Buying a new property or refinancing the existing mortgage in the UAE can be confusing, especially when you have a list of home loan products available from both local and international financial institutions. Here are some handy tips which one should consider before taking a mortgage in Dubai.
Shop around for the best mortgage product. You are not obliged to go with your regular bank.
Negotiate on the deal as bank offers a different rate on the condition if you switch your salary transfer to them.
Mortgage brokers or mortgage consultant in Dubai deal with a number of lenders, therefore, they can advise you the best mortgage product based on your financial requisite. Hiring their service can save time and money.
Never over commit, always consider your safety cushion for uncertain life circumstances.
Always plan your financial commitment wisely by bearing in mind the additional home ownership closing cost.
Select the repayments amount which you can afford monthly. However, the sooner you plan to pay off, the less you need to pay on interest.
Beware of revolving credit cost as this type of loan requires a lot of financial restraints.
Buying a property in the UAE is an exciting venture and mortgage finance is certainly the main cost associated with a home buying, so it is essential that you do proper research before commitment, to ensure that you find the most economical product. And also, calculate wisely, so that you can afford the fees and monthly payments accordingly.
Our mortgage calculator Dubai helps to find out what exactly your monthly payments will be, along with this you can consult one of our mortgage consultants to understand the true cost you will encounter when buying a property in Dubai. Enter your property value, down payment details, current rates and terms in the given fields and in seconds, an estimate of your monthly house payment will be in front. It’s easy and simple!
Home loan repayments are a significant percentage of your monthly overhead and it is important to look for prospects to reduce this cost in every possible way. Hence, careful planning and calculation is a must for an objective decision.
Check-out the estimated repayment cost with the best mortgage calculator in Dubai or simply contact us, 4C mortgage consultants will assist you.
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