This is due to the comfortable conditions of local banks, quick benefits, the possibility of obtaining a visa and flexible payment plans when buying real estate under construction.
Mortgage registration process
- Preparation of necessary documents. It requires full immersion in the process, the study of local rules and laws. Most often, foreigners seek help from a broker who studies the offers of different banks, conducts analytics, selects the most comfortable loan, and helps with the registration and submission of all necessary documents.
- Passing the approval stage. Last about 3-4 days. At this time, the bank analyzes your application, reviews the documents and assesses your solvency. If approved, an email will be sent to your email address.
- The mortgage registration process. At this stage, the borrower must document that the funds are spent on real estate. To do this, it is necessary to present to the bank a document showing the paid deposit.
- Conclusion of the transaction. After passing all the checks, the bank transfers the money to the buyer and he in turn, pays the transaction to the seller under the contract of sale.
The process of registration in Dubai is extremely simple and not stressful if you have all the necessary documents. But foreign citizens should contact professional brokers. So, the probability of approval and receipt of funds increases.
Why is it important to contact a broker
A broker is a specialist who accompanies his client at all stages of the mortgage procedure. It is the broker who will choose the right conditions and will allow you not to stumble upon “pitfalls”.
Advantages of working with a broker:
- Knowledge of the language. All such transactions with foreigners are conducted in English. But if the buyer does not know English well enough, he may miss very important points and simply not understand the legal terminology.
- Excellent knowledge of the market. The broker will professionally evaluate your assets, analyze all the favorable offers and select the best option. It will be very difficult to cope with so much information on your own.
- Competent selection of documentation. Specialists initially know what documents need to be submitted to the bank. Also, the broker understands in advance what additional confirmations will be required from a particular borrower, depending on his citizenship. This will save nerves and time. You don’t have to issue new and new documents every day.
- Selection of real estate. Brokers are specialists not only in banking, they are the ones who will tell you everything about the various options on the local market, agree on viewing the object, tell you all the nuances, and help with the choice of the area. Also, the broker will accompany his client at all stages of the transaction, up to the execution of the purchase and sale agreement.
The most important points in obtaining a mortgage that is worth paying attention to are the initial and subsequent rates, as well as the conditions of partial payments. These parameters are individual and are calculated after the client requests the bank.