My home was appraised at AED 2 Million at the time of purchase. Now am looking for refinance options. But little worried that current property value might be less, what factors I should consider and how to get a rough estimate of the property to apply for refinance.

 
While considering an appraisal of the property you should cogitate economic and social trends, as well as the government regulations. Along with the conservational conditions that may stimulus the four elements like value, demand, utility, and scarcity of the property.

 
Hence, it may happen the current appraisal value may regulate depending on the market performance graph. The best approach to get an estimated current value of your property is to appoint a good realtor as they should be able to illustrate what the value is in conjunction with the market or personally navigate any property portal and identify the prevailing market price of your property with the similar unit comparison.

 
As mentioned that you are looking for an equity release, therefore once you are clear with the equity value, approach banks to find the competitive offer as per their lending criteria. After the initial credit review of your income documents, the bank will conduct property valuation through the external assessment agency, wherein the cost is borne by the client. And subsequently the bank will identify the loan amount.

 
I need a mortgage to buy a villa in Dubai. I was a resident of Dubai for 10 years and have a decent credit history. Currently, I am not working, but I have cash bought 2 bedrooms in JLT which I have leased out now. Can you advice what are my options currently, which can give me good rates and maximum amount.

 
If you are considering for some instant cash to buy a new property, it is advisable to have a loan against the cash bought property, since you have a regular income coming on that property. And a mortgage lender will be very keen to understand how you will do the monthly repayment, hence here monthly rental income can be shown, which will certainly suffice the lenders need to lend the money. However, be careful, the lender may glance at your debt to income ration to comprehend, if you can cope with all your existing responsibilities. To carry out a prudent decision, approach any mortgage consultant, who can provide an unbiased solution and will succor you to find the competitive rates as per the need.

 
Currently, there few financial institutions that started lending funds based on pure rental income, therefore, consult such mortgage lenders and check how much maximum amount you can attain based on the current market value of the property. Thereafter, you can decide where to invest that equity to capitalize the investment portfolio.

 
I bought a property two years back in the Dubai Marina, which is currently mortgaged and now I am looking for a holiday home in RAK, can you let me know if I will be applicable for the second loan and will I be able to get finance for Ras al Khaimah property.

 
The second mortgage is certainly possible, but for lower loan-to-value (LTV) ratios and would require a larger down payment. And considering the current mortgage cap in the UAE, it will be curbed to 60 percent LTV regardless of the value of the property. Hence, it’s prudent to understand your current financial matrix before stepping ahead for the second mortgage. You should also eruditely calculate all the associated costs with the new purchase and accordingly approach banks to get the pre-approval.

 
There are few mortgage lenders who can finance properties outside Dubai. However, these financiers would prefer to lend on the ready property and with the reputed developers only. Hence, should identify the property in RAK which can be mortgaged and title deed is available, as it’s critically imperative to understand the ownership document. Moreover, it’s also essential to know governing property laws and regulations of the Ras Al Khaimah emirates.

I would like to have information on possible mortgages available to me. As I am planning to invest in Dubai, UAE in buy to let property and would like to know what documents would be required to apply for the mortgages since I am a non-UAE resident currently.

 
Applying for a mortgage as a Non-UAE Resident is not difficult as currently there are several product offerings in the market which gives competitive rates and terms against ready property purchase for Non-resident buyers. You can approach any mortgage expert, who can guide the right process depending upon the purchase requirement and income profile.

 
Once you apply for a mortgage loan, the lender would ponder your income documents, debt obligation details, your personal documents from your country of residence. Every lender ensures their due diligence to identify the loan eligibility based on the income and debt ratio. And accordingly, will offer the applicable product and rates.
Currently, a non-UAE resident buyer is eligible to obtain a loan up to 70 percent of the property value and the rates start from 4.49 percent, however, these product offerings are subject to bank’s discretion.

 
I bought an apartment Buy-to-let last month. Now am seeking for a tenant, who can do good housekeeping, can you advise, what I should know while renting my property.

 
Renting a property in this part of the world comes with certain rules and regulation which a landlord and a tenant need to adhere. Once the property buying process completed, the buyer needs to ensure the entire apartment running cost is covered by the rental value if it’s an investment property. You can consult an agent or can go to the Real Estate Regulatory Agency (RERA) site and study the rent calculator which will guide the rental figure as per the property. Once done either approach any property portal site directly or taking a less pain, appoint a real estate brokerage company to manage the leasehold work. Once you sign an agreement with them, they will market the property, find a suitable tenant, make the tenancy contract, get the tenancy contract registered at Ejari, and collect the rental cheques and handover the key to the tenant.

 
Once the tenant contract is in place there are certain laws, which should be known to have the things on a safer side. As per the law, tenants must give the landlord 90 days prior notice if they wish to stay or leave the property. Likewise, the landlord must give 90 days’ notice if he/she requires raising the rent in line with the RERA rental index, and as per the law; the owner can’t quote beyond that percentage. Moreover, if want to sell the property you would need to inform the tenant 12 months prior by issuing a vacating letter to him. Lastly, if any illicit dispute happened with the tenant or vice versa, the landlord or the tenant can discuss it with the RERA rental committee, Rent Dispute Settlement Centre (RDSC). To start the case, it will cost 3.5 percent of the rental value to either party.

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