Buying a property in cash may be more cost-effective in the long run while there’s another option for you to be able to buy a property in Dubai which is mortgage.
A mortgage gives you more options when it comes to managing your money.
- Find an Adviser
It is important to find a mortgage adviser for an initial consultation. Larger mortgage brokerage businesses are often affiliated with the majority of UAE banks and have access to a wide range of mortgage alternatives, which will save you time and money on your mortgage.
- Pre-Approval Letter
A pre-approval is a bank's statement of your eligibility. It comprises the fundamental conditions of the mortgage, such as the loan amount, loan-to-value (LTV), tenure, interest rates, and so on. Obtaining a Pre-approval is the most time-consuming element of the mortgage procedure; consequently, it is recommended that you obtain a Pre-approval before picking your house or signing the Memorandum of Understanding (MOU).
- Decide your dream house
It's time to start looking for the right property now that you have a budget and a pre-approval letter. Depending on the lender, pre-approval letters are usually good for 60 to 90 days. This offers you plenty of time to look for the house you want to buy.
The next step after finding the right property, contact your bank to finalize the loan arrangement. Once all the paper work and payments is done, Congratulations! You are now the property owner.