FAQ's
What is the role of a mortgage consultant?
A mortgage consultant assists borrowers in finding the right home loan, guiding them through the application process, and negotiating with lenders.
How can a mortgage consultant help me save money?
By leveraging their expertise, mortgage consultants can secure better terms and rates, potentially saving you money over the loan term.
What documents do I need to provide to a mortgage consultant?
Typically, you’ll need proof of income, identification, bank statements, and property details for the application process.
Is using a mortgage consultant mandatory?
No, it’s not mandatory, but their knowledge and network can be invaluable in finding the best mortgage deals.
How do mortgage consultants get compensated?
Mortgage consultants may receive a commission from lenders or charge a fee to borrowers for their services.
Can a mortgage consultant help with refinancing an existing loan?
Yes, they can assist in refinancing your current mortgage to potentially get better terms or tap into your home’s equity.
How long does the mortgage approval process usually take?
The approval process can vary, but it often takes a few weeks from application to final approval.
Can a mortgage consultant help expats or non-residents with home loans?
Yes, many mortgage consultants specialize in assisting expats and non-residents in obtaining home loans in the UAE.
Will a mortgage consultant consider my credit history?
Yes, they will review your credit history as it plays a crucial role in determining your loan eligibility and interest rates.
How can I choose the right mortgage consultant?
Look for experience, qualifications, customer reviews, and make sure they understand your specific needs and preferences.
Lending criteria and eligibity calculations can vary from bank to bank, The bank will take into consideration your income and monthly liability in addition to your age to calculate the eligibity. Our expert mortgage consultant will give you an accurate initial assessment very quickly.
The maximum DBR(Debit Burden ratio) should be within 50% of your income considering all other liabilities
Interest rates in the market varies from 2.50% to 5.50% depending on the transaction and lender.
⦁ Bank Charges
a. Preapproval fee of AED 1000
b. Processing fee 1% to 1.25% on total loan amount
c. Valuation fee AED 2500 to AED 3000
d. Life insurance from 0.348% to 0.650% on loan amount(varies from lender to lender)
⦁ Land Department Charges
a. Transfer fee 4% of the proerpty value
b. Mortgage Registration fee 0..25% on the loan amount
c. Trustee fee AED 4000(Applicable for trustee office)
Yes, If the applicant meet the criterias.
⦁ Maximum age for salaried individual is 65 years.
⦁ Maximum age for self-employed individual is 70 years.
⦁ Maximum age for UAE National is 70 years.
⦁ Manimum age for Non-Resident individual is 65 years.
The valuation gives the lender/buyer an independent confirmation of the property value, The valuation also helps the lender know any features of significant defects that could affect the property’s value.
⦁ Mortgage Life Insurance is a form of insurance specifically designed to protect repayment of mortgage; In the event of death of the policy holder, the provider would pay the capital sum that will repay the outstanding mortgage. This is a mandatory requirement.
⦁ Property insurance will protect the borrower for any loss or damage to the property due to the unforseen incidents like fire, explosion, lightning or earthquake.
The process might take between 2 to 3 weeks depending on the profile.
Maximum tenure of the loan is capped to 25 years for the residental and 15 years for the commercial properties.