As thousand of expats are moving to the land of the UAE to make a future in the land of opportunities, the idea of buying a property in UAE be also prominent. It is one of the most exciting things in your life because you are an expat and you are buying a home in the UAE. But as an expat, getting a mortgage to be a little difficult for you.
- New to the UAE
The banks are very particular in certain things like your employment service length and the duration of living in UAE etc. This is applicable to both personal and mortgages loans. The minimum length of time since you have been here being at least months to a year. Other than time, the lenders will check your current employment duration also.
If you are applying for Mortgages in Abu Dhabi, then you have to know about the requirements by lenders and banks. The employer company should be listed with the bank to mitigate risks of lending. So, if you have a good credit score as a Mortgage Applicant and have good eligibility criteria if your employer is not approved by the lenders or banks, that will be a disappointment. If you have a salary or savings account on the same bank, that will increase the chance of approval.
Each bank in the UAE is having a Monthly income or salary criteria. But, it's different for the UAE Nationals & expats. The minimum monthly salary/income required for Home Loans in Abu Dhabi for an expat is about Dh10,000. Most of the banks allow adding a spouse as co-applicant. If co-applicant is also a salaried individual, that will increase the chance of approval.
Purchasing Home Loans requires extensive planning and better guideline. Its always better to get advice from Mortgage brokers in Abu Dhabi. They will assist you through the Mortgage Process. Talk to us now.
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