Is it easy to get home loan for expatriates in Dubai?
Well, there are two things. First, you live in Dubai and what is your social status? Let me make it more simple and clear so that all type of readers could take maximum benefit from this written material. We will analyze the condition of two clients who are looking forward to a home loan in Dubai and also they live in Dubai as expats –
Low budget Client
One is working as a labor class in a company and he/she will have to work for eight hours daily. Also sometimes work for extra hours to earn more money to support rest of the family members. For such type of client top banks of Dubai have some special type of loan services and these are actually unsecured loan options. Not in a negative sense but unsecured means banks are not in a position to give a big amount to such a client in the form of a home loan. So the client here needs to cater his/her investment plans in that specific budget. Also, this type of home loan does not affect the client nor the lending institution. It is more smooth and easy to handle. No need to show asserts or property for such type of home loan.
A competent client in a better financial position
Well, on the other hand, there is a doctor by profession who have a job in one of the best hospitals in Dubai. He is more secure than any other client. Every month he got a handsome salary package. But this type of client also needs to have his/her own home or a property to live in Dubai. Believe me, it’s not easy for such type of customer.
But here top banks of Dubai come and make things easy for such type of clients. There is an option of a mortgage loan in which a borrower can be placed a property against a loan amount. The value of the property is exactly more or less equal to the amount of loan being borrowed by the lender. So at first, it looks like a difficult task but it just a simple process. If you live in an apartment on rent and every month you are paying a big amount for rent, it is very problematic. And one more the home loan for expatriate’s catered the amount of repayment that is exactly equal to the amount of rent one is paying every month. So, on one hand, you have your own home by taking home loan service and on the other hand, you are paying rent for a property that is nothing for you at the end of the day.
Now I think it would be easy for you to decide. Also, the home loan options and packages vary from customer to customer and in the different range of deals. These deals are planned according to the suited budget of clients.
What’s the difference for Home loan through Islamic banks?
There are two main departments for home loan in Dubai. One of the categories comes from the Islamic banks and other home loan category come under the usual conventional banks. Both have some plus points. To choose one of them it all depends on your requirement. Conventional banking patterns charged interest on each service. But Islamic banks are completely interest-free. As most of the people in Dubai are expatriates, they prefer for Islamic banking options as they are interest-free. These services are completely according to the sharia law.
Main points of Eligibility Criteria to get home loan for expatriates?
If you are an expat and live in Dubai, the eligibility criteria to get home is different than applied to local residents. First of all, you have a strong banking history in the form of past financial commitments. Second, you are required to provide an employment certificate to support your application for a home loan in Dubai. Other than this some documental proofs are required by the particular bank. You should be well prepared for all your document and certificates while applying for home loan.
Now if we talk about precisely to get home loan for expatriates, there is no other best option than Mashreq bank of Dubai.