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1. What are the requirements for obtaining a mortgage in Ras Al Khaimah?
A lot depends on a client’s situation, but as an employee, you’ll normally need 6 months of income history, and as a business owner, you’ll need at least 2 years of experience.
2. How much of a deposit do I need to put down?
Expats: A minimum of 25% deposit is required for their first mortgage up to a property worth of AED 5 million; over AED 5 million, this increases to 35%.
The minimum deposit for subsequent mortgages is 40 percent.
Emirati citizens: A 20% deposit is required up to a property worth of AED 5 million, with a 30% deposit required over AED 5 million.
For whatever reason, it’s 40%. mortgages that follow
3. What sorts of mortgages are there?
In the United Arab Emirates, there are three types of mortgages:
– Variable rate, which fluctuates based on the interest rate.
– Fixed rate: Your payment is set for a set period of time.
– Hybrid mortgages, which combine fixed and variable rates, are available.
What is best will be determined by the conditions and requirements of the customer.
4. There is a standard framework that the all banks will adhere to.
– Firstly, would apply for a ‘pre-approval,’ which is when we submit a set of documents to the chosen bank in order for them to provisionally approve the mortgage. – Next, the client will look for a property and sign a sales contract. – Finally, the bank will instruct an independent surveyor to visit the property and produce a valuation report.
– If the valuation report is satisfactory, the bank will issue a final written offer, which is the official contract between the bank and the client.
Mena Mortgage Services
Gustavo is a UK qualified mortgage broker with over 11 years of experience working with real estate agents in the UK and UAE, where she helped their clients find the most suitable finance solutions. With an extensive knowledge of the buying process, costs, timescales involved, Gustavo offers the highest level of service while taking the time to understand their needs.
After several years in the real estate market in Dubai, Gustavo has joined Paragon Properties under the banner of Mena Mortgage Services in 2020. As a dedicated Paragon Properties Mortgage Consultant, Rosie will have even more room to help clients arrange their finance when it comes to property transactions.