help wanted about mortgage

[Pdra]

Hello there,

i am an expatriate living in SaudiArabia. I am interested in investing in UAE.I was wondering if anyone knows how i should go about in teh search for a good mortgage company. Will they offer me any mortgage considering i am not a UAE resident or a GCC citizen.
Is it a good idea to invest in Dubai at this time? Also are there any mortgage companies willing to help me finance a property in DUbai Land .? I heard mortgage companies only help with properties in the Marina area.

Thanks

 

[imported_fal pat]

Hello there,

i am an expatriate living in SaudiArabia. I am interested in investing in UAE.I was wondering if anyone knows how i should go about in teh search for a good mortgage company. Will they offer me any mortgage considering i am not a UAE resident or a GCC citizen.
Is it a good idea to invest in Dubai at this time? Also are there any mortgage companies willing to help me finance a property in DUbai Land .? I heard mortgage companies only help with properties in the Marina area.

Thanks

Hi Pdra,

First let me inform you that, in UAE not all the mortgage companies finance all the projects. In other words, each developer has tied up with 1 or more mortage companies and only those companies can finance that particular development. Thus if you are considering buying an EMAAR property, there are a few mortgare companies assigned with this developer and only those will finance. Emaar being the biggest developer is mostly financed by most of the mortgage companies but smaller and new developers do not have many or any of the mortgage companies tied up with them. Thus you will have to first narrow down your search to the developer and then find which Bank is financing that developer and thereafter go for the preapproval. It is not true that only Marina towers are getting financed, 90% of the total development in Dubai is being financed by some or other mortgage company. There are also some independent consultancy firms which help investors getting a mortgage for a very small fee. I know of 1 such company, if you want details let me know.

Regds,

 

[samar]

It may be true that the lenders have tied up with developers but when I asked my developer's rep, he advised me against taking a mortgage in Dubai for various reasons but I have found that the construction on that project has not started and it is hard to find lenders where construction has not even started.

 

[Frangi]

Can I ask why are you looking for a mortgage when construction has not yet started?