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Old 16th May 2018, 18:44
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Townie
 
Join Date: Aug 2007
Location: Dubai
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No mortgage details required to be given to EK.

Obviously, whether the allowance will cover your loan or not depends on the amount borrowed, but for a modest place you should find it sufficient.

Home Matters is a mortgage advisor that many have used, and their website has an online calculator (lot's of other calculators out there will work fine). Count on about 5% interest, and there are no fixed rates for the full term like you may be used to at home. The repayment will be fixed for budgetary purposes, but the rate at which it pays of the principal can vary.

25% down required, and mortgage cannot extend beyond your 65th birthday.

Under the present freeze, Accommodation Department may want to see a Title Deed in your name prior to releasing the money. Think the allowance is still available to new joiners, so be wary of "checking-in" to permanent accommodation if you're thinking of using some of their money in the interim. EK will release you an advance of up to 6 months. Suppose it's fine if you're buying ready for occupancy place, but if you buy off plan it may be frustrating. Property completion and handover dates here are notoriously optimistic. Even if you drive by and see it sitting there complete, there's no guarantee it is ready or will be ready imminently.
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