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.
Terms & Conditions
Short Term Lettings T&C
- Booking is confirmed upon full payment of rent, additional services (if there’s any), Tourism Dirham and Security Deposit.
- Modes of payment: Direct bank deposit, bank transfer, cheque (subject to clearance of funds), credit card & debit card and through Exchange Centers.
- All guests are required to share their passport copies with the Company, latest a day or two prior to check-in date.
- Guests are expected to follow maximum occupancy allowed in the Accommodation (adults and children).
- The Legal age to book an accommodation is 18 years and above.
- Bookings are subject to DTCM tax amounting to AED 10 per room per night, for a maximum of 30 consecutive nights, payable by Guest.
- For long stays, a recurring Tourism Dirham charge shall apply every 90 nights, again for a maximum of 30 nights at a time.
Security Deposit (SD):
- SD must be paid at the time of reservation, to confirm the booking.
- Applicable SD per property type: AED 1,000 for studio AED 1,500 for one bedroom AED 2,000 for two bedrooms AED 3,000 for three bedrooms
- Higher SD may be required for bigger properties such as villas and penthouses. Please refer to the property profile for actual figures.
- Any damage and or missing items noted during the check-out procedure shall be charged against Guest's security deposit.
- Guest agrees to top-up the deposit in the event that the cost of repair/replacement is more than the security deposit paid upon booking.
- Subject to satisfactory inspection of the property after departure the deposit will be returned within 7 working days after the check-out date.
Arrivals and Departures:
- Check-in time: 3:00 PM to 8:00 PM.
- Meet and greet service onsite is available from 9:00 AM till 8:00 PM.
- On check-in date, a walk-through inspection and inventory will be done by a member of the Operations team in the presence of the Guest, prior to handing over keys and access cards.
- Check-out time: between 9:00 AM to 12:00 PM.
- It is in the best interest of the Guest to have the check-out procedure done with the Operations team to ensure timely refund of security deposit.
- Early check-in and late check-out (maximum 2 hours prior or 2 hours after, respectively) request is subject to availability and Company's discretion. Any request beyond these times will be subject to applicable charges.
- No refunds will be given for late arrivals, early departures or unused days of Guest’s stay.
Any booking cancellation must be done in writing to the Company.
Short stays - for bookings less than 28 nights, Guests will be entitled to:
- Full refund if cancellation is done 14 days prior to check-in date.
- 50% refund if cancellation is made 7 days before check-in date.
- Guests forfeit all payments made if cancellation is done less than 7 days from the date of check-in.
Long term stays - bookings from 28 nights or longer, Guests will be entitled to:
- Full refund if cancellation is received more than 45 days prior to check-in date.
- If cancellation is received 30 to 44 days prior to check-in date, the Company shall process a 50% refund of rent for the first 30 days booking plus taxes and all future rents.
- Guests forfeit the first month's rent if cancellation is done less than 30 days from actual check-in date. All future rents and taxes will be refunded.
- The Accommodation is booked for domestic stays and not for any commercial operation. Breach of this condition shall result in booking cancellation without any refund and the Guest will be asked to vacate the premises immediately.
- All homes have equipped kitchens and are provided with sets of linens and towels. Guests are responsible for purchasing toiletries, dishwashing liquid and washing machine detergent required for the duration of their stay.
- The Company has the right to cancel the booking without refund if Guests are found violating maximum occupancy of the Accommodation or exceed the total number of guests originally booked. Alternative units may be offered subject to availability and applicable charges.
- Guests must treat the property as your own. Windows and doors should be closed/locked when leaving the unit and must switch off the lights, air conditioning and water heater, with all appliances turned-off. Charges shall apply for abuse of utilities (high consumption).
- Check-out cleaning fees shall apply, depending on property type, payable when reserving the unit. Extra charges of AED 300 shall apply if the Accommodation is found unreasonably untidy or dirty upon departure.
- Booking extensions are subject to availability and will only be confirmed upon payment of rent and taxes 7 days prior to expiry of existing booking.
- Pets are not allowed in the Accommodation. Smoking, loud music and parties are strictly prohibited. Doing so would mean cancellation of booking without refund.
- Guest is solely responsible for his acts, behavior, health and safety during his stay and shall not hold the Company liable for any claims, losses, expenses and damage incurred or suffered as a result of his own action and decision.
The Company: Allsopp and Allsopp, duly registered with DTCM under Tourism License Number 927783.
The Accommodation: A property licensed by DTCM as a holiday home, rented by the Guests through the Company.
The Guest: Any individual, group or organization who booked the Accommodation in return of payment of rates and other charges.