A Mortgage loan is a loan that banks and other financial institutions offer against some mortgage, residential house, or commercial property. The borrower has to pay the loan amount in the form of a monthly payment, and they get their property which is offered as mortgage until the repayment of the loan amount
A home loan is a loan that banks and other financial institutions offer where they keep your property paper for which you have taken a loan and after repayment its returned.
Who Is Eligible for Loan?
There are certain types of criteria that are made for granting loans. Those who want to take out a loan must fill the criteria for Loan. And the requirements are –
- Time spend in the country typically 6 months to year
- Length of employment should be minimum 6 months
- Business period should be 2-3 years
- History of your credit
- Employer must be listed with the bank
As mentioned above, a person who wants to take a loan should fully fulfill these criteria. These are the conditions for taking a loan. Your first step should be to find out how much money you would need to pay upfront. This is usually done by obtaining the pre approval from the bank from where you get the loan.
Second you should find out the time duration of the loan and decide to choose between a variable and fixed interest rate. These are the key considerations for any expat looking for mortgages and home loans.
So after finding out all the things go for the option which best suits you and offers attractive rates and services.
Loans in UAE
UAE has gained popularity because of the kind of offers provided by banks and developers to customers to take out a mortgage loan. They give you several options that make it easier to buy your dream house in your dream country.
If you have so many options, you have to choose the best mortgage and home loan that is right and full requirements for the banks and yours.
Here are some best mortgages and home loan options.
- RAKBANK : RAKBANK loans are the most affordable,easy and flexible choice to get a loan to purchase your dream home in Abu Dhabi and Dubai.
This bank has the most loan offers and this bank also provides you the best advisor who guides you with dedication and makes the process easier.
- Low interest rate
- Flexible repayment
- Less formalities
- Fast approvals
- With 3.24%
- Commercial Bank Of Dubai: Want to get your home in your dream country this bank is surely helping you to get your home with an amazing option. A perfect combination of great rates, flexibility and easy buyouts.
- Zero percent processing fee on buyouts
- Special starting rates 2.99%
- Maximum loan amount
- Reducing monthly payment transferring from other institutions
- Abu Dhabi Islamic Bank: ADIB bank is also your right choice for getting a loan because of its exciting offers and rates. Customers get their property without any problem. It paid the property insurance for full tenure. The reason why to choose here we go –
- Free property insurance
- Life insurance financing
- 6 months optional grace period
- The variable interest rate is 3.75%
- Emirates Islamic: This bank will surely help you to make your dream into reality to buy your dream home. It gives you attractive offers and rates. It is based on the principle of shari’a and totally designed for your capabilities and requirements.
- Low-interest rate 3.49%
- Competitive profit rates
- Tenure upto 25%
- Down payment 20.00%
- First Abu Dhabi Bank: First Abu Dhabi Bank is also the most affordable and flexible choice that helps you to get your dream home with amazing options and rates. It gives you the easiest way to get a loan. If you move your loan in this there will be no processing fees plus a refund on prepayment.
- Apply and get free approval
- Lowest rates
- Refund on valuation
- No processing fee
- Refund on prepayment fee
Here are some best mortgages and home loan options that you can choose with your suitability and capability and go according to your needs and requirements. They offer from 2.99% to 5%. And also in trend, the rates are also expected to go down in future. Here are some institutions that give you the best offers and help you get your dream home in an excellent, flexible, and easier way. So get your home with these fantastic options and make sure that you are eligible for taking a loan, take your time and find! out all the alternatives before choosing the offer.
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