Yes. Whether you are a UAE National or an expatriate from any other country you are now legally entitled to purchase a home at any of the developments designated for that purpose in the Emirate of Abu Dhabi and Dubai.
Home ownership gives you the freedom, stability and security you desire, in addition to giving you an opportunity to build equity.
It depends on your financial situation as well as your present and future plans. Here are some questions which could help you to decide:
If you can answer “yes” to these questions, you are probably ready to buy your own home.
The first step to buying a home is to determine your needs. Are you looking for an apartment or a villa? How big should it be? How many rooms? Do you need a garage and storage space? What type of amenities are you looking for?
Next, consider the location. Seafront? City centre? Golf Course? Is it important for you and your family to be close to your work, schools, hospitals, parks, shops or activities that you enjoy?
Once you have determined your needs, divide them into ‘must have’ essential features and ‘nice to have’ but non-essential features. Now you are ready to start the search for your new home.
RAKBANK currently offers mortgage finance for selected projects developed by the following developers:
Emaar Properties, Nakheel, Dubai Properties, ETA Star, Deyaar, Union Properties, Victory heights, Cedre Villas (Dubai Silicon Oasis), Private Developers (selected ready projects with Title Deeds)
Now it’s time to talk to the property consultants or property developers and gather as much information as you can on the home you like. Be sure to communicate with them regularly and inform them of everything you need or want in a home. This will save you time in the long run. Once you have found a home you like, ask yourself the following questions to determine if it is the right one for you:
Take your time and think carefully about your decision. Make a list of questions you should ask your property developer such as ‘What are the potential problems and maintenance issues?’ Be sure the property developer’s answers are clear and complete. Ask questions until you understand all of the information they’ve given.
A mortgage is broadly defined as a loan obtained to purchase property. The ‘mortgage’ itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages consist of the principal amount borrowed and the interest which is owed over time on that principal amount.
Mortgage institutions consider your debt-to-income ratio, which is a comparison of your gross income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or personal loan payments. The mortgage institution also considers cash available for down payment, credit history, age, etc. when determining your maximum loan amount.
The larger your down payment, the less you will need to borrow, and the more equity you will have. When considering the size of your down payment, keep in mind that you will also need money for moving expenses and interior decorating.
The amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your monthly mortgage payment.