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UAE banks get into cooperation with developers to alleviate the financial burden on home buyers in Dubai.
Banking facilities open up new opportunities for real estate buyers in Dubai due to more comfy and flexible mortgage conditions based upon cooperation with leading emirate’s developers.
That’s why many experts claim, that now it’s time to grab your chance and become a homeowner, especially if you’ve been renting property up to the moment. Developers not only now offer more competitive (i.e. affordable) prices, but also are getting much more inventive in attracting new buyers with lucrative incentives. Among these honeypots you can find a 10-minute mortgage approval, zero loan processing and property valuation fees, zero DLD registration fees (which otherwise would be 4 per cent from the property value) and absolutely convenient payment plans.
Many Dubai developers have even ventured to raise mortgage rates when offering financing for home purchasers in partnership with banks, for this step allows homebuyers to prolong payment terms and lower monthly payments essentially.
For example, one of the biggest Dubai developers Emaar now offers property buyers such payment plans, which avail them to pay less than AED1,000 per month for a property valued at AED1 million, or AED2,500 per month for a unit worth AED2.5 million.
To do this, Emaar has collaborated with Dubai Islamic Bank in order to offer mortgage options designed to help investors achieve returns of up to 10 per cent! This offer is applicable to a number of the off-plan residential units being constructed in different communities all over Dubai city, such as Downtown Dubai, Dubai Creek Harbour, Dubai Hills Estate and Emaar South. Emaar requires its clients to pay 50 per cent of the total price of the purchased property during the construction stage, with the rest of the installments expanded for a period of up to 25 years with zero financing cost for the first five years!
In this case, according to Emaar, monthly payments for your own accommodation can be less than 40 per cent of the rent that you probably pay for similar rented unit now.
On their part, some developers have also created mortgage assistance services to better cater to this specific segment. For instance, Damac’s mortgage assist facility allows customers to get a mortgage approval after a shortest evaluation process, while Binghatti Developers runs a promotion with Mashreq Bank offering a mortgage approval within 10 minutes for those who do not have credit liabilities.
And, finally, as we know, mortgage-to-sales ratio reflects the direction of the property market. In a mature market, the ratio is around 85 per cent; and in the UAE the ratio has doubled from 28 per cent in 2010 to around 60 per cent in 2017, nearing this healthy mark.
Thus, if you still have doubts that mortgage conditions in Dubai can be really much more affordable and less burdening than renting, contact our specialists at IMEX Real Estate. They will help you calculate the real rate and amount of monthly payments in your particular case, if you decide to purchase an off-plan housing unit through our agency. In addition, thanks to the cooperation with the majority of Dubai’s master developers, we are always the first to get information about lucrative payments conditions and hot offers from developers, both for ready-made and under construction units in the newest projects. Contact us:
Tel.:+971(50)2528188 (Whatsapp, Viber, Telegram)
Toll Free: 800-IMEX (800-4639)
IMEX REAL ESTATE BROKER LLC, UAE
Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE
Email: pm@IMEXre.com
Skype: resident69
