Mortgage Facilities for Overseas Buyers

When the freehold buying facility was introduced in Dubai, only a few companies were offering mortgage facilities to investors. But now 5 years later, many nationalized banks in Dubai are offering mortgage facilities to investors worldwide to help them buy property in Dubai. The facilities and offers vary from bank to bank and within borrowers as well. Some banks have a strict repayment period of 15 years. But there are others that allow up to 25 years for repayment.

The advantage of this long period is that the monthly installment will be less and affordable. Many banks in Dubai offer 90% of the property price as mortgage amount. On other note, for early settlement of the mortgage amount all non-Muslim investors are bound to pay a certain fees according to the interest rates. But there are some banks, which allow the investors to settle the full amount early without any extra fees. Some banks provide the option to over pay additional amount on top of the decided monthly payment. On a similar note, in case of financial problems, another facility provides the option to underpay than the decided monthly payment. Also, if overpayments were made previously than you can apply for payment holidays for up to three consecutive months.

Many of the property developers in Dubai are associated with leading banks providing mortgage services to investors. This is an added facility from the real estate developers and sellers for making the deal and transaction easier for buyers. One such example is Dubai Properties, the leading developer in Dubai, which has links with 15 different banks to offer mortgage facilities to investors in Dubai and from other parts of the world. Mortgages are available for completed properties as well as properties under construction.