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Why rent out when you can buy your own house? Getting home finance from banks in the UAE is not a difficult task if you have a constant stream of income and limited liabilities. ments in Dubai range between 5.87 per cent to 7.21 per cent, which is comparatively higher than popular property investment destinations such as London, Hong Kong and Singapore. Where to buy?
Benign interest rates and corrected real estate prices are perfect reasons why you should consider investing in your own home now ■■ Suneeti Ahuja-Kohli
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et’s just get straight to some facts. Almost 68 per cent of the home loans in the UAE are available at 4 per cent per annum or less, as per a recent study by Souqalmal.com, an online personal finance portal. Secondly, the yields on properties in Dubai, in particular, are pretty attractive. Rents on residential properties haven’t fallen in the same proportion as the property value. In 2015, home prices in Dubai fell 15 to 20 per cent as transaction volumes halved. The rents, on the other hand, are down by three per cent only during the same period. As per industry experts, yields for small and large apart-
Well that fundamentally depends on your budget. There are a number of ways in which you can hunt for a property that suits your pocket. You can either rope in a real estate agent to give you a better idea on the property that suits your bill, and your needs, or you can indulge in some self-research on the world wide web. There are websites aplenty that give you a fair idea of the property prices in the UAE. Some of the popular ones include Dubizzle, justproperty.com, propertyfinder.ae, etc. These websites have congregated data from buyers’ and renters’ perspective. You can check property prices as well as rentals, if the idea is to give the purchased property on rent and earn. How to buy? Getting home finance from banks in the UAE is not a difficult task if you have a constant stream of income and limited liabilities. As per the revised laws you
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ADIB
Convenient and hassle-free solutions ADIB’s home finance solutions help you buy your dream house and also unlock equity in property, when in need With numerous opportunities for business, leisure and relaxation, the UAE is a perfect place to build a comfortable future for you and your family. With this in mind, Abu Dhabi Islamic Bank (ADIB) is now offering a unique opportunity for UAE residents and nonresidents to purchase their dream property. With very simplified eligibility criteria, customers can now benefit from finance of up to Dh20 million for up to two properties. In response to demand from customers, ADIB has enhanced its home finance offering, making the application process straightforward and introducing new products. It has never been easier to purchase a home in the UAE. The bank has also introduced an equity release option for property owners who would like to free capital trapped
in the value of their home or land in Dubai and Abu Dhabi. Home refinancing is available to all ADIB customers, with no processing fees for almost all our products. Meanwhile, for UAE nationals, the bank has sped up the contractor approval process, making it easier for development of land plots. ADIB is working closely with the Abu Dhabi government on the Sheikh Zayed Housing Programme, the Private Housing Loans Authority for Nationals and the Mohammed Bin Rashid Housing Establishment. ADIB, the highest-ranking bank in the UAE for customer service over the last four years, is also focused on cutting unnecessary red tape. The bank has partnered with the leading developers in the UAE to facilitate direct purchases from the companies, and has also streamlined the process for obtaining financing for owner-to-owner transactions. ADIB operates as an ethical bank, and is fully compliant with Islamic banking rules. It is this solid foundation that allows the bank to offer customers improved home financing products that they can afford and with little risk.