I
imported_jackcze
Guest
Every day I speak with expats who expect the Dubai lending market to be similar to what they are used to in their home country. The reality is that the market in Dubai is quite different in a number of ways.
1) At this stage conveyancing has to be done largely by the client and the real estate broker. There are no specialist conveyancing firms operating in Dubai.
2) Property finance is not automatically available for developments. Developers need to apply to lending institutions to have their development listed with them. It means that some developments don’t have any finance options while other developments have 20 or more lenders available.
3) The above is true for both new and existing properties. It means that selecting a lender is partly dependent on the property.
4) Most lenders will require a payment of arrangement fee upfront before they issue a pre-approval. The fee is generally 1% of the loan amount.
5) Islamic lenders do not allow unrelated parties to purchase together.
6) There are no “asset” loans, “low doc” loans or “self-certified” loans. All loans have to be fully verified.
I am happy to answer any questions in respect to the Dubai and UAE mortgage market.
1) At this stage conveyancing has to be done largely by the client and the real estate broker. There are no specialist conveyancing firms operating in Dubai.
2) Property finance is not automatically available for developments. Developers need to apply to lending institutions to have their development listed with them. It means that some developments don’t have any finance options while other developments have 20 or more lenders available.
3) The above is true for both new and existing properties. It means that selecting a lender is partly dependent on the property.
4) Most lenders will require a payment of arrangement fee upfront before they issue a pre-approval. The fee is generally 1% of the loan amount.
5) Islamic lenders do not allow unrelated parties to purchase together.
6) There are no “asset” loans, “low doc” loans or “self-certified” loans. All loans have to be fully verified.
I am happy to answer any questions in respect to the Dubai and UAE mortgage market.
