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What are the interest rates?

That depends on many things. Residency status, employment status and amount of down payment are just a few of the factors to consider. Banks in the UAE offer different Interest rates. Some offer rates based on their own base rate whilst others track the EIBOR rate.

EIBOR, is the interest rate charged by banks in the United Arab Emirates for interbank transactions. In most cases, EIBOR is the reference rate most commonly used by borrowers and lenders to conduct financial transactions in Dubai and the surrounding Emirates. Similar to the London Interbank Offered Rate (LIBOR), EIBOR futures contracts are available for trade and there are various EIBOR offered rates depending on the life of the loan.

Many Islamic banks use EIBOR rates as benchmarks for determining the rental rates for special leasing agreements called Ijara.

How much can I borrow?

This answer will be different for each bank as they each have their own policy. During your free consultation your consultant will run through how most banks operate and provide you a “rough” figure of your borrowing capacity.

Whats the difference between working with you and going to a bank?

A bank is a financial organization where people deposit their money to keep it safe. They are not experts in the “homebuying process.” Further, If you go directly to a bank they only have a couple of loan deals and if you don’t find them suitable you must visit another bank and another and another. We are able to access many different lenders, and their products. This gives us the flexibility to help you get the best possible deal.

What about the “too good to be true” mortgage advertisements appearing all over Dubai?

You wont be surprised to know most of them are simply advertising. We can give you all the details of that particular deal and many that the advertising may have missed out. If it’s truly a great deal, we will recommend it.

What are the costs for your service?

Like all the costs for buying a property these will be out lined in your free consultation as the costs do depend on specific applications. There will be no fee for the consultation and no fee unless an approval for a loan is obtained. Furthermore all of the fee’s of buying a property will be handed to you at the meeting along with a precise information about how and when these are to be paid.

Whats the difference between Islamic/ Shariah loans and Mortgages?

They both have the same outcome which is they provide money to a borrower. Shariah loans do not charge interest but are based on Islamic profit.

Shariah loans are similar to hire/ purchase agreements whereby the lender owns the property until the end of the agreement, which is when the title transferred. With a Mortgage the title is with the buyer. This will be explained during the consultation.

What is Leasehold and what is Freehold?

A freehold property is when you own the structure and land in perpetuity. However in a leasehold development a third party has an interest in the property, usually the land. Leasehold contracts are normally renewable after 99 years. This should not restrict where you buy and this will be explained during the meeting.

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