Q) AS AN EXPAT, WHAT WILL I BE PAYING TO BUY A PROPERTY?
A) In terms of the deposit, for an expat the minimum deposit is 25% for a first time buyer, a investment buyer will have to put a minimum of 40% down as a deposit. There are added fees included when buying a property, agency fees & Dubai land department fees apply so you are looking around 31% of the overall purchase price. Why you don’t check out our MORTGAGE CALCULATOR to give you an idea of how much it will be to set up a mortgage!
Q) HOW LONG SHOULD I EXPECT THE FULL PROCESS TO TAKE?
A) After your full set of documents are received, 3 to 5 working days for employed persons and 10 working days for self-employed applicants for pre approval. From there that is your chance to find a property within your budget. Once the MOU has been signed the valuation is instructed, that should take around 4 to 5 working days. The final offer again around 4 to 5 working days. The agent will then apply for the NOC from the developer and we will then transfer. All in all you are looking around 6-8 weeks as a buyer.
Q) HOW LONG IS A PRE APPROVAL VALID FOR?
A) Depending on which bank we choose, we can have a pre approval valid for 30- 90 days.
Q) WHAT IS THE DIFFERENCE BETWEEN A CONVENTIONAL MORTGAGE AND AN ISLAMIC MORTGAGE?
A) With a conventional mortgage, a bank lends money to purchase a new home and charges interest on that loan. An Islamic home loan works differently. Because Islamic financial institutions are forbidden from earning interest, the bank buys a property on behalf of the customer and re-sells it to them at a profit. The buyer then pays the bank back through monthly instalments. Other Islamic concepts applied include Ijarah, a buy and lease back arrangement, which is useful if buying a property off-plan as no payments are made until the property is completed.
Q) HOW MUCH WILL MY VALUATION COST?
A) Your valuation will cost around AED2,500-3,000 depending on the bank.
Q) WHEN IS THE BEST TIME TO APPLY FOR MY PRE APPROVAL?
A) The best time to apply for your pre approval is before you find a property. This is due to the fact that then you will have your exact budget, also it will give you the leverage over other buyers who do not have pre approval when trying to finalise on the property you choose.
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