Home Blog

Best Credit Cards UAE 2019 – UAE Credit Card Offers Comparison

0
Best Credit cards UAE

 

Compare4Benefit’s latest picks for UAE’s Best Credit Cards for 2019 should get you lathered-up into a frenzy!

UAE is a happening place with lots to shop, dine, and explore. Credit cards are a good way to enjoy the same.

In addition to the ease of payment, it offers an array of benefits such as cashback option, insurance, travel privileges, and much more that make them a good option for utilization. Some of the best credit cards in UAE for this year are enlisted below:

  • Standard Chartered Titanium Card
  • Majid Al Futtaim Finance  
  • ADIB Etihad Guest Visa Platinum Card
  • NBAD GEMS MasterCard Credit Card
  • Emirates NBD Titanium Credit Card
  • RAKBANK titanium credit card
  • Dubai First Platinum Life Card

 

Summary of Best Credit Cards in UAE 2019

 

Credit card Card Highlights Card Apply
Standard Chartered Titanium Card
  • 10% cashback in grocery and utility.
  • Upto 10% cashback in school fees.
  • Almost 50% discount on dining, entertainment and movies.
Majid Al Futtaim Finance  
  • 2% cashback on purchases in Carrefour.
  • Travel discounts of about 50%
  • Whopping 30% discount on travel, entertainment, dining, etc.
  • One on one free VOX cinema ticket.
ADIB Etihad Guest Visa Platinum Card
  • Free companion ticket.
  • Complimentary valet parking and roadside assistance.
  • Access to lounge.
  • Great earnings on travel spends.

NBAD GEMS MasterCard Credit Card

  • 7% discount on the annual fees of students studying in GEMS school.
  • Redeemable points for every AED spend.

Emirates NBD Titanium Credit Card

  • 40% discount on worldwide golf course.
  • Attractive discounts on holiday package.
  • VIP lounge access.
RAKBANK titanium credit card
  • 5% Cashback on Dining, fuel, and super mart.
  • Cinema ticket cashback of about 50%.
  • 2% Cashback on retail purchases.

Dubai First Platinum Life Card

  • Insurance facilities.
  • One on one movie free ticket.
  • Special offers on entertainment and lifestyle.

 

 

Best Credit Card for People Looking for Cash Back in UAE

ADIB Spice Card

For those who are looking to save money, taking advantage of the cashback method, the ADIB Spice Card for UAE Nationals is the best option. It offers up to 9% cashback if used efficiently. Cashback of about 9% can be availed in dining option or while eating at restaurants. While doing grocery shopping at a supermart, cashback of about 7% can be enjoyed. While filling up fuel in the tank too, cashback of about 4% can be availed every time the tank is filled up. Further, for other utility items, a minimum cashback of 1% is available with the help of ADIB Spice card. 

Further, one can earn one reward point for 1 AED spent, and then the same can be redeemed. ADIB is indeed one of the best cards to avail cashback option. In order to apply for the same, a minimum salary of 8000 AED is required, and an annual fee of 199 AED is also applicable.       

 

Best Credit Card for Going Out (Restaurant Spend)

Standard Chartered Titanium Card is one card that offers a wide range of benefits in the dining section. Offers of up to 50% can be claimed at popular restaurants, fast food joints, and cafes. At Costa Coffee, a one on one offer is also valid. 

 

Best Credit Card for people who love travel

Travel lovers will love the ADIB Etihad Guest Premium Platinum Card, which is just ideal for them. The card is designed for frequent travellers and offers them 2.5 Etihad miles (which is equivalent to points) for every 4 AED spend on this card. Now, this miles or points can be redeemed while purchasing Etihad airline tickets. In fact, the miles can also be easily used for upgradation of seats. One can also get a free extra or companion ticket in case one spends more than 150K per year on the card. So, frequent travellers can make the most of this card. 

Further, additional benefits of this card include, access to airport lounges, complimentary valet parking (4 times per month) at popular malls in Dubai and Abu Dhabi. Roadside assistance can also be received showing this card. 

In order to be eligible for this card, a minimum salary of 5000 AED is mandatory. Further, the annual charges amounting to 200 AED per month needs to be incurred by the cardholders. 

 

Best Credit Card with no foreign transaction fees in UAE

Chase Sapphire Preferred is the best credit card that does have the feature of no foreign transaction fees. This means that the card can be used for any foreign transactions without any additional money that ultimately saves almost 3% of the total money. While many other cards are on the way to waive the fees for a foreign transaction, Chase Sapphire Preferred is the oldest and the most trusted card. 

 

Best Promotional offer Credit Card in UAE

Emirates NBD is one card that is accredited with promotional offers of all kinds in UAE. One can get offers on dining, cinema tickets, flights, and even discounts on golf courses. The additional benefit is that one can keep accumulating the reward points and then redeem them for good offers.

 

Best Credit Card with Insurance Coverage

If you are looking for a credit card that has good insurance coverage, then RAKBank credit cards are your pick. Various versions of the cards are available like the RAKBank Red credit card that offers a wide array of insurances that are covered by program credit shield as well as purchase protection. Further, travel accident insurance is also covered in this card that covers issues such as loss or damage to the baggage, abandonment or delay in baggage, accident, and liabilities. In addition, the card also offers other cashback offers. It truly covers most of the insurance, options and hence, is a popular pick in this category.

 

Most Popular Credit cards in UAE

A credit card is one of the most convenient options to shop and pay and with a plethora of additional benefits; it surely does make a good option to opt for these. 

Some of the most popular credit cards in UAE that have spread its popularity are: 

  • Majid Al Futtaim (Najm) Blue Visa card
  • ADIB Etihad Guest Visa Platinum Card
  • NBAD Gems Titanium Credit Card
  • Mashreq Platinum Elite Card
  • RAK Bank Titanium Credit Card
  • Standard Chartered Bank Titanium Credit Card
  • Emirates NBD Titanium Card

 

5 Reasons why RAKBANK Air Arabia Platinum Credit Card should be your first card

0
RAKBANK Air Arabia Platinum Credit card
Request a Call From the Credit Card Consultant

Find  Best Credit Cards In Just A Few Simple Steps!

*

 

Looking for your very first credit card? How about you choose a card that would save you money with reward points, travel privileges and other benefits? RAKBANK Air Arabia Platinum Credit Card brings you all those features and more.

Benefits of RAKBANK Air Arabia Platinum Credit Card

These are the 5 reasons why RAKBANK Air Arabia Platinum Credit Card should be your first card:

1. 15,000 Air reward points bonus right away

The moment you get your Air Arabia Platinum Credit Card, RAKBANK begins to impress you with its money saving capabilities. A bonus of 15,000 air reward points is provided right away to kick start your savings.

These rewards points offer a value equivalent to a return flight ticket.

Along with that, you get to enjoy an interest-free period of credit, which is about 55 days with this card.

Note: Payment of joining fee & a Minimum retail spend of AED 5000*  in first three months is required to avail this offer.

2. Get Complimentary Flight Ticket every Year

Charm is not only for the first year, You get a complimentary return flight ticket once every year against a minimum retail spend of AED 15,000.

As per a study in UAE, average monthly spend on groceries and food by a family of 2 is more then 1,500 every month.

3. Save money by redeeming air reward points

With this credit card, you attain a refreshing form of the loyalty program. The rewards attained with this card actually bring value to your money saving goals. Plus, earning the reward points takes no effort at all.

  • 1.75 Air Rewards Points for every 5 AED spent at www.airarabia.com
  • 1.25 Air Rewards Points for every 5 AED spent within UAE
  • 1.75 Air Rewards Points for every 5 AED spent outside UAE
  • 0.30 Air Rewards Points for every 5 AED spent under the category of Government Services, Bill Payments (Telecommunication & utility), Real Estate, Car Rentals, Transport and Petrol/Gas Stations

You can utilize the earned  Air Rewards points in flight bookings, baggage, meals, seats and more. For a long period of 24 months, your reward points stay valid and ready to save you some cash. You can even redeem these points for your family or friends.

4. Earn complimentary travel benefits

Every year, you earn 6 airport transfers including pickup as well as drop off facilities within the Emirates.

About 3 times of the same service are available in several Indian destinations such as Mumbai, Kolkata, Chennai, Delhi, and Bengaluru.

Click here to know more about terms and conditions.

5. Extraordinary discounts

This card is reliable money saving choice due to its unique discount features. For instance, you get a 15% discount from AVIS on renting cars  anywhere across Europe, Africa, the Middle East and Asia.

The discount of 12% is available when you rent cars by AVIS in Canada or the United States.

Similarly, there are discounts available on shopping, hotel booking, and airline tickets. So, you get to save money every possible way.

6. Save money on dining in more than 2000 restaurants

RAKBANK offers a special RAKfoodie program for food lovers who love to eat at the finest restaurants. This program includes more than 2000 restaurants, in which you can get a discount up to 30% by using your Rakfoodie App.

Plus enjoy Buy 1 Get 1 free and Best Foodie Fridays offers on your favorite cuisines and restaurants.

 Apply Now to Get a RAKBANK Air Arabia Platinum Credit Card

So, are you ready to save money with your very first credit card?!

Dubai Apartments At Affordable Prices: An Average Drop of AED 400,000

0
Dubai Apartment
Request a Call Back

Find The Best Mortgage, Home Loan In Just A Few Simple Steps!

*
*

This is the high time for home buyers to get their dream apartment in Dubai.

The last four years have shown a drop of 19% in the prices of Dubai apartments. So, the prices have gone down by around 0.5 million AED.

In the April month of 2019, the selling price of a regular Dubai apartment reduced down to affordable 1.7 million AED.

This is a huge drop of around 400000 AED when you compare with the prices of apartments during September 2015.

Related : Check Mortgage Rates Today

The price drop is visible in all property types

Along with the apartments, the market has become affordable for villa as well as townhouse buyers. The same time period of 4 years has reduced the townhouse and villa prices by 20%. So, a villa valued at 5.6 million AED is now available at 2.5 million AED or less. This is a great time for home buyers to select their favorite properties and invest.

Even the price drop between March 2019 and April 2019 was an impressive value of 1.5%.

Locations and communities with higher price declines

The price decline of properties is higher in certain locations and communities of Dubai. The locations such as Emirates Living, Dubai Silicon Oasis, Jumeirah Lakes, IMPZ and others are showing 14% or more decline in the prices.

Why Dubai properties?

Dubai has immense popularity among international property investors. People from the United Kingdom, India, Pakistan, and nearby Gulf countries invest in the lifestyle of this city.

The latest information from the Land Department of Dubai says that the investor interest is still high. The average transaction in the real estate market of Dubai is about .9 billion AED in a week.

Even in the presence of buyers, the market is expected to showcase a further decrease in the prices of apartments. More properties are getting developed and delivered, which tends to reduce selling prices.

Also Read : Dubai Mortgage Complete Guide

This holds a great opportunity for investors and buyers looking for cost-effective deals on the Dubai real estate market.

How about you leverage this opportunity and get your apartment in Dubai?

5 Money Saving Tips For Small Businesses

0

In any economy it can be difficult to keep a small business going – but, with the right guidance on balancing the budget, a business can flourish. Here are some efficient ways costs can be cut even in small businesses:

1. Cutting shipping costs

Businesses that ship products to their customers can often be lumbered with substantial shipping costs, especially when dealing with international orders.

It pays for business owners to shop around for the best shipping rates or negotiate better terms. By doing so, not only can you save a substantial amount of money long-term from lower shipping costs, but you can potentially expand the range of places you can send your products to.

Amazon, for example, was able to sell books to 50 US states and 45 countries by the end of their first month of trading. 

2.Rewarding customers and employees

It pays for even small businesses to reward loyal customers with discounts on company products or services, and this helps to build relationships with the consumer that will bring the company more profit long-term. 

This doesn’t need to be limited to customers – you should also reward employees who are driving company profits. Rewarding profitability encourages more of it and improves the overall work environment.

3. Using open-source software

The overwhelming majority of businesses utilise software for operations at different levels of the business. This can make the workflow more efficient, but can also be very expensive for a small business.

When looking for software to suit different operational requirements, it’s best to also look into free open-source options and compare them with more expensive solutions to see if they meet requirements.

This isn’t just something small businesses take advantage of either, it’s something that large companies such as Yahoo! do too.

4. Cutting maintenance costs

Businesses, both large and small, incur some maintenance costs for different tasks, such as cleaning services or other routine service tasks.

This can accumulate a lot of unnecessary costs. A small business has the advantage of being able to reduce unnecessary services to more infrequent time periods in order to save money (by cutting back on cleaning or other maintenance services, for example).

5. Taking on entry-level recruits 

Small companies should take advantage of hiring inexperienced yet still perfectly competent people who they can pay entry-level salaries to. This would apply particularly to younger people, students for example, with newly acquired degrees who can apply their education to the entry-level sector of the business and gain the experience necessary to progress.

Lots of bespoke software engineering companies take on student developers as apprentices in order to save money, as opposed to spending more on a salary for an employee with years of experience.

6. Outsourcing where applicable

Businesses obviously require staff to carry out daily operations to keep the workflow and productivity of the business intact.

Small businesses, however, can also save money by outsourcing some work to independent contractors rather than hiring more full-time employees requiring expensive salaries in the long term.

Amazon, for example, outsources their inventory management while insourcing logistics to provide same day shipping.

7. Bulk purchases

Saving money by buying in bulk is something any business should be taking advantage of – whether it’s for general office supplies or equipment such as computers and peripherals, or products from online suppliers.

Generally speaking, these should be frequently purchased items or frequently used equipment. In addition to bulk buying, a business should compare and contrast different suppliers to find the best prices.

Loan Against Property in Dubai (Updated) | Compare4Benefit

0
Loan Against Property in Dubai
Request a Call Back

Find The Best Mortgage, Home Loan In Just A Few Simple Steps!

*
*

Here, in this post, you will get the much-needed clarity to successfully attain loan against property in Dubai.

When looking for a loan against property in Dubai, you need to have an eye to compare multiple loan offerings to find the cheapest option that matches your requirements. You need to consider a variety of factors such as interest rates, your credit score and others to pick the right option.

                                        Compare Mortgage Loan in UAE

There are various options and providers of loan against property. This can lead to confusion regarding the right selection.

What is LAP or Loan against Property?

When attaining a loan against property, you use your house or any other property as a mortgage. A loan provider evaluates the value of your property to decide the loan amount that you can attain.

A particular percentage of your property’s market value is given to you as a loan. The percentage amount can differ from banks to banks.

Getting this type of loan makes your property collateral, which means that your lender holds the right to conduct a property auction if you fail to pay back your loan. This makes loan evaluation extremely important before choosing a provider.

Reasons why people tend to get a loan against property in Dubai

There can be many reasons why people decide to get a loan against their property. Generally, these reasons make such loans effective for a person:

1. Ability to fund your kid’s education

Many people utilize the value of their property by using it as a mortgage to pay for their kid’s education.
A property loan offers a chance of attaining lower interest rates as compared to the interest rates on education loans.

2. Expanding your business

If you are trying to set up your own business, you know the importance of investment. A business requires investment to get bigger and offer more revenue.

Many people decide to utilize their property as a mortgage, so they can fund their business independently. However, it is important to carefully evaluate the chances of success and associated risks of your business plan.

If anything goes wrong, you have to pay the loan back on your own without getting any aid from business revenue.

Similarly, there can be other personal as well as professional reasons to leverage the market value of your property with a loan.

No matter what your reasons are, it is important to create a thorough plan around that reason, to ensure the security of your property.

Dubai Mortgages

Benefits of using a loan against property in Dubai

In Dubai, there are multiple choices of loan providers ready to offer loan against your property. These open gates for property owners with a variety of benefits.

1. Low interest rates

In this type of loan, your property works as collateral, which gives you an opportunity to attain a higher loan amount at a low-interest rate.

The interest rates on these types of loans usually stay considerably lower than personal loan options. However, there is still a wide range of diversity in terms of interest rates
offered by loan providers in Dubai.

Hence, loan product comparison becomes an important aspect of research for you.

Related: Best Mortgage rates in UAE 2019

2. Easy to attain

Due to the use of property as collateral, this type of loan comes within secured loans. Hence, there is a broad range of lenders available to offer these loans. So, the availability of a loan provider doesn’t become a problem.

3. Longer tenure

The tenure of paying your loan back becomes includes multiple choices depending on the lender you select.

Generally, these loan tenures can be around 5-25 years or so. The longer tenure makes repayment way more comfortable than other kinds of loans. However, the tenure factor depends on your loan provider.

Must Read : Rent to Own Schemes Dubai

4. Reduced EMI

As the tenure of a loan increases, the monthly EMI decreases. The opposite condition is also true. With longer tenure, you get to enjoy a convenient EMI to repay your loan.

This resolves the chances of putting too much pressure on your financial condition as a whole. You can find a balance of tenure and EMI to keep the best-suited repayment plan.

What type of property can you utilize to gain a loan?

It has to be your own property if you want to get a loan against it. You can utilize your self-occupied home or rented property to attain this kind of loan. The lenders also accept a land piece that comes within your ownership. But it is critically important to utilize a property that has no other mortgage burden.

What makes you eligible for a loan against property in Dubai?

A lender of a loan against property Dubai can consider these factors to decide your eligibility:

1. The credit score you have

One of the biggest eligibility factors for loan acquisition is your credit score. However, many people think that credit score is important only for an unsecured loan. However, that is not true.

Many loan providers consider your credit score before deciding to offer a secure loan as well. Your credit score tells lenders about your history of loan repayment.

Hence, with a high credit score, you become eligible for a loan easily. Similarly, a bad credit score can lead to complications when trying to acquire a loan against your property.

2. The source of income you have

Your property works as collateral, but most banks and other lenders evaluate your source of income as well. This is to make sure that you have enough financial stability to repay your loan in terms of monthly installments.

In some cases, not having necessary income can lead to loan cancellation, even if you have a high-value property, which is why you should pick your EMI aligned with your overall monthly income.

Also Read : Complete Guide on Mortgage in Dubai

3. The validity of property ownership

You have to present all the necessary documents to prove the authenticity of your ownership. This is highly important in the case of using your property as collateral.

The property documents such as the title deed, building plan, registration, and approval documents from relevant authorities matter too.

There should be no legal complication associated with your property. Before submitting the documents, it is necessary to ensure that your name is there as the property owner or property co-owner.

4. The tenure you aim for

The tenure of a loan is definitely flexible in these types of loans. But, you can’t blindly select a too short tenure, as it can lead to loan rejection.

You need to understand the conditions related to the income you have and the tenure you want to attain. If your monthly income is low, it is better to try attaining longer
loan tenure. Commonly, loan tenure can go up to 15 years of time in Dubai.

5. Your age as the borrower

There are age-related limitations associated with long against property in Dubai. Young eligible people get loan approval easier than older people. At the same time, the tenure options also become limited, depending on how old a borrower is.

So, a person with the age of 55 years needs to repay his or her loan in a short span of time. Which is why the factors age, tenure, and income are all combined together to decide the comprehensive eligibility of a borrower.

6. Your job history

The ability to get loan approval gets partially affected by the history of your job. The stability of your industry, nature of job such as self-employed or professional and other factors are considered by several banks.

The sustainability of your job also matters. So, if you have changed your jobs very frequently in the past, it can put a dent in your loan application. All in all, a stable career increases the strength of your ability to gain loan approval.

7. Availability of your property insurance

The presence of property insurance strengthens your ability to acquire a loan against it. The insurance allows a lender to feel secure about the condition of your property and its value in case of any unforeseen situation.

The insurance also protects your own family from any unforeseen burden of loan repayment. Having insurance also assists in negotiating better interest rates.

8. Previous loan applications

Some lenders look at the history of your loan applications. Any rejected loan puts a red remark on your profile, which can make current loan approval difficult. Hence, you should discuss previous loan applications and their situations with a lender in advance to find effective solutions.

Conclusion:

Getting a loan against your property is easy in Dubai. The factors of eligibility are there to help you acquire the right loan without putting too much effort.

You don’t have to invest a lot of time if you have a systematic plan and proper guidance. Simply clarify your reason for getting a loan against your home or any other property.

Then, use that reason to create a financial profile that would support your eligibility.
This way, you can attain the best-suited loan at a perfect interest rate for a reasonable repayment period.

Credit Score in UAE | All you Need to Know – Compare4Benefit

0
Credit score in UAE

This blogs helps to know more about Credit score in UAE.

A credit report plays a significant role in your financial life. It helps banks determine how credit-worthy you are. Though introduced only in 2014, credit reporting is now standard across UAE.

This implies that it is now important to keep a note of your finances such that your credit report does not suffer.

No Annual Fee Credit card

Who Runs Credit Reporting In UAE?

The concerned organization is the Al Etihad Credit Bureau (AECB). It was set up by the federal government of the UAE in 2010.

Its function is to collect regularly, payment and credit information from both non-financial and financial institutions in the UAE.

After analyzing such data, AECB can come up with an accurate report (credit score) on the credit-worthiness of any given person. It indicates whether he or she is likely to default on loans.

What Data Is Collected?

Your bank will access AECB data about your financial obligations. Hence, if you have some loans and a few credit cards, it will be indicated in your credit report. Additionally, the details of your payment history will also be included.

Thus, if you regularly miss loan repayments, or your credit cards are maxed
out, it will be shown in your credit report.

At the same time, if you have a stellar record with no late payments of loans and a credit card which is always paid up, this will also go into your credit report.

AECB will also collect data from non-financial firms to know if you are current on other financial obligations.

Thus, for instance, if your telecom providing company reports on any missed bill payments,
or so does any other company, it will be recorded in your credit report.

Related : Are you Looking for Credit Cards with No Annual Fees. Apply on Compare4Benefit.

What Is Credit Scoring?

Credit scoring was launched last year by the AECB. It is a more advanced version of credit reporting.

For a credit score, the AECB will analyse all the data it collects about you and compiles it into a score.

The score ranges from 300 to 900. A low score indicates that you will be risky to be lent to while a high score indicates that you are dependable and not risky.

How is the Credit Score Calculated?

The process is much like a credit report. But while the credit report simply lists your liabilities and highlights any missed payments, the score provides a general indicator as to how risky a debtor you might be.

Issues like missed telecom bill payments, maxed out credit cards and bouncing cheques will all have a negative impact on your credit score.

The vital point to note is that your credit score is fluid and flexible. It changes much on the basis of your financial behavior.

This implies that if you have a poor credit score, you can adopt steps to improve it.

Why Do You Need Good Credit Scores?

Like the case of credit reports, banks will pull your credit scores when you are applying for a Credit card or Personal loan.

As a rule of thumb, most banks will refuse you a loan in case your credits score is less than 500 or 400. In sum, if you are planning to buy a vehicle or a home, you need a good credit score.

How to Improve the Credit Score?

You can take many steps towards improving your credit score. Firstly, get hold of your credit report and identify issues which are pulling down your credit score. After you do this, you must keep on top of your payments and ensure that all your financial obligations are met.

Improving your credit score is totally possible through careful planning.

How to Save on Car Insurance with a No Claim Certificate

0
No Claim Certificate

 

Are you wondering about “No Claim Certificate” benefits for your car insurance? Well, you’re at the perfect place. Just keep on reading.

Actually, “No Claim Bonus” (NCB) is a discount that a policyholder receives from the insurance provider if he/she makes no claims throughout the policy term.

As a result, the policyholder gets a certain discount in times of renewing his/her policy.
Want to shift from the current insurance company to another? Then, collect your no-claim discount certificate from your last insurance company.

Without any doubt, NCB is a great way to save some of your hard-earned money on policy renewal.

car insurance UAE
How No Claim Certificate helps you to save your investment?

You’d be glad to know that a great benefit will be welcoming you in terms of “No Claim Bonus” every year. That means the more years you remain claim-free, the more discount you’ll gain.

In fact, NCB lets car insurance holders save maximum 20% on their premium.
According to the UAE Insurance Authority, a policyholder, who was claim-free for the duration of one to three years, is eligible for a discount anything between 10% and 20% regarding car insurance renewal in Dubai.

More than 10%? Some insurers also offer up to 30% of discount to policyholders, who haven’t claimed for five years. So, having a satisfactory driving history can lead you to a high discount on the premium.

However, a lot of factors are considered in this regard, including the policyholder’s age, occupation, and customer history, etc.

What will be the scenario after making a Claim?

Did you make a claim last year? Are you now wondering for your NCB cancellation? The real scenario is different.

Actually, car insurance providers alleviate the “No Claim Bonus” percentage while it comes to renewal of the policy.

Since no specific rule is there, the reduction amount differs for different insurance companies. So, be assured! Your NCB benefit won’t be nullified even after a claim has been made from your side for any unpredicted event.

If you have any confusion, get your queries resolved from your insurer.

What about transferring No Claim Certificate?

NCB is meant for an insured vehicle and so you can’t transfer it to someone else. Yes, transfer of NCB is possible in case of shifting the car insurance company.

Your previous insurer will provide you with a “No Claims Certificate.” Don’t worry- you won’t need to invest any further amount. The UAE Insurance Authority has set these new regulations.

What is No Claims Discount Protection?

I hope that you have now realized how NCB can be helpful in saving your investment in policy renewal.

However, it’s also important for you to know about No Claims Discount Protection. It’s all about a special protection feature involved with your NCB.

With this feature, you can rest assured of your discount in coming years even after making a claim.

Thus you can keep your NCB as it is in times of policy renewal even a claim has been already presented from your side. But, some limitations will be there.

Different insurance companies obey different rules for No Claims Discount Protection. So, it’s better to ask your insurer about all the guidelines.

If a policyholder meets an accident for his/her own mistake, this feature will not be applicable. A police report for the accident is needed to claim this protection.

Related : Car Insurance Cost in UAE

 

Protected: Dubai Mortgage Calculator

0
Mortgage Calculator

This content is password protected. To view it please enter your password below:

Mortgage mistakes first time home buyers should avoid

0
Request a Call Back

Find The Best Mortgage, Home Loan In Just A Few Simple Steps!

*
*

This post highlights potential mortgage mistakes first time home buyers should avoid.

You don’t buy a home every day. It is a critically important decision that requires a strategy to perfection.

But, a first-time home buyer is more likely to make a few mistakes. Most mistakes happen when you decide to select a mortgage for your first house.

It is a common concept that we learn from our own mistakes. However, your house mortgage is not something you can afford to make a mistake with.

Related : Check Mortgage rates in UAE

Five First-time Home-Buying Mistakes to Avoid

 

  1. Not knowing multiple loan options

The biggest mistake you can make it not investing your time and effort in mortgage product research.

There are various options provided by the banks in the UAE for mortgage loans. Each comes with their specific benefits and features. But if you stay unaware of those features, mistakes happen.

People tend to ask a family member or their realtor and make their decision. You can’t afford to make an uninformed decision.

Thanks to online comparison sites for financial products, you can conduct comprehensive research in advance.

This way, you can find an exact match of mortgage for your needs.

Related : Compare Mortgages in UAE

2. Forgetting about a credit score analysis and pre-approvals

According to many people, finding a mortgage can take more effort than searching a property in the UAE.

There is a whole list of factors that go under evaluation before you get loan approval.

Banks, generally, look into your monthly income, credit score, and other factors to decide the loan amount you can acquire.

You can use Mortgage Calculator to determine your monthly finance repayments as well as the additional fees which is required to buy property and take mortgage in UAE.

This is the reason why you have to understand all the required pre-approval information. Then, get your credit score analysed before applying for a mortgage.

3. Applying for a too big of a mortgage

Banks are ready to offer the maximum mortgage amount, for which, you qualify. But, do you actually need that maximum amount?! This is the question smart home buyers ask in order to avoid a big mistake.

Big mortgage means a longer repayment period, which can impact your life in a big way. You need to think about the future plans and necessary phases of your life.

While banks evaluate the maximum amount of mortgage you can get. You should evaluate the minimum mortgage amount required.

Sit with your financial adviser to understand your daily, monthly and annual budget. Then, use the conclusions to align with the repayment method of a mortgage.

4. Not looking at house acquisition additional expenses

When buying a new house, you don’t just pay the asked price for the selected property. The acquisition process includes several additional costs.

Generally, you have to spend money as a valuation fee, land department fee, property registration fee, mortgage registration fee, processing fee for the mortgage and others.

These additional expenses can boost your payable amount up to 31 percent.

No need to say, you can’t afford to ignore these expenses. Otherwise, it will delay the mortgage acquisition and restrict you from getting your home.

See Also : How to Buy a Home in Dubai with a monthly salary of 10000 Dirhams?

5. Ignoring the annual home maintenance cost

When selecting your mortgage, you can’t only focus on the payment you give back for that mortgage. You are buying a house, which also puts pressure on your financial state.

If it is a big house, you will be spending money every year for its maintenance. Repair and other costs are factors that people forget when looking at their mortgage payments. You shouldn’t make this mistake.

Why make mistakes when you can prepare to perfection! You can strategize your mortgage for a new house by avoiding the mistakes mentioned above.

Do this and you will find yourself relaxing in your dream home soon. That too, without worrying stressing over the mortgage you have acquired.

Suggested Article : Dubai Mortgage for Non Residents in UAE

Car Registration in Dubai and UAE – A Short Guide | Compare4Benefit

0
Car registration Dubai

Thinking of renewing your car registration? Here is a simple guide to car registration in Dubai.

In Dubai and other cities of the UAE, you are required to register your car every year.

In the case, you have freshly purchased a car; the car dealer will handle the complete registration process in the first year.

But, from the second year, car owners must complete the procedure themselves.

The car owner in Dubai needs to spend approx. Dh 500 for car testing and renewal of registration.

car insurance UAE

It can be done by the owner himself through online means or taking the help of any other agency.  

Since April 2018, new toll gates set up on roads across Abu Dhabi have been scanning cars which pass by for checking whether they are registered.

Related : Looking for Online Car Insurance? Get Best deals on Car Insurance from Compare4benefit.

Thus, annual registration of your car is mandatory by law. The good news is that authorities in the UAE have made the process of renewal simple and seamless.

The car owners are given a 30-day grace period for renewing expired registration. This permits car owners to conduct necessary repairs on their car if it fails the inspection procedure. This is why car insurance policies are 13 months long.

Formerly car owners had to pay Dh 10 for every month that they failed to renew the car registration after the 30-day grace period.

But, since April 2018, the fine has increased to Dh 500 and four black points while they pass via new toll gates in Abu Dhabi. Such cars can be impounded for 7 days, and in some cases, the drivers have lost their licenses.

Car Registration in Dubai Renewal Process

  • Documents required:

Firstly, pay up all bills related to the car like unpaid traffic fines.

You must also resolve any black points with the Dubai or Abu Dhabi police.  

For renewing registration, you require your Emirates driving license and Emirates ID as well as 3 important documents: car test certificate (car must pass the exam), old registration card and renewed motor vehicle insurance.

  • Getting the car tested

In their first two years, new cars are exempt from testing.

After this, you will need to visit one of the RTA or ADNOC vehicle testing centres to have your car assessed and earn the ‘passed’ certificate.

This is to ensure that the car is roadworthy and its tyres, suspension, steering, braking systems as well as chassis are in good condition.

Based on the vehicle category, you must also display your fire extinguisher, spare wheel, and safety triangle.

The test costs around Dh 170, takes 20 to 40 minutes, based on customer volumes and is valid for 30 days.

In the case, validity lapses or car fails test; it must be subject to a re-test which needs fees to be paid again.

Where To Go?

When you buy a car freshly from a dealer, he will take care of renewing registration in the first year.

But in the second year, you must do the renewal yourself. The UAE authorities have several conveniently located centres to complete renewal.

How to Renew Car Registration in Dubai

You have two options:

  • In person

Wait in the registration center; pay the renewal fees and pick-up the renewed registration card.

You will be handed with a new registration sticker with a fresh expiry date. Place the new number plate on the old one.

  • Online

Try the online route by heading over to the RTA website or e-service portal of the Abu Dhabi police.

Simply select your vehicle, submit relevant documents and confirm delivery method (pick up or courier). Your application will be processed in 5 days.

  • Outside agency

In the case, you don’t have time for the above; you can use “Personal Appearance Service” of the RTA.

A pin will be provided after submitting registration details at the RTA centre. You can then use any other person to do the renewal process on your behalf using this pin.

This pin expires with one visit by your representative and must be renewed for further visits.

This is the process of car registration in Dubai and the rest of the UAE.