Easy steps to get a mortgage loan

Do you want to get your own home in UAE? Then the first step is you should pick the area you lean toward the most for having a property. Then you should do your working considering loan options and after that choose a certain bank. If you don’t want to get a loan, you can choose the option of a business setup. This is also a better option in case you are paying the loan installment. We will discuss here some of the important points regarding mortgage loans for ex-pats in Dubai which are:

• You must have a complete idea about your savings and current salary. This is the only way you can assess your loan application before approaching any lender in the UAE. If you are satisfied with your financial position then try to choose a bank that can give you the lowest interest rate on your loan package.
• A complete set of documents with all possible requirements by a lender can increase your chances for a mortgage loan. While on the other hand if you will do any negligence then your application can be rejected.
• Taking a loan is very easy but repayment of the loan amount is a difficult task because most of the borrowers step into a wrong repayment method. Always keep one thing in your mind that there are only two possible ways to repay the complete loan amount – one is fixed rate repayment method which is available with the lowest interest rate, less loan amount but easy installment route. While on the other hand, the second option is a variable rate repayment method which is available for a longer period, I think 25 to 30 years.

Credit history

These two words can decide either you are eligible for home loans for residents or not? Because this is the only way a lender will evaluate your application. The credit history or credit score will explain your credibility as a strong or bad account holder. If your credit score is above 500 points out of 750 then you will be considered as a strong candidate for a loan package. You can get a loan amount from your required bank with the lowest rates due to your strong position. While on the other hand, your bad credit score would be a strong reason for the rejection of your loan application.