{"id":2738,"date":"2022-06-03T19:31:20","date_gmt":"2022-06-03T19:31:20","guid":{"rendered":"https:\/\/www.compare4benefit.com\/blog\/?p=2738"},"modified":"2024-05-11T09:07:28","modified_gmt":"2024-05-11T09:07:28","slug":"5-tips-to-prepare-for-your-hand-over-payment","status":"publish","type":"post","link":"https:\/\/www.compare4benefit.com\/blog\/5-tips-to-prepare-for-your-hand-over-payment\/","title":{"rendered":"5 tips to prepare for your hand over payment"},"content":{"rendered":"<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\/2738\" method=\"post\" id=\"form9\" class=\"fm-form form9  \" enctype=\"multipart\/form-data\"><input type=\"hidden\" id=\"fm_page_id9\" value=\"2738\" name=\"fm_page_id9\" \/><input type=\"hidden\" id=\"fm_current_post_type9\" value=\"post\" 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>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 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>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 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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\/2738\" \/><\/form><\/div>\n<p><span style=\"font-weight: 400;\">Time and patience are two of the most important requirements when you are purchasing an off-plan property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are waiting for your property to be built for a long time, then it is sure that you would not want to wait at all after it is built to be ready for your handover payment. You will also not want to wait at all to finalize the purchase of your property and get the keys to it in your hands as soon as possible. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, if you are getting ready to get the keys in your hand by funding your handover payment with the help of a plan for post-handover payment, then here are five tips to help you get prepared.<\/span><\/p>\n<h2><b>Handover Payment<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Before moving on to tips for you to prepare for your handover payment, you need to understand what handover payment is. The final payment you make to secure the purchase of your off-plan property is a handover payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally, in the UAE, the handover payment is 50-60% of the original price of the property. It is very likely that you will need to get a mortgage to finance this handover payment. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there is a lot more than just the <a href=\"https:\/\/www.compare4benefit.com\/all-loan\/mortgage-home-loan\">mortgage <\/a>when it comes to being prepared before the date of the handover payment. Here are five tips to help you get prepared to make the final payment without any tension and stress.<\/span><\/p>\n<h2><b>5 Tips to Help Prepare for Your Handover Payment<\/b><\/h2>\n<h3><b>1. Be Aware of Your Timeline<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">It is very likely that you can forget about the handover payment, and they can sneak up on you. So, this is a reminder for you to start prepping for your handover payment in advance. If you do not start getting ready to make this huge final handover payment, you can find yourself lacking time to arrange the payment. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your plan to pay the handover is by getting a mortgage, you need a lot of time to find yourself a mortgage plan that works for you and submit the documents of the mortgage and the other documents to the bank. Official processes take time, so carrying some extra time on your hand will do you good.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A minimum window of 2-3 months is very important for you to begin and complete the mortgage time. This time period also gives you some extra time if you run into any troubles during the mortgage process. This time period will allow you to complete the mortgage process despite any problems you might run into. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, make sure that you are aware of your timeline and do not end up having to pay any late fees for your handover payment to your developer. Keep track of the date that has been agreed upon to make the handover payment and work towards being punctual.<\/span><\/p>\n<h3><b>2. Market Value Changes<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The valuation of your property that was decided on beforehand between you and your developer might not be the same as the property&#8217;s final market value after the construction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, it is vital that you are prepared for market value changes before the handover payment after the completion of the construction. If the final market value of the property after the construction is finished ends up being lower than the original valuation of the property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Also, if your handover payment is being made with a mortgage, then the up-front payment that you have to make can end up being higher than what you actually prepared yourself for.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the final market value of the property ends up being higher than the original valuation of the property, you might just end up with a lower down payment than you expected it to be.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another thing you should take into consideration is that the loan-to-value ratio (LTV) in UAE has a cap of 80% for the people who are residents of the UAE. The people who have UAE nationality have a cap of 85% on the LTV ratio. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A cap on the LTV ratio means that if the amount you are borrowing turns out to be higher than 80%-85% LTV, then the difference above the percentage has to be funded by you from your personal stash.<\/span><\/p>\n<h3><b>3. Get Expert Advice<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">It is smart to make sure that you consult an expert before making any big financial decision. So, when trying to prepare for your handover payment by financing it with a mortgage, you are advised to consult a <a href=\"https:\/\/www.compare4benefit.com\/all-loan\/mortgage-home-loan\">Mortgage Broker.<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">A Mortgage Broker is an expert when it comes to mortgages. They will know all the technicalities that go on behind funding your handover payment with a mortgage. Their expertise will help you in finding the best mortgage deal as per your needs and preferences. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">They will also help you in finishing the mortgage process with the bank as swiftly as possible. You should consider consulting a Mortgage Broker early on since they will have a much deeper understanding of the patience and time it takes to go through each mortgage process stage.<\/span><\/p>\n<h3><b>4. Get a Pre-Approval<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another thing that the Mortgage Broker can guide you through is applying to get a pre-approval. This will tell you and your developers the amount that the banks are willing to lend you. The validity of pre-approvals is usually 60 days so that you can have some time to prepare. These are a great way to relieve tour stress when close to the handover payment date.<\/span><\/p>\n<h3><b>5. Prepare a Backup<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">There can never be enough guarantee when it comes to banks and mortgages. So, try and make sure that you have a backup plan for your handover payment in case your mortgage falls through.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are some tips to guide you through a handover payment and make sure that you get the keys to your house as soon as possible.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Time and patience are two of the most important requirements when you are purchasing an off-plan property. If you are waiting for your property to be built for a long time, then it is sure that you would not want to wait at all after it is built to be ready for your handover payment. [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":2739,"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-2738","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\/2738","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\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/comments?post=2738"}],"version-history":[{"count":2,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts\/2738\/revisions"}],"predecessor-version":[{"id":3541,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/posts\/2738\/revisions\/3541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/media\/2739"}],"wp:attachment":[{"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/media?parent=2738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/categories?post=2738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.compare4benefit.com\/blog\/wp-json\/wp\/v2\/tags?post=2738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}