Getting a Mortgage: 5 Tips for Expats in Dubai
A lot of expatriates are thinking about moving to Dubai and getting a mortgage there. Dubai is rapidly expanding into one of the most popular tourist destinations in the world. The country is now starting to resemble many of the developed countries that an expat would dream about living in, including:
The price of properties in Dubai is still relatively high compared to other places in the region. However, expats should know that buying a home or renting a villas for sale in Dubai is still a very reasonable investment compared to what they would be paying if they bought a property in a cheaper country. Most expats choose to rent an apartment instead of buying a villa in Dubai because of the lower prices.
When searching for a top real estate company in Dubai, look for one that has branches all over the United Arab Emirates. Expats also benefit from finding a good real estate company that offers services in other Arab countries, as well. Most real estate companies will have at least a few branches in the Middle East, Asia, and Europe.
For those just starting out in the industry, it helps to start by looking at the company’s profile. It should list the various countries where they have branches. Look particularly for a real estate company that has branches in places such as Abu Dhabi (the capital of the united Arab Emirates), Dubai, Saudi Arabia, and India. These are all places that expats find appealing.
Next, an expat’s options when getting a mortgage in Dubai include looking at bank loans, private lenders (such as individuals or family members), commercial real estate companies (such as large multinational companies), and self-employed workers. Bank loans are the easiest way to get a mortgage in Dubai, as long as the person applying for financing has a good credit rating. Expats should look at their local banks, which can be found on the web. However, there are some foreign banks that specialize in providing self-employed visas. They tend to be more lenient with their borrowing requirements, so it might take a bit of effort on the part of the applicant to get a loan from them. Some expats find getting a self-employed visa to be easier than getting a bank loan.
Private lending companies, especially those that deal with self-employed individuals or large multinational companies, offer better rates. Expats should look into applying for a mortgage through one of these companies, as the interest rates tend to be higher. One tip to remember about getting a mortgage in Dubai is to make sure that the property being mortgaged will be able to hold its value. It is not very helpful if one cannot sell the property because of a mortgage. Another tip to remember when getting a mortgage in Dubai is to make sure that the property is one that is easy to resell, as the interest rates will tend to be higher for properties that are easily relocatable.
Finally, for those who need to get a mortgage in Dubai, it may be possible to get a residential visa. This will allow one to live and work legally in the United Arab Emirates. The process to apply for a residential visa can take several months, and expats should not get too frustrated if it takes longer than expected. Some Dubai realtors can help with the application process, but it is still important to follow the process completely.
One of the best ways to save money when getting a mortgage in Dubai is to search for a good lender. A good lender will offer competitive mortgage rates, and this will lower the overall payment. Expats who know where to look can also find great deals on their own. These tips for expats living and working in Dubai can all help a person to secure a mortgage and help them to enjoy the many benefits that a mortgage can offer.