It’s all about my story, or rather I mean my uncle’s story. My uncle who was an Engineer by profession — a good and competent civil engineer — who got a job in one of UAE’s contractor companies. He had been working in Pakistan for local contractor companies, as well as his own construction projects.
When he got a job in the UAE he was happy and worried at the same time since he had lived his whole life in Pakistan and never moved out of his hometown, which is Lahore. And having a family and four kids also didn’t helped in making a decision, coupled by the fact that moving to another town is tough and to another country where local languages also differ from where he had lived.
It was excruciating, and difficult to come to a conclusion until one day when his boss told him that he could manage to acquire a property and bring his children to UAE as well. The employer suggested that my uncle take out a Home Loan in UAE. And that made the decision easy. Top banks in Dubai offer a range of Home Loan deals for expatriates.
And that is the subject of this article: how to get a Home loan in UAE and what are the types of Home in loan in UAE one can acquire. So before going any further, let me tell you about the structure of acquiring home loan in UAE.
Where To Start And How To Proceed
First, it is important to know that you are required to pass the eligibility test for a Home Loan in UAE before you actually can proceed to the latter stages. And don’t worry, it is not one of those school tests you used to take, however there are MCQs to be ticked off. That said, don’t worry, but just make sure whatever option you tick is true.
It is important for the bank to check your past financial commitments. These include your credit bills, installment loans, utility bills (in some cases) and your current status on financial commitments. These factors play a crucial role for the bank to decide whether you can manage to afford the mortgage or not as Home Loans are a long-term commitment.
Additionally, you must provide information regarding employment for acquiring a Home Loan in Dubai or anywhere in UAE and you must be earning higher than the minimum wages (set by the government of UAE).
If you are doing well salary-wise, then you are almost there to get the Home Loan in UAE. There are different types of Home Loans for expatriates offered by UAE banks. The two main types are Islamic Home Loan Finances and the other one is a Home Mortgage offered by commercial banks. The main difference between the two is that Islamic banks follow the Rules and Laws as provided by Shariah Law, whereas, Commercial Banks offering Home loan in UAE follow conventional banking methods.
So far, the most lenient and flexible Home Loans in UAE that I have come across are offered by Mashreq Bank. They have a range of options which are crucial to the range of different types of applicants. You may need to pay a visit to one of your nearest Mashreq bank branches or simply logon to Mashreq gold website to learn more about Home Loans in UAE.
I say this every time and anytime when I feel it is necessary to. The best banking and best Home Loan options available in Dubai and UAE depend solely on your needs. There are certain Home Loan offers that might be not suitable for you, but are best for another applicant, the same way there are Home Loan rates in Dubai that might be actually best suited for you, but are not affordable for another applicant.
Other factors that should matter when relocating to the UAE include which property suits your family members, how far is it from markets, the city or good schools, how big your property should be in order to accommodate your family and what rates it is offering. This is what you should be looking for in Home Loan in UAE, and I dare say once you start hunting for Home Loans for expatriates in UAE, you will get your answer.