Easy Ryder
That's where you will have decide after comparing options from various institutions. In any case I would stick with a bank rather than Tamweel and Amlak, as these two don't come directly under the central bank and willy nilly charge what they want. To give you an example Tamweel base rate is currently 7.4 % .. If you wanted to cancel your mortgage you would need to pay a whopping 4 % as early payment charges. However if you apply now you would be offered a low rate to hook you and perhaps lower penalty charges. But Tamweels track record is not really great. I recently tried to find out what my outstanding was with Tamweel and what it worked to was the principal outstanding+ 4% + service fees + additional. Aed 25000. /-.
Above all I find it very odd that none of the Banks or institutions will provide you with a copy of the mortgage contract that you are expected to sign.
The offer letter is given to you ,but that does not cover all the features and requirements of mortgage You will find that the contract will be given to you after you have already made the downpayment for the property and basically left with no room to back out as you have already signed and made a deposit on the property. So please ensure that there is some transparency at every stage.
Surprises to look for ; some banks ask for power of attorney in the banks name. Another odd one , asking for a letter from your company that will not transfer
salary to another bank.
By asking all the questions on this forum, you are doing your do deligence and sure will be able to cover most points but not all. However Dubai is still a frontier market and has just gone through its first ever down cycle. The property market has bottomed out and slowly but surely market is moving. If you have seen something you like and in your budget, I would suggest that you move promptly and also get a preapproval for slightly more than you want ,to offer you some flexibility due to last minute price increase. Prices are rising quickly!
BM