Life isn’t about staying in one place nowadays. It’s about getting free from your roots and moving out. In the process of exploring the world, one might need help. The basic necessity of an Expats is obviously the finances. As we all know, the UAE has become almost the fulcrum point of the world. Starting from the lenient government laws to the facilities it provides is unquestionable. But moving out isn’t the end of the process but the start. So here is a home loan guide for Expats to the UAE.
Loan Guide For The Expats To UAE
Here is the point to point guide for the Expats to UAE. Also, if you are looking for some properties, you can check out the best community in Dubai. Also, you can check out the best apartments in Jumeirah village triangle.
The motive of buying home
An Expats always stands at the midpoint, in between the end of his migration journey and the start of his journey to find a home. Before the search for a home loan, one should get the purpose of home in his mind straight. One might want the home for his personal use, or he can use the home as an investment. In the rising real estate industry in 2022, Dubai is the centre of attraction for investors. The requirements can vary upon the kind of choice the individual opts for.
Another factor that is going to aid Expatss is the Golden Passport. This benefit comes from buying the property in the UAE. The Golden passport, in short, is a policy introduced in October 2012 to attract investors. The golden passport gets the holder residency and works permit.
Getting a home loan sanctioned is a task in itself. But an Expats getting a home loan sanctioned is task ×2. An Expats is required to get special residence permits or register with a government agency. Compared with the residents, Expatss are to undergo different procedures for getting a home loan.
Citizenship by Investment is another law that can help you in getting a home loan. This is another policy introduced by many countries, including UAE, for similar benefit. As the name suggests, Expats can get citizenship by the investment of a certain amount. Citizenship can aid the process of a home loan.
Leasehold and Freehold properties
As an Expats can be seen short of finances, he should look for leasehold and freehold properties. These kinds of properties are already up for sale in the real estate industry. In fact, the UAE government has restricted the area which is up for sale for Expats.
This advice goes unsaid. One should always look for an expert’s advice. Starting from the shortlisting of the property till getting the home loan sanctioned, you should take some time and hear an expert.
Compare different home loan plans.
Instead of just getting the home loan plan from the first bank you visit, you should compare different plans. Go for the established banks, look for the policies they offer, evaluate the mortgage. Take some time before you come to a conclusion.
Evaluate real estate
Evaluation of home loan plans might not be the full proof thing, but evaluating real estate also can be. As we all know, UAE, and especially Dubai, is the first choice of investors as well as travellers in 2022. It places it at a higher pedestal in the real estate industry. But the beach area and marine area are often at lower prices and under the reach of Expats.
So it is advisable to look for the meeting point between the property and home loan plan which works better for you.
Crisp paperwork is essential in the home loan process. Being an Expats requires additional papers to go under inquiry. The proof of residence can be used as your address proof. The financial document can be doubled up as your current financial status. Salary and tax return proof to evaluate your mortgage possibility.
The non-residents can avail of the mortgage from the banks in UAE but with the terms and conditions applied. Going by the data published widely, the Expats are required to pay a 5% extra down payment on purchase in comparison to residents. It means that an Expats can opt for a home loan to pay for only 80% of the property value, leaving 20 % he has to pay on his own.
Being an outsider is always welcome to complications. But need not worry. Just have a look around you and seek advice. Ho through everything one has to offer and then come to a conclusion. Be it shortlisting the property or applying for a home loan. Just stay away from fraudulent websites and any kind of online transactions. Be it an Expats or a resident, always look for a home loan guide.