Your borrowing limit depends on your current income and existing liabilities. This may vary from bank to bank.
This may vary depending on your nationality. In the UAE, nationals can get up to 80% whereas expatriates can get up to 75% for their first purchases for properties less than 5,000,000 AED.
Typical rates are between 3.49% to 7%
Yes, they can, however, the terms for non-residents will be different and the rates may be slightly higher.
This depends on your occupation. Salaried candidates will usually have to endure 1 week until approval, whereas self-employed candidates may have to endure a longer period.
This term indicates that the applicant has been accepted for a mortgage or loan provided that the personal financial circumstances and information supplied are confirmed.
Further criteria and elements are required for a successful application, such as employment status and credit scoring.
Although both Shariah loans and Mortgages fulfil the same role, Shariah loans do not charge interest – they are based on Islamic Profit-share principals. Shariah loans are similar to hire/purchase agreements in that the title of the asset stays with the lender of the money, until the final loan payment is made – and the title is then transferred unencumbered to the buyer.
For a mortgage, the title is always with the buyer, but a “registered interest” of the bank stays on that title until the last payment is made – and the registered interest is then removed.