In the current situation, holding a property is difficult but it is the need of everyone. Ownership of a house is a dream for a salaried person. Middle-standard men cannot fulfill their wishes without lending money. Banks are providing loans for home purchasing and home construction. Most people are living in rental apartments or houses and they never want to spend their salaries on rent every month. Because of this, they try to get a loan to purchase their own house and they want to calculate the loan first via the home loan calculator UAE.
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A mortgage loan means you can get a loan from the bank and give security against the property. This is an old term that is existing for several years ago. Bank will get your property papers as security of a loan. If a client cannot repay the amount at the mentioned time, the bank will take custody of the client’s house. Both terms home or mortgage are used in present days, different banks have different strategies for house loans. Some banks provide loans only on a mortgage system and some are providing on a salary and an investment system
Specifications of Home loan
Home loan is the same as other loans, banks are providing loans equally to salaried persons. If your salary is 3,500 AED to 5,000 AED, you can get a loan for your apartment or house. A home loan is usually a long-term project and an installment plan is easy. One more thing is, there are annual maintenance charges fixed for the property. That is almost 12% annually according to your property worth. For example, if you want to buy an apartment valued at 450,000 AED, so 12% will be charged after a year. If you want to purchase a house for 450,000, the down payment would be 200,000.
Mortgage Loan In UAE with multiple characteristics
In UAE, several banks that are providing the mortgage loan required some documents and bank statements of about 6 months. A client can obtain the loan within 4 to 6 weeks from applying date. A client should check his eligibility and visits different banks according to his salary or investment that he is going to invest.
Mortgage loan in UAE is also provided by some other financial companies. These companies are designed only for house loans and house rents. These companies provide loans with an easy payment method. Buyers who like to buy a hotel apartment also can get bank finance with specific terms and conditions.
When your apartment is finalized you will get some documents about the apartment that contains the building name, apartment number, and some other details.
Crowdfunding
This is another term used in UAE for property investment. If you don’t have a big amount for buying a property, some companies are providing crowdfunding. According to this term, different employees can invest in one big project. In this case, your investment, maintenance charges, construction charges, and also profit will be equally divided. This term is for salary-based people, they can get a loan for this purpose, and can repay easily. A candidate can easily calculate the home loan through the online available calculator, that home loan calculator UAE will give you accurate results without delay.
Eligibility
- Eligibility is the same as for the other loans in UAE. First of all, a client should prepare an Emirates ID, a legal passport, and a visa.
- Secondly, you should have the bank statements of about 4 to 6 months.
- Thirdly, clients should have an experience in a job or a business of almost 3 to 4 years.
Conclusion
In conclusion, owning a property is a dream for many people, and obtaining a home loan or a mortgage loan can make that dream a reality. The process of acquiring a loan for a home purchase or construction in UAE involves various eligibility criteria and specifications that need to be considered. The availability of a home loan calculator UAE makes it easier for individuals to calculate the loan amount and installment plan that fits their financial situation. Moreover, different banks and financial companies provide loans with various terms and conditions, such as mortgage loans, crowdfunding, and investment-based loans. Overall, with careful consideration and financial planning, it is possible for individuals to achieve their goal of owning a house in UAE.
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