Dubai has gained popularity as a destination for ex-pats. To align with such trends, the Dubai mortgage market has grown to become well established, with the local and international lenders providing the ex-pats with mortgage loans. The people who want to buy a property that wants to know how can we apply for the best mortgage loan in Dubai. We at Taskmaster here are for you to deal with this process. We are able to obtain a mortgage loan on your behalf without any hassle.
Mortgage Loan in Dubai
Mortgage loans in Dubai make the dream come true of buying a property in Dubai without having to deposit all the money in front of you. Simply put, this is a type of loan from a bank or financial institution that borrowers use to purchase a dream home. The bank of financial institutions uses the house itself as collateral to protect the loan.
The mortgage loan in Dubai is available for residents and also for non-residents. Many banks offer Dubai mortgage for non-residents as long as they live in a particular country on the bank’s list of approved countries. These types of mortgage loans reflect themselves with a number of interesting features that range from high loan amounts to competitive rates of interest and attractive repayment periods. Certain banks can offer investors a mortgage for multiple properties.
What is Mortgage Loan and Why You Should Use It?
A mortgage loan is simply a loan taken out against a property that you own. The property in question could be your house, a shop, or even a non-agricultural piece of land. Mortgage loans are provided by banks and non-banking finance companies. The lender offers you the principal loan amount and charges you interest on it. You can repay the loan in affordable monthly installments. Your property serves as your collateral and it stays in possession of the lender until the loan is repaid in full. As such, the lender has a legal claim over the property for the tenure of the loan, and if the borrower defaults in paying off the loan, the lender has the right to seize it and auction it off.
Mortgage Loan: Step-by-Step Process
The following are the major steps to obtain a mortgage loan.
- Get pre-approval loan on Taskmaster’s portal
- Researching well to find the suitable kind of mortgage.
- Obtaining an agreement in principle through the lender and asking for an evidence letter.
- Looking for an ideal property that is well within the budget of the applicant and then making an offer.
- After the price has been decided, making payment of the deposit for confirming the purchase and determining the completion date.
- On the date of completion, funds will be released to the seller.
We at Taskmaster commercial loan broker are able to provide you a mortgage loan in Dubai in a timely manner.
Types of Mortgage Loan
Here are four types of mortgage loans.
- Fixed-Rate Mortgage: With this kind of mortgage loan, you pay off the mortgage over a fixed time period and at a fixed interest rate regardless of changes and trends that can affect interest rates so that may go up or down.
- FHA Mortgage: FHA Mortgage loans are insured by the government through the federal housing administration. This is done through mortgage insurance which is funded into a loan.
- VA Mortgage: The VA mortgage loan is also governmental-issued. Its requirements are different and there are different criteria used to decide who qualifies for the loan.
- Interest Only Mortgage: Interest is charged on every kind of mortgage loan. Although, this loan is so-called because a borrower has the option to only pay the interest charged on a loan. This option is only available with this kind of loan and it is given for only a specified time period.
Documents Required for Mortgage Loan in Dubai
If you wish for a property mortgage in Dubai, first requires to apply for one. The documents required to procedure a mortgage application in Dubai. the needs can differ slightly from one bank to another, but for the most part, you will require the following documents to apply for a mortgage loan in Dubai:
- Identity proof as a Valid passport
- For the last six-month bank statement may require similar an individual and companies.
- Residence proof
- Salary certificate and payment slips.
- For self-employed persons, certificate of incorporation, business license, audited statement, and business profiles.
These all the necessary documents that you have to be prepare, we at Taskmaster helpful to accomplish the process of paperwork for a mortgage loan in Dubai in a shortage possible time, and save your precious time
For more details, you can consult with a taskmaster commercial broker LLC, which will also help you to obtain a mortgage loan in Dubai. They will guide you properly and understand your entire requirements. They provide you the best services possible and processing your work according to your needs and your budget.