Mortgage House Dubai, UAE – Your Property Investment Destination
A mortgage can be defined as a loan taken to purchase land, a house or other property. In order to take a mortgage house Dubai, UAE, you need to evaluate yourself and determine the amount of mortgage you need to buy property and also the amount you can afford to pay in terms of monthly installments. With technology, everything has been simpler for any anticipated homeowner. The house mortgage calculator Dubai, UAE is of great help in determining monthly installments and other fees involved. The homeowner is obliged to make a monthly payment for the mortgage failure to which the home/property acts as a collateral. Collateral simply means the lending institution will take over ownership of the property just in case the lender defaults loan repayment.
The property market in Dubai, UAE offers a wide range of mortgage products for every anticipating home buyer. There are more than forty mortgage lenders in Dubai, UAE offering different types of mortgage products. Using a house mortgage calculator Dubai, UAE you can calculate and make a comparison on what different mortgage lenders have to offer in the property market. It is therefore easy to arrive at the mortgage lender that offers a product that best suits your property mortgage need. Expats intending invest in Dubai, UAE property market can easily determine their monthly mortgage payments from their home countries without having to travel to Dubai, UAE. Therefore it is easy to make an investment decision for Dubai, UAE property from the comfort of your home in whatever part of the world you may be.
Factors to consider when deciding on the amount of loan to borrow include the value of the property you are buying, your personal income and personal circumstances.
It is of great importance that you take time to consult and if possible get legal advice on the best option for mortgage house Dubai, UAE. As an anticipated homeowner it is necessary that you seek professional advice on the best mortgage products available in the market.
You need to look out for an institution has great experience of the Dubai, UAE property market and one that has a clear understanding of the processes undertaken in acquiring a mortgage for a home in Dubai, UAE.
Whether you are in need of getting a mortgaged house Dubai, UAE to buy a home for the first time, or you want to remortgage your home and even if you want to purchase a property or a piece of land for the purpose of renting or developing you can make use of a mortgage calculator to arrive at your monthly installments of the total mortgage amount.
HOW TO USE A MORTGAGE CALCULATOR?
A mortgage calculator is a reliable tool used to working out your monthly installment together with other fees paid in the process of mortgaging a house in Dubai, UAE
The advantage of using a house mortgage calculator Dubai, UAE is that it is a quick and easy way of calculating your monthly installments and other mortgage fees. The steps followed in order to achieve results;
- You need to enter the property value, on the house mortgage calculator Dubai, UAE
- This is followed by entering the term over which you intend to pay it off,
- Next, you insert the amount of down payment
- Finally, you insert the interest rate.
With this, the house mortgage calculator Dubai, UAE will provide the total monthly payments for your mortgage.
You may be able to afford more or less depending on your down payment and/or the purchase price.
BENEFITS OF USING A HOUSE MORTGAGE CALCULATOR DUBAI, UAE
A house mortgage calculator Dubai, UAE helps you reach the total monthly installment, with specification for the interest and payment made in a bid to clear the total mortgage by making use of a house mortgage calculator Dubai, UAE a lender can easily adjust the total amount and term in order to settle for a product that best suits your budget.
After calculating your monthly installments on the house mortgage calculator Dubai, UAE, you need to compare the rates with those of other mortgage providers in Dubai, UAE offering similar products in order to settle for the best mortgage product.
HOUSE MORTGAGE PROVIDERS IN DUBAI, UAE
Some of the providers of mortgage house Dubai, UAE include the following:
Abu Dhabi Commercial Bank
Dubai, UAE Islamic Bank
Emirates Islamic Bank
Noor Islamic Bank
The house mortgage calculator Dubai, UAE gives a breakdown of payments to be made as listed below
Total mortgage amount
Amount of loan insurance given as a percentage
Monthly loan insurance
Principal amount and interest
Total monthly payment
CALCULATING MORTGAGE PAYMENT USING A HOUSE MORTGAGE CALCULATOR DUBAI, UAE
After getting approval for an expat mortgage Dubai, UAE, it is important to adhere to mortgage payment required to avoid penalties and inconveniences. Most mortgages are paid by use of monthly installments paid for up to 15 years. The longest mortgage payment duration is 25 years while the15 year repayment plan is the most common. It is a requirement that your mortgage amount should not exceed 35 % of your net monthly income. For expat mortgage Dubai, UAE lenders, the installments they pay together with other expenses must not exceed 35% of their net monthly income. the monthly payment value can be calculated by use of a mortgage calculator.
Other fees that need to be paid for the property in Dubai, UAE include the following:
LAND REGISTRATION AND MAINTENANCE FEES:
The house mortgage calculator Dubai, UAE helps you arrive at the portion of the land registration fee to be paid every other month. This is a fee that has to be paid on monthly basis in addition to miscellaneous expenses such as legal fees
In some cases, a legal fee that has been paid to the developer or the estate agent.
Roughly expats can expect to pay up to two percent on land registration fees for newly built property developments
With the help of a house mortgage calculator Dubai, UAE you can easily determine the amount of maintenance fee to be paid every other month. A maintenance fee is charged to cater the upkeep of the gardens, walkways, building, and other shared facilities within the community. The amount can either be at a fixed rate or a rate varying depending on the size of the property
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