UAE mortgages....who to avoid?
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UAE mortgages....who to avoid?
Hi guys...after some advice. I am looking into buying a place in dxb. From those who have done it I would appreciate any advise on lenders, buying processes etc etc......any info gratefully accepted!! 
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Mortgage Broker
One of the difficulties of getting a mortgage and working through all the process up to visiting the Land Registration Department and actually getting your title deed is that we spend up to 2/3 of each month out of Dubai.
I decided to use a Mortgage Broker who would be my point of contact and handle the process on my behalf. I've spoken to this guy, he is happy for me to post contact details.
I have no other connection to him or this company but I recommend him without reservation if you are looking for a Mortgage Broker to assist you.
[email protected]
mob 050 7013843
I decided to use a Mortgage Broker who would be my point of contact and handle the process on my behalf. I've spoken to this guy, he is happy for me to post contact details.
I have no other connection to him or this company but I recommend him without reservation if you are looking for a Mortgage Broker to assist you.
[email protected]
mob 050 7013843
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Scandie
Avoid any Nakheel managed property. Nakheel have no integrity and take no responsibility with their obligations. You may find yourself paying highly inflated service charges for below standard facilities or no facilities at all while they make you suffer as a direct result of non payment from a minority of owners. Poor security, gyms locked, no beach access, slow rubbish collection, no water in pools, no promised shops, the list goes on........
Penthouse on the palm sounds great, the reality is far less attractive.
Harry
Avoid any Nakheel managed property. Nakheel have no integrity and take no responsibility with their obligations. You may find yourself paying highly inflated service charges for below standard facilities or no facilities at all while they make you suffer as a direct result of non payment from a minority of owners. Poor security, gyms locked, no beach access, slow rubbish collection, no water in pools, no promised shops, the list goes on........
Penthouse on the palm sounds great, the reality is far less attractive.
Harry
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The best thing about this lovely life is that it is full of choices.
Some choose to buy where they are a citizen, have a passport, and the right to reside, and vote.
They buy where there are property laws that are enforced and the title deeds are valid.
At a certain stage in a pilots career the money rolls in rapidly and they are offered choices of how to waste it by investing this money.
Some choose to buy where they are a citizen, have a passport, and the right to reside, and vote.
They buy where there are property laws that are enforced and the title deeds are valid.
At a certain stage in a pilots career the money rolls in rapidly and they are offered choices of how to waste it by investing this money.
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My experience says...
Stay away from:
Amlak and Tamweel (the worst)
I recently dealt with United Arab Bank as they offered me the best offer.
PM me for the details..
L.
Stay away from:
Amlak and Tamweel (the worst)
I recently dealt with United Arab Bank as they offered me the best offer.
PM me for the details..
L.
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40&80
I agree. I know many here who stay away from property and spend their tax free earnings on fast cars and faster women, boats and brunches, maids and manicures, pets and pedicures. The latest toys for the kids, the latest toys for them, fancy holidays and fancy food. 10 years later..... a crap provident fund and nothing much else.
Then there are those that took the chance and are now sitting pretty on considerable equity thanks to all that money that 'rolled in'.
As you say, life is full of choices. Amen for that.
I agree. I know many here who stay away from property and spend their tax free earnings on fast cars and faster women, boats and brunches, maids and manicures, pets and pedicures. The latest toys for the kids, the latest toys for them, fancy holidays and fancy food. 10 years later..... a crap provident fund and nothing much else.
Then there are those that took the chance and are now sitting pretty on considerable equity thanks to all that money that 'rolled in'.
As you say, life is full of choices. Amen for that.
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"then there are those who took the chance" and something more about the money rolling in....
I am a bit distracted just now by the young lady doing my pedicure, but does that reference refer to the shareholders of EPI or to the directors of that 'company'?
I am a bit distracted just now by the young lady doing my pedicure, but does that reference refer to the shareholders of EPI or to the directors of that 'company'?
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Mortgage recommendations
If you are a first time buyer and from Ek you stand a good chance.Most local bank do provide
Noor Islamic, emirates Islamic, Mashreq , Abu dhabi Islamic bank, standard chartered bank . All generally provide upo 15 % deposit schemes.
Also other banks will follow suit. Although Tamweel is quite a big player . Beware they are not overseen by the central bank and can vary the profit rates as their please. The banks on the other hand are governed by the central bank.
When looking for a home mortgage ,ask what are the processing fees. Some may charge 1% if the mortgage amount, and some no mortgage fees . Some offer Ek a discount
Check the penalties for early cancellation of your mortgage . Some are as high as 4% and some offer 0 %
Do you need to move your salary the Bank ( some require it for the 15% deposit)
What is the cost of the life insurance coverage.
If the first year profit/ interest is mentioned . What will the following years profit be and what will the rate track. Some banks apply a internal bank rate + the profit rate e.g Eibor + 3.5 so if Eibor is 2% then the rate of profit /interest will be 5.5% . Some banks may offer a starter mortgage rate as 3.99% but revert to 6% the following year as a minimum. Some banks offer a 3 to 5 year fixed rate.,which is good to plan out your installments for the medium term
Other aspects you need to look at, are the projects that the Banks are willing to offer mortgages for. The other part of our question about the accomodation allowance Most banks will include your utility allowance towards your mortgage ,provided it is included in your salary certificate. The company does provide such certificate.
BM
Noor Islamic, emirates Islamic, Mashreq , Abu dhabi Islamic bank, standard chartered bank . All generally provide upo 15 % deposit schemes.
Also other banks will follow suit. Although Tamweel is quite a big player . Beware they are not overseen by the central bank and can vary the profit rates as their please. The banks on the other hand are governed by the central bank.
When looking for a home mortgage ,ask what are the processing fees. Some may charge 1% if the mortgage amount, and some no mortgage fees . Some offer Ek a discount
Check the penalties for early cancellation of your mortgage . Some are as high as 4% and some offer 0 %
Do you need to move your salary the Bank ( some require it for the 15% deposit)
What is the cost of the life insurance coverage.
If the first year profit/ interest is mentioned . What will the following years profit be and what will the rate track. Some banks apply a internal bank rate + the profit rate e.g Eibor + 3.5 so if Eibor is 2% then the rate of profit /interest will be 5.5% . Some banks may offer a starter mortgage rate as 3.99% but revert to 6% the following year as a minimum. Some banks offer a 3 to 5 year fixed rate.,which is good to plan out your installments for the medium term
Other aspects you need to look at, are the projects that the Banks are willing to offer mortgages for. The other part of our question about the accomodation allowance Most banks will include your utility allowance towards your mortgage ,provided it is included in your salary certificate. The company does provide such certificate.
BM
Last edited by bigmountain; 10th Dec 2012 at 17:49.
