{"id":2538,"date":"2023-04-23T18:08:32","date_gmt":"2023-04-23T18:08:32","guid":{"rendered":"https:\/\/www.compare4benefit.com\/blog\/?p=2538"},"modified":"2024-05-11T08:54:02","modified_gmt":"2024-05-11T08:54:02","slug":"mortgage-basics-you-should-know-but-are-afraid-to-ask","status":"publish","type":"post","link":"https:\/\/www.compare4benefit.com\/blog\/mortgage-basics-you-should-know-but-are-afraid-to-ask\/","title":{"rendered":"Mortgage Basics You Should Know But Are Afraid To Ask"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Investing in your dream home is a very big deal in your life. And the process involves meeting with developers and agents, browsing through the internet, talking with family and friends, visiting properties, and then making the final decision. All these things are exciting, but there is one thing that is often less exciting, financing your home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You need to choose the right type of <strong><span style=\"color: #ff00ff;\"><a style=\"color: #ff00ff;\" href=\"https:\/\/www.compare4benefit.com\/all-loan\/mortgage-home-loan\">mortgage in Dubai<\/a><\/span><\/strong> so that you can properly finance your dream home. If you are looking for mortgage options in Dubai and the ways to make the most out of it, then this guide is perfect for you. In this detailed article, we will be delving into details that cover the basics of a mortgage in Dubai.\u00c2\u00a0<\/span><\/p>\n<div style=\"display:none\" class=\"fm-form-container fm-theme15\"><div id=\"fm-pages9\" class=\"fm-pages wdform_page_navigation \" show_title=\"\" show_numbers=\"1\" type=\"none\"><\/div><form name=\"form9\" action=\"\/blog\/wp-json\/wp\/v2\/posts\/2538\" method=\"post\" id=\"form9\" class=\"fm-form form9  \" enctype=\"multipart\/form-data\"><input type=\"hidden\" id=\"fm_page_id9\" value=\"2538\" name=\"fm_page_id9\" \/><input type=\"hidden\" id=\"fm_current_post_type9\" value=\"post\" name=\"fm_current_post_type9\" \/><input type=\"hidden\" id=\"counter9\" value=\"13\" name=\"counter9\" \/><input type=\"hidden\" id=\"Itemid9\" value=\"\" name=\"Itemid9\" \/><input type=\"hidden\" id=\"fm_shake9\" value=\"1\" name=\"fm_shake9\" \/><input type=\"text\" class=\"fm-hide\" id=\"fm_bot_validation9\" value=\"\" name=\"fm_bot_validation9\" \/><input type=\"text\" class=\"fm-hide\" id=\"fm_empty_field_validation9\" value=\"\" name=\"fm_empty_field_validation9\" data-value=\"bd736efb144d599cf463541431fbf5c4\" \/><input type=\"hidden\" id=\"fm_form_nonce9\" name=\"fm_form_nonce9\" value=\"acf6b8c6e9\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/blog\/wp-json\/wp\/v2\/posts\/2538\" \/><div class=\"fm-header-bg\"><div class=\"fm-header image_left_right\"><div class=\"fm-header-text\">          <div class=\"fm-header-title\">            Request a Call Back          <\/div>          <div class=\"fm-header-description\">            <b class=\"wiz_hdr_txt\" style=\"font-size: 20px;font-weight: bold;color: #337799;font-family: sans-serif;cursor: default;line-height: 30px;padding: 0px 5px;margin-top: 0px;margin-bottom: 0px\" data-lines=\"2\">Find The Best Mortgage, In Just A Few Simple Steps!<\/b>          <\/div>        <\/div><\/div><\/div><div class=\"wdform-page-and-images fm-form-builder\"><div id=\"9form_view1\" class=\"wdform_page\" page_title=\"Untitled page\" next_title=\"Next\" next_type=\"text\" next_class=\"wdform-page-button\" next_checkable=\"true\" previous_title=\"Previous\" previous_type=\"text\" previous_class=\"wdform-page-button\" previous_checkable=\"false\"><div class=\"wdform_section fm-col-1\"><div class=\"wdform_column\"><div wdid=\"6\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_text\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_text\" ><div class=\"wdform-label-section wd-width-30  wd-flex-row wd-align-items-center\">    <label  for=\"wdform_6_element9\" class=\"wdform-label\">Your Name<\/label><span class=\"wdform-required\">*<\/span><\/div><div class=\"wdform-element-section wd-flex  wd-flex-row wd-align-items-center wd-width-70\" ><input type=\"text\"                           class=\"wd-width-100\"                           id=\"wdform_6_element9\"                           name=\"wdform_6_element9\"                           value=\"\"                           data-value=\"\"                           title=\"\"                           placeholder=\"\"                                                       attribute=value \/><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"12\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_country\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_country\" ><div class=\"wdform-label-section wd-width-30 wdform_select wd-flex-row\">    <label  for=\"wdform_12_element9\" class=\"wdform-label\">Nationality<\/label><span class=\"wdform-required\">*<\/span><\/div><div class=\"wdform-element-section wd-flex wdform_select wd-flex-row wd-width-70\" ><select class=\"wd-width-100\" id=\"wdform_12_element9\" name=\"wdform_12_element9\" ><option value=\"\" ><\/option><option value=\"Afghanistan\" >Afghanistan<\/option><option value=\"Albania\" >Albania<\/option><option value=\"Algeria\" >Algeria<\/option><option value=\"Andorra\" >Andorra<\/option><option value=\"Angola\" >Angola<\/option><option value=\"Antigua and Barbuda\" >Antigua and Barbuda<\/option><option value=\"Argentina\" >Argentina<\/option><option value=\"Armenia\" >Armenia<\/option><option value=\"Australia\" >Australia<\/option><option value=\"Austria\" >Austria<\/option><option value=\"Azerbaijan\" >Azerbaijan<\/option><option value=\"Bahamas\" >Bahamas<\/option><option value=\"Bahrain\" >Bahrain<\/option><option value=\"Bangladesh\" >Bangladesh<\/option><option value=\"Barbados\" >Barbados<\/option><option value=\"Belarus\" >Belarus<\/option><option value=\"Belgium\" >Belgium<\/option><option value=\"Belize\" >Belize<\/option><option value=\"Benin\" >Benin<\/option><option value=\"Bhutan\" >Bhutan<\/option><option value=\"Bolivia\" >Bolivia<\/option><option value=\"Bosnia and Herzegovina\" >Bosnia and Herzegovina<\/option><option value=\"Botswana\" >Botswana<\/option><option value=\"Brazil\" >Brazil<\/option><option value=\"Brunei\" >Brunei<\/option><option value=\"Bulgaria\" >Bulgaria<\/option><option value=\"Burkina Faso\" >Burkina Faso<\/option><option value=\"Burundi\" >Burundi<\/option><option value=\"Cambodia\" >Cambodia<\/option><option value=\"Cameroon\" >Cameroon<\/option><option value=\"Canada\" >Canada<\/option><option value=\"Cape Verde\" >Cape Verde<\/option><option value=\"Central African Republic\" >Central African Republic<\/option><option value=\"Chad\" >Chad<\/option><option value=\"Chile\" >Chile<\/option><option value=\"China\" >China<\/option><option value=\"Colombia\" >Colombia<\/option><option value=\"Comoros\" >Comoros<\/option><option value=\"Congo\" >Congo<\/option><option value=\"Congo (Brazzaville)\" >Congo (Brazzaville)<\/option><option value=\"Costa Rica\" >Costa Rica<\/option><option value=\"Cote d&#039;Ivoire\" >Cote d&#039;Ivoire<\/option><option value=\"Croatia\" >Croatia<\/option><option value=\"Cuba\" >Cuba<\/option><option value=\"Curacao\" >Curacao<\/option><option value=\"Cyprus\" >Cyprus<\/option><option value=\"Czech Republic\" >Czech Republic<\/option><option value=\"Denmark\" >Denmark<\/option><option value=\"Djibouti\" >Djibouti<\/option><option value=\"Dominica\" >Dominica<\/option><option value=\"Dominican Republic\" >Dominican Republic<\/option><option value=\"East Timor (Timor Timur)\" >East Timor (Timor Timur)<\/option><option value=\"Ecuador\" >Ecuador<\/option><option value=\"Egypt\" >Egypt<\/option><option value=\"El Salvador\" >El Salvador<\/option><option value=\"Equatorial Guinea\" >Equatorial Guinea<\/option><option value=\"Eritrea\" >Eritrea<\/option><option value=\"Estonia\" >Estonia<\/option><option value=\"Eswatini\" >Eswatini<\/option><option value=\"Ethiopia\" >Ethiopia<\/option><option value=\"Fiji\" >Fiji<\/option><option value=\"Finland\" >Finland<\/option><option value=\"France\" >France<\/option><option value=\"Gabon\" >Gabon<\/option><option value=\"Gambia, The\" >Gambia, The<\/option><option value=\"Georgia\" >Georgia<\/option><option value=\"Germany\" >Germany<\/option><option value=\"Ghana\" >Ghana<\/option><option value=\"Greece\" >Greece<\/option><option value=\"Grenada\" >Grenada<\/option><option value=\"Guatemala\" >Guatemala<\/option><option value=\"Guinea\" >Guinea<\/option><option value=\"Guinea-Bissau\" >Guinea-Bissau<\/option><option value=\"Guyana\" >Guyana<\/option><option value=\"Haiti\" >Haiti<\/option><option value=\"Honduras\" >Honduras<\/option><option value=\"Hong Kong\" >Hong Kong<\/option><option value=\"Hungary\" >Hungary<\/option><option value=\"Iceland\" >Iceland<\/option><option value=\"India\" >India<\/option><option value=\"Indonesia\" >Indonesia<\/option><option value=\"Iran\" >Iran<\/option><option value=\"Iraq\" >Iraq<\/option><option value=\"Ireland\" >Ireland<\/option><option value=\"Israel\" >Israel<\/option><option value=\"Italy\" >Italy<\/option><option value=\"Jamaica\" >Jamaica<\/option><option value=\"Japan\" >Japan<\/option><option value=\"Jordan\" >Jordan<\/option><option value=\"Kazakhstan\" >Kazakhstan<\/option><option value=\"Kenya\" >Kenya<\/option><option value=\"Kiribati\" >Kiribati<\/option><option value=\"Korea, North\" >Korea, North<\/option><option value=\"Korea, South\" >Korea, South<\/option><option value=\"Kuwait\" >Kuwait<\/option><option value=\"Kyrgyzstan\" >Kyrgyzstan<\/option><option value=\"Laos\" >Laos<\/option><option value=\"Latvia\" >Latvia<\/option><option value=\"Lebanon\" >Lebanon<\/option><option value=\"Lesotho\" >Lesotho<\/option><option value=\"Liberia\" >Liberia<\/option><option value=\"Libya\" >Libya<\/option><option value=\"Liechtenstein\" >Liechtenstein<\/option><option value=\"Lithuania\" >Lithuania<\/option><option value=\"Luxembourg\" >Luxembourg<\/option><option value=\"Madagascar\" >Madagascar<\/option><option value=\"Malawi\" >Malawi<\/option><option value=\"Malaysia\" >Malaysia<\/option><option value=\"Maldives\" >Maldives<\/option><option value=\"Mali\" >Mali<\/option><option value=\"Malta\" >Malta<\/option><option value=\"Marshall Islands\" >Marshall Islands<\/option><option value=\"Mauritania\" >Mauritania<\/option><option value=\"Mauritius\" >Mauritius<\/option><option value=\"Mexico\" >Mexico<\/option><option value=\"Micronesia\" >Micronesia<\/option><option value=\"Moldova\" >Moldova<\/option><option value=\"Monaco\" >Monaco<\/option><option value=\"Mongolia\" >Mongolia<\/option><option value=\"Montenegro\" >Montenegro<\/option><option value=\"Morocco\" >Morocco<\/option><option value=\"Mozambique\" >Mozambique<\/option><option value=\"Myanmar\" >Myanmar<\/option><option value=\"Namibia\" >Namibia<\/option><option value=\"Nauru\" >Nauru<\/option><option value=\"Nepal\" >Nepal<\/option><option value=\"Netherlands\" >Netherlands<\/option><option value=\"New Zealand\" >New Zealand<\/option><option value=\"Nicaragua\" >Nicaragua<\/option><option value=\"Niger\" >Niger<\/option><option value=\"Nigeria\" >Nigeria<\/option><option value=\"North Macedonia\" >North Macedonia<\/option><option value=\"Norway\" >Norway<\/option><option value=\"Oman\" >Oman<\/option><option value=\"Pakistan\" >Pakistan<\/option><option value=\"Palau\" >Palau<\/option><option value=\"Palestine\" >Palestine<\/option><option value=\"Panama\" >Panama<\/option><option value=\"Papua New Guinea\" >Papua New Guinea<\/option><option value=\"Paraguay\" >Paraguay<\/option><option value=\"Peru\" >Peru<\/option><option value=\"Philippines\" >Philippines<\/option><option value=\"Poland\" >Poland<\/option><option value=\"Portugal\" >Portugal<\/option><option value=\"Puerto Rico\" >Puerto Rico<\/option><option value=\"Qatar\" >Qatar<\/option><option value=\"Romania\" >Romania<\/option><option value=\"Russia\" >Russia<\/option><option value=\"Rwanda\" >Rwanda<\/option><option value=\"Saint Kitts and Nevis\" >Saint Kitts and Nevis<\/option><option value=\"Saint Lucia\" >Saint Lucia<\/option><option value=\"Saint Vincent\" >Saint Vincent<\/option><option value=\"Samoa\" >Samoa<\/option><option value=\"San Marino\" >San Marino<\/option><option value=\"Sao Tome and Principe\" >Sao Tome and Principe<\/option><option value=\"Saudi Arabia\" >Saudi Arabia<\/option><option value=\"Senegal\" >Senegal<\/option><option value=\"Serbia\" >Serbia<\/option><option value=\"Seychelles\" >Seychelles<\/option><option value=\"Sierra Leone\" >Sierra Leone<\/option><option value=\"Singapore\" >Singapore<\/option><option value=\"Slovakia\" >Slovakia<\/option><option value=\"Slovenia\" >Slovenia<\/option><option value=\"Solomon Islands\" >Solomon Islands<\/option><option value=\"Somalia\" >Somalia<\/option><option value=\"South Africa\" >South Africa<\/option><option value=\"South Sudan\" >South Sudan<\/option><option value=\"Spain\" >Spain<\/option><option value=\"Sri Lanka\" >Sri Lanka<\/option><option value=\"Sudan\" >Sudan<\/option><option value=\"Suriname\" >Suriname<\/option><option value=\"Sweden\" >Sweden<\/option><option value=\"Switzerland\" >Switzerland<\/option><option value=\"Syria\" >Syria<\/option><option value=\"Taiwan\" >Taiwan<\/option><option value=\"Tajikistan\" >Tajikistan<\/option><option value=\"Tanzania\" >Tanzania<\/option><option value=\"Thailand\" >Thailand<\/option><option value=\"Togo\" >Togo<\/option><option value=\"Tonga\" >Tonga<\/option><option value=\"Trinidad and Tobago\" >Trinidad and Tobago<\/option><option value=\"Tunisia\" >Tunisia<\/option><option value=\"Turkey\" >Turkey<\/option><option value=\"Turkmenistan\" >Turkmenistan<\/option><option value=\"Tuvalu\" >Tuvalu<\/option><option value=\"Uganda\" >Uganda<\/option><option value=\"Ukraine\" >Ukraine<\/option><option value=\"United Arab Emirates\" >United Arab Emirates<\/option><option value=\"United Kingdom\" >United Kingdom<\/option><option value=\"United States\" >United States<\/option><option value=\"Uruguay\" >Uruguay<\/option><option value=\"Uzbekistan\" >Uzbekistan<\/option><option value=\"Vanuatu\" >Vanuatu<\/option><option value=\"Vatican City\" >Vatican City<\/option><option value=\"Venezuela\" >Venezuela<\/option><option value=\"Vietnam\" >Vietnam<\/option><option value=\"Wales\" >Wales<\/option><option value=\"Yemen\" >Yemen<\/option><option value=\"Zambia\" >Zambia<\/option><option value=\"Zimbabwe\" >Zimbabwe<\/option><\/select><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"4\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_phone_new\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_phone_new\" ><div class=\"wdform-label-section wd-width-30 \">    <label  for=\"wdform_4_element9\" class=\"wdform-label\">Phone<\/label><span class=\"wdform-required\">*<\/span><\/div><div class=\"wdform-element-section wd-flex  wd-width-70\" ><input type=\"text\"                       class=\"wd-width-100\"                       id=\"wdform_4_element9\"                       name=\"wdform_4_element9\"                       value=\"\"                       data-value=\"\"                       placeholder=\"\"  attribute=value \/><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"10\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_text\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_text\" ><div class=\"wdform-label-section wd-width-30  wd-flex-row wd-align-items-center\">    <label  for=\"wdform_10_element9\" class=\"wdform-label\">Email id<\/label><span class=\"wdform-required\">*<\/span><\/div><div class=\"wdform-element-section wd-flex  wd-flex-row wd-align-items-center wd-width-70\" ><input type=\"text\"                           class=\"wd-width-100\"                           id=\"wdform_10_element9\"                           name=\"wdform_10_element9\"                           value=\"\"                           data-value=\"\"                           title=\"\"                           placeholder=\"\"                                                       \/><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"2\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_own_select\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_own_select\" ><div class=\"wdform-label-section wd-width-30 wdform_select wd-flex-row\">    <label  for=\"wdform_2_element9\" class=\"wdform-label\">Monthly Income<\/label><span class=\"wdform-required\">*<\/span><\/div><div class=\"wdform-element-section wd-flex wdform_select wd-flex-row wd-width-70\" ><select class=\"wd-width-100\" id=\"wdform_2_element9\" name=\"wdform_2_element9\" ><option value=\"\" selected=\"selected\">Select value<\/option><option value=\"8000 AED -10000 AED\" >8000 AED -10000 AED<\/option><option value=\"10000 AED -15000 AED\" >10000 AED -15000 AED<\/option><option value=\"15000 AED - 20000 AED\" >15000 AED - 20000 AED<\/option><option value=\" 20000 AED - 30000 AED\" > 20000 AED - 30000 AED<\/option><option value=\"Above 30000 AED\" >Above 30000 AED<\/option><\/select><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"9\" class=\"wdform_row\"><div type=\"type_own_select\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_own_select\" ><div class=\"wdform-label-section wd-width-30 wdform_select wd-flex-row\">    <label  for=\"wdform_9_element9\" class=\"wdform-label\">Finance Amount Required<\/label><span class=\"wdform-required\">*<\/span><\/div><div class=\"wdform-element-section wd-flex wdform_select wd-flex-row wd-width-70\" ><select class=\"wd-width-100\" id=\"wdform_9_element9\" name=\"wdform_9_element9\" ><option value=\"Select value\" selected=\"selected\">Select value<\/option><option value=\"Less than 1 Million AED\" >Less than 1 Million AED<\/option><option value=\"1 Million to 2 Million AED\" >1 Million to 2 Million AED<\/option><option value=\"2 Million to 5 Million AED\" >2 Million to 5 Million AED<\/option><option value=\"Above 5 Million\" >Above 5 Million<\/option><\/select><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"11\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_captcha\" class=\"wdform-field wd-width-100 wd-flex wd-flex-row fm-type_captcha\" ><div class=\"wdform-label-section wd-width-30  wd-flex-row wd-align-items-center\">    <label  for=\"wd_captcha_input9\" class=\"wdform-label\">Enter Captcha<\/label><\/div><div class=\"wdform-element-section wd-flex  wd-flex-row wd-align-items-center wd-width-70\" ><img decoding=\"async\" type=\"captcha\"                           digit=\"7\"                           src=\" https:\/\/www.compare4benefit.com\/blog\/wp-admin\/admin-ajax.php?action=formmakerwdcaptcha&digit=7&i=9\"                           id=\"wd_captcha9\"                           class=\"captcha_img wd-hidden\"                            \/><div class=\"captcha_refresh\" id=\"_element_refresh9\" ><\/div><input type=\"text\"                              class=\"captcha_input\"                              id=\"wd_captcha_input9\"                              name=\"captcha_input\"                              style=\"width: 90px;\"                               \/><\/div><\/div><\/div><\/div><div class=\"wdform_column\"><div wdid=\"7\" class=\"wdform_row\" style=\"position: relative; left: 0px; top: 0px;\"><div type=\"type_submit_reset\" class=\"wdform-field wd-width-100 wd-flex wd-flex-column fm-type_submit_reset\" ><div class=\"wdform-element-section wd-flex  wd-flex-row wd-justify-content-center wd-width-100\" ><button  type=\"button\" class=\"button-submit\" onclick=\"fm_submit_form('9');\"  data-ajax=\"0\"><span class=\"fm-submit-loading spinner fm-ico-spinner\"><\/span>                                                                    Get a Free Call<\/button><button  type=\"button\" class=\"button-reset wd-hidden\" onclick=\"fm_reset_form(9);\" >Reset<\/button><\/div><\/div><\/div><\/div><\/div><div valign=\"top\" class=\"wdform_footer wd-width-100\"><div class=\"wd-width-100\"><div class=\"wd-width-100 wd-table\" style=\"padding-top:10px;\"><div class=\"wd-table-group\"><div id=\"9page_nav1\" class=\"wd-table-row\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"wdform_preload\"><\/div><input type=\"hidden\" name=\"fm-current-page\" value=\"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts\/2538\" \/><\/form><\/div>\n<h2><b>Mortgage Law In Dubai<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Mortgage Law of Dubai implies property mortgage and property units as security for a debt, which is registered within the Dubai Land Department. It highlights that a valid lender should be a bank, financial institution, or company actively licensed and registered with the UAE.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Central Bank to offer property financing in the country. Additionally, the mortgagor needs to be the owner of the mortgaged property and have the right to dispose of the same.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The law requires that only mortgages that are registered under the Land Departments on the real estate register or the interim register will be viewed as valid. The mortgage ranking is determined by the allocated serial number and time on the registration. In Dubai, only registered mortgages are considered lawful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coming to the enforcement, the law mentions that any clause within the mortgage contract specifying that when the borrower is not able to pay the bet within a certain period, the lender can seize the title of that property or can sell the property without going through the enforcement steps stated under the law.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The provision also mentions the execution process on mortgage property foreclosure, offering a streamlined procedure on default by any borrower. Following are the enforcement steps:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In case of default in payment by the mortgage borrower, the lender needs to provide him or her with 30 days of written notice via the Notary Public prior to going forward with the execution procedure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Even within 30 days, if the borrower fails to pay the due sum, upon the request of the lender, the execution judge shall order an attachment against the concerned property. It will allow the property to be sold through a public auction adhering to the applicable procedure mentioned in the Land Department.<\/span><\/li>\n<\/ul>\n<h2><b>Are You Eligible To Mortgage A Property In Dubai?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Irrespective of the type of property, to mortgage a property in Dubai, you must fulfill certain eligibility criteria. Following are the criteria you need to fulfill:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You must be between the age of 21 and 65<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you are salaried, you need to have a monthly income of at least AED 15K.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you are self-employed, your monthly income should be at least AED 25K.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The minimum salary requirement for a mortgage can vary based on the bank\u00e2\u20ac\u2122s policies. In fact, some banks allow UAE nationals to take a loan with a monthly income of AED 8K.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For self-employed individuals to get a mortgage, they must be running the business for a minimum of two years. It would be helpful if they already have an existing relationship with the bank.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, some banks will only provide a mortgage to applicants who are working for certain predetermined companies. This implies that if you are working in a government company, financial institution, or multi-national company, your chances of getting a mortgage increase.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you are working for a less-established employer, you are likely to have problems getting a loan from some lenders even when you are creditworthy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Expats can also avail of a mortgage in UAE, but there are certain criteria. You must have your existing job for at least six months or one year based on the lender\u00e2\u20ac\u2122s rules.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, it is imperative that you hold a clean credit history when applying for a mortgage because lenders will reject the applicants who have non-existent or poor credit files. So make sure you check your credit file and repair any issues before applying for a loan.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And, if you have no history of credit, then you should consider investing in a credit card and paying the bill every month to establish some credit history.<\/span><\/p>\n<h2><b>Different Costs To Consider While Investing In A House In Dubai\u00c2\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There was a time when high property prices made buying a home in Dubai a mere dream for many. But today, the development of affordable housing options and declining prices have allowed people to turn their dreams into reality. In fact, in some cases, the monthly mortgage repayments would come less than rents. Additionally, you will also enjoy the added advantage of capital growth on the asset.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having said that, you need to understand the overall costs associated with buying a home that goes beyond your loan repayment. There are various charges imposed by the government agencies like real estate developers or agents, Dubai Land Department, mortgage lenders, conveyancers, etc.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following are the costs that you should consider when planning to buy a house in UAE:\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Government Fees\u00c2\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As we mentioned above, in UAE, all purchases are required to be registered with the DLD within 60 days of your transaction. And if you are unable to do the same, your purchase will be considered void. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Theoretically, the DLD charges, which are 4%, must be divided in half between the seller and the buyer. However, practically, the buyer ends up paying the whole 4% to the DLD. Additionally, the buyer also has to pay for the Property Registration Fee. When you invest in a home through a mortgage, you have to pay an extra fee of 0.25% of the overall mortgage value to the DLD. This is done to register your home loan against the property.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dubai Land Department Fees \u00e2\u20ac\u201c 4% of the overall purchase value. Additionally, AED 580 admin fee is provided for offices and apartments, AED 40 for off-plan, or AED 430 for land.\u00c2\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dubai Land Department Mortgage Registration Fees \u00e2\u20ac\u201c 0.25% of the overall mortgage amount along with AED 290.\u00c2\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Property Registration Fee \u00e2\u20ac\u201c AED 2000 along with 5% VAT for properties valued under AED 500,000. And, AED 4,000 plus 5% VAT for property valued over AED 500,000.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Mortgage Fees\u00c2\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Banks charge a 1% mortgage arrangement fee along with 5% VAT. Additionally, buyers also have to pay a property valuation fee, which could range between AED 2,500 and AED 3,500 plus 5% VAT. The fees are payable directly to the bank. Some enable buyers to add these upfront costs to the mortgage to alleviate the stress of the initial financial expense.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00c2\u00a0It is also vital to note that when investing in a property where the seller has a registered mortgage, the buyer will first have to pay out the seller&#8217;s mortgage to acquire the NOC or No Objection Certificate to process the property transfer through the DLD. Moreover, NOC states that the seller has paid off all the fees, and the developer has no objection to the subject sale.\u00c2\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Service Fees<\/b><span style=\"font-weight: 400;\">\u00c2\u00a0<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">After the transaction has settled and furthered the property owner has been transferred, there is an extra expense to consider; service fees. You have to pay for the annual maintenance charges on the property to the Dubai Land Department, which is based on the RERA Service Charge and Maintenance Index.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It determines a certain charge per square foot that differs based on the community. You can source the updated fees from the DLD official website. The amount is contributed to the maintenance of common areas of the community or building, for instance, security, swimming pools, landscaping, elevators, etc.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Initial Deposit<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For primary as well as secondary transactions, buyers have to pay a certain deposit in order to secure the purchase. In the case of ready property purchases within the secondary market, buyers have to pay 10% of the overall purchase price to the seller through a cheque.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This amount is collected by the authorized agent who possesses the deposit until the property is transferred successfully. Additionally, where there is an existing mortgage registered against the property, the buyer needs to pay out the mortgage to apply for a NOC to acquire the title deed for the concerned property.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Insurance Fees\u00c2\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While home insurance is not mandatory, it is highly recommended. It provides you with protection against loss or damage because of accidents, theft, natural disasters, or fires. Life insurance is mandatory when taking a mortgage in the UAE.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Premium payments of life insurance are continuous shot of mortgage homeownership that must be factored into the budget. Generally, banks charge it monthly, separate from the mortgage. They charge around 0.4% to 0.8% annually on decreasing mortgage balance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, some banks require the insurance policy to be paid in full for a year. Banks have their own life insurance policy underwritten by leading life insurance companies. But if you are looking for a cheaper option, you should consider getting an external life insurance policy.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home and Contents Insurance \u00e2\u20ac\u201c Around AED 1,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Life Insurance \u00e2\u20ac\u201c Between 0.4% and 0.8% annually on decreasing loan balance<\/span><\/li>\n<\/ul>\n<h2><b>What Documents Are Needed To Acquire Home Loan in Dubai?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When you are applying for a loan in Dubai, there is certain paperwork that you need to submit to process the application. The documentation requirement differs from one bank to another. But generally, banks require you to submit the following documents:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of Emirates ID<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of visa and passport<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A salary certificate to ensure employment\u00c2\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Banks statements and payslips for the last six months\u00c2\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of residences like DEWA bill or tenancy contract<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The latest credit card statement\u00c2\u00a0<\/span><\/li>\n<\/ol>\n<h2><b>What Is The Process Involved In Getting A Mortgage?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Following are the steps you have to go through to get finance in UAE:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Finding The Right Lender\u00c2\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Home loans in Dubai are sourced via banks that are registered with the Dubai Land Department. You can either hire a broker to work on your behalf or directly approach the bank. When you hire a broker, you can leverage their knowledge and insight into the local market and extend available home loan options that would work best for you. It allows you to direct your efforts on finding the perfect home rather than juggling with the paperwork and other formalities.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Selecting The Type Of The Mortgage\u00c2\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are different types of mortgages available in Dubai. They would comprehensively fall under the categories of fixed-rate and variable-rate loans. There are different factors that you must consider when deciding what type of mortgage is ideal for your circumstances.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the key factors are your lifestyle, the amount of loan you need, the property you want to purchase, the cash deposit you can pay. Generally, banks have dedicated online mortgage calculators that enable you to insert variables and get approximate monthly installments.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Obtain Pre-Approval Letter\u00c2\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is the most important step of the process. A mortgage pre-approval letter is defined as an official document which is issued by the bank. It acts as evidence that you are eligible for housing finance. It highlights the maximum amount the bank will give you like a loan and offers better certainty of availing of a home loan. Typically, it will take three to five business days to get your pre-approval letter.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Finding Your Property<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once you have a pre-approval letter and a budget, you can look for your home. A pre-approval letter is valid for 60 to 90 days based on the lender. Therefore, you have a sufficient amount of time to search for your dream property. You can also find your property first and then apply for a loan. But sometimes, you are not able to secure the entire amount of property value that you need to purchase.\u00c2\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Finalizing Your Purchase<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once you have finalized the property, you can finalize the loan agreement with the bank. The bank is likely to assign a property evaluator to assess the value of the property and help you to make a good offer on the same. After you and the seller have agreed on a price, you can pay the deposit and determine a date on which you can complete the purchase transaction. On that date, the bank will release the amount to the seller.\u00c2\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taking a mortgage in Dubai does not have to be complicated. Above are some basic information that is very important in taking a home loan in Dubai.\u00c2\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing in your dream home is a very big deal in your life. And the process involves meeting with developers and agents, browsing through the internet, talking with family and friends, visiting properties, and then making the final decision. All these things are exciting, but there is one thing that is often less exciting, financing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"two_page_speed":[],"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-2538","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uae-mortgage-guide"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts\/2538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/comments?post=2538"}],"version-history":[{"count":3,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts\/2538\/revisions"}],"predecessor-version":[{"id":3532,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts\/2538\/revisions\/3532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/media\/2549"}],"wp:attachment":[{"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/media?parent=2538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/categories?post=2538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/tags?post=2538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}