{"id":4396,"date":"2020-07-29T10:16:00","date_gmt":"2020-07-29T10:16:00","guid":{"rendered":"http:\/\/139.59.38.172:8081\/?p=4396"},"modified":"2020-08-01T09:31:28","modified_gmt":"2020-08-01T09:31:28","slug":"afford-first-home-uae","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/afford-first-home-uae\/","title":{"rendered":"How to afford a first home in UAE?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">Buying a first home is like a dream come true to anyone who wishes to own a house. Wishing to buy a house is one thing while planning to afford and build it is a totally different thing altogether.<\/span><\/p>\n\n\n\n<p>Here are the few ways that help you afford your first home in UAE<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Know how much you can really afford<\/b><\/h3>\n\n\n\n<p>Before taking that first step in buying your first home, make sure that you can really go for the plan and afford it considering your income, expenses and your long-term plans. Also, make sure that you choose a house that fits your income and future goals.<\/p>\n\n\n\n<p>The salary required to afford a new home in the UAE can be one of the main factors to consider while investing in a new home.<\/p>\n\n\n\n<p>We can decide the affordability based on the class people belong to. Lower class people earn up to Dhs 2000-6000 a month, middle-class people earn up to Dh 7000-30000 per month and the upper-class people earn up to 35000-3,00,000.<\/p>\n\n\n\n<p>Based on the salaries people earn, their cost of living can be estimated, and thereby their affordability to buy a new home or their first home in the UAE.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Save for your down payment<\/b><\/h3>\n\n\n\n<p>If you are up for buying your first home, one of the important things you have to consider is saving for your down payment. In the UAE, a down payment of 25% of the purchase price should be kept aside while purchasing your first home. If you are still not having a savings plan, immediately go for having one because it&#8217;s very essential to have savings for your down payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Checking and paying off the already existing debts you have<\/b><\/h3>\n\n\n\n<p>The debts and the bills we make with our credit and debit cards should be cleared beforehand while planning to have a home mortgage as high-interest debts stand as a burden while having the mortgage.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The debt installments increase the Debt Burden Ratio(DBR) and you will not be eligible for the home finance from the banks if the Debt Burden Ratio is more than 50% or to put it simply if more than half of your income is spent on paying the debts.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Budget maintenance<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">In addition to the amount you saved for your down payment, it is also necessary to have a precise budget that helps you in need while affording your first home. All the unnecessary expenses should be reduced or completely avoided to have a healthy budget that can even be used to pay the utility bills, maintenance costs after you acquire the ownership of the property.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Plan for your mortgage<\/b><\/h3>\n\n\n\n<p>A <a rel=\"noreferrer noopener\" aria-label=\"mortgage loan (opens in a new tab)\" href=\"https:\/\/www.mymoneysouq.com\/loans\/compare-home-loans-uae\" target=\"_blank\">mortgage loan<\/a> plays an important role in affording the first home. Plan for your mortgage in a well-defined way by contacting and approaching different lenders instead of sticking on to a single lender.<\/p>\n\n\n\n<p>Also, as there are different types of mortgages available, go for a mortgage that suits you. If you want the smallest mortgage payment then go with a 30-year mortgage, if you can afford larger monthly payments, go for a 15-year mortgage. Just be sure that you know which mortgage best suits you.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Before opting for a particular mortgage in UAE, calculate the payments using <\/span><a href=\"https:\/\/www.mymoneysouq.com\/calculators\/mortgage-loan-calculator\"><span style=\"font-weight: 400;\">Mortgage calculator Dubai<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">By following the above-mentioned ways, you can save and make wise moves to afford the first home that you dream about.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a first home is like a dream come true to anyone who wishes to own a house. Wishing to buy a house is one thing while planning to afford and build it is a totally different thing altogether. Here are the few ways that help you afford your first home in UAE Know how [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":12202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[],"class_list":{"0":"post-4396","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investments"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to afford a first home in UAE? - MyMoneySouq Financial Blog<\/title>\n<meta name=\"description\" content=\"Buying first home is like a dream come true to anyone who wishes to own a house. 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