete outstanding of your home loan (principal + interest) up to the time of sale. Once the loan is cleared, they will release the security on the property.