Minimum Income To Get Mortgage In Dubai To Buy Property
| Dubai is my most favorite and leading destination in the world. It is considered the safest and most secure place to live in. As a state of innovation and progression in every field of life, Dubai has become a globally admired city among potential investors. Over the past few years, the ultimate progress in real estate property development has made Dubai a city of opportunity where people from all over the world are interested in investing in Dubai’s real estate market and even are more interested in buying a home and living in this glamorous world is the dream of their life that they want to come true.
You are interested in buying a property in Dubai and are worried about the minimum salary package required and confused about how much your minimum income must be to get a mortgage. Before buying a property in Dubai, more people have questions in mind about how much salary is needed to take out a loan from local banks. Are we eligible to get a loan or to invest in real estate property? In this article, we try to give you the calculations for the minimum income to get a mortgage in Dubai to buy property. After reading this blog you will be able to decide to buy your desired property in any popular area in Dubai. Why To Buy A Property In DubaiDubai’s real estate market is the most lucrative and innovative, it gives the most profitable opportunities to invest and to purchase a property. Dubai offers various types of residential properties including studios, apartments, penthouses, townhouses, villas, mansions, and palaces where you can enjoy a luxurious life with state-of-the-art amenities that make your life comfortable. Economically strong and stable city – Dubai offers properties in different ranges according to size, location, and facilities, you can choose the residential property as per your taste and budget in your demanding area. Besides residential properties, it is also a hub for commercial properties, you have plenty of options to invest in commercial properties and have an opportunity to start a business in this business. Whether you want to buy a home in your desired area by investing in ready property or you want to invest in off-plan projects and have some plans, Dubai never disappoints you in providing multiple options for investment. Many top-gated communities in Dubai are famous for the type of properties and their upcoming projects. One of the prime reasons to invest or buy a property in Dubai is the safest and most secure lifestyle it provides and ensures to its residents. According to the survey Dubai is # 3 in the world as the safest city for females to travel. Minimum Income To Get A MortgageThe minimum income required to take out a loan in Dubai is dependent on the type of property you want to buy and the location of the property. The price of property in Dubai varies due to the type of the property and their size as apartments and penthouses are smaller residential units and villas are more spacious units. Similarly, the location of the property is also a main factor in defining the value of the property and price range. To be eligible for a loan, most banks in Dubai require an applicant to have a salary package of between AED 15,000 and AED 20,000 per month. Some banks also approve the loan on a salary of AED 10,000 per month. Eligibility Criteria To Get A MortgageBefore getting started with the application it is necessary to know the eligibility criteria to get a mortgage in Dubai: ● There must be no blemishes on your financial and credit histories. ● There is an age limit to apply for a loan in UAE. If you are an expat, your minimum age must be 21 years old, and the maximum age limit is 65 years. For local Emiratis, the maximum age limit is 70 years. ● The minimum income required to take out a loan must be in the range between AED 15,000 to AED 20,000 per month. ● UAE nationals or residents are eligible to get a mortgage. Non-residents or expats are also eligible but they have to follow different and lengthy process. ● Documentation is required to apply for a mortgage, you must have a clear record of the documents that are required for the application. Documents Required To Get A Mortgage In DubaiTo apply for a mortgage in Dubai, there is proper paperwork you need to follow. The following are the documents required: For Salaried Individuals● Application form ● National identity card or valid passport, Emirates Identity card or residence visa ● Original bank statement with last 3 months’ finance record. ● Salary Statement For Self-Employed● Application form ● Copy of trade license, ● Copy of commerce registration and memorandum ● Original 12 company or organization bank statement ● Original personal bank statement For Non-Residents Or Ex-pats● Copy of the passport ● Proof of your current address and residency in UAE ● Bank statement for the last three months Steps To Follow For Obtaining The Mortgage In DubaiIf you follow the process step by step, it will be easy to obtain a mortgage in Dubai to buy property.
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Conclusion
The process of getting a mortgage in Dubai to buy a property can be a crucial or straightforward procedure. To make this procedure easy, you need to follow the legal steps and meet the eligibility criteria. You can get a mortgage directly from banks or you can hire a broker for a proper guideline.
The minimum income criteria may vary from community to community in Dubai. For instance, to get a mortgage in Business Bay to buy an apartment the minimum salary required is AED 15,000 while the minimum income required for a mortgage to buy an apartment in Downtown Dubai is AED 20,000, and in Palm Jumeirah, it is AED 30,000.
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