khaleej times Wednesday, OctOber 28, 2015
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Moving to the UAe? Don’t leAve finAnciAl bits behinD Expatriate living is a life full of opportunities and personal growth. To realise its true potential, paint your financial picture well.
this is through an insurance cover. A health cover for all in family ensures best medical care when required, and a life cover promises to fill in financial gap in case of an interruption or cessation of earnings of the main caretaker. financial advisers at banks and independent financial houses can help you ascertain the amount of insurance cover you should take.
■ Suneeti Ahuja-Kohli
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ife of an expat offers new beginnings: a chance to broaden horizons, live anew and explore multitude of possibilities for growth, and adventure. Beneath this is also a promise of a financially better future, especially if the move is to a tax-free zone like the UAe. in the midst of setting up a new house, building up a social network, helping kids settle down and the usual humdrum, do not let your personal economy get affected. Home to a large number of multinational and local banks, the UAe financial institutions have the means and expertise to help immigrate your existing financial plan and formulate a new one that fits your current situation just right. expat finance is all about catering to your needs in a new place you call home. Looking to buy a car or home here,
or need funds to manage expenses better? You can rely on banks in the UAe, as they are well attuned to the needs of the expatriate population. Abu Dhabi islamic Bank (ADiB), for instance, offers a range of products including car finance, personal, instant, education loans and boat finance, ADiB job loss protection, etc. Union National Bank and CBi too have similar products that offer financial help for varied needs as well as protection plans against calamities. Besides, there are other products tailored especially for expats that align your goals with your finances. You can take comfort in offshore banking or onshore products and get along with the expatriate life with a breeze.
if you have just moved to the UAe, or are taking a fresh account of your financial plan, we have a few tips to share: Build a contingency fund: One of the first commandments of personal finance is to set aside at least six months of running expenses. The idea is to have a cushion in case of an emergency. Once you have built up such a reserve, you can keep it safe in a savings account (where it might not earn much considering the benign interest rate environment) or stow it away in a fixed deposit account. Buy medical and life insurance: With responsibility comes accountability too, and the best way to take care of
Home to a large number of multinational and local banks, the UAE financial institutions have the means and expertise to help immigrate your existing financial plan and formulate a new one that fits your current situation just right. Make saving a habit, and investing a ritual: The idea of paying yourself first is a wonderful way to realise financial goals. Whether it is your dream to buy a swanky new SUV, have a relaxing 10-day vacation every year, attend concerts of your favourite band, or anything else, saving every month will help your plans see the light of the day without a hitch. — suneeti@khaleejtimes.com
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• Preferential discount offered on remitttances processed through Arab Link Money Transfer* • Personal Finance available up to the equivalent e of INR 1.7cr • Instalment payment in Dirhams • Enables you to settle your existing liabilities in India • Free job loss protection Finance proceeds enable you to pay for new purchase at all stages of construction or to renovate your existing home. Call now
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* Applied at the prevailing foreign exchange rate on the conversion date as per the terms & conditions. * Terms & conditions apply. Offered under finance for individuals program subject to UAE Central Bank guidelines and subject to salary transfer.
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Wednesday, OctOber 28, 2015 khaleej times
LOANS FOR EXPATS
khaleej times ADVERTISING SUPPLEMENT
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ADIB
Buying a home in India has never been easier ADIB home finance makes buying Indian realty a reality For Indians working in the UAE, buying a property in their home country is an aspiration that is becoming ever more attractive due to the dirham’s appreciation against the rupee in recent years and growing optimism over the Indian economy. Many Indians in the UAE are looking to preserve wealth for the future. Some are looking to invest in India while others are planning
to buy a future home for themselves. However, these goals are often difficult to achieve as securing home finance in India is difficult from the UAE, and often offered at unattractive rates. This is why Abu Dhabi Islamic Bank (ADIB) is offering nonresident Indians (NrIs) an easier solution with its new dedicated financing facility. The bank is financing at profit rates as low as 6.75 per cent, compared to the typical 11-13 per cent range offered in India. Unlike many banks in India, ADIB does not limit the home buyer to particular housing developments or
developers. NrIs can also finance their new homes in India in dirhams at ADIB’s best rates in the market, which eliminates the exchange risk when transferring money to India. This also gives the home buyer the flexibility to hold funds in the UAE and make transfers to India only as and when required. With ADIB, buying a home in India has never been easier. For further advice on how to take advantage of the opportunity to make a long-term investment in India, call ADIB on 8002882 or visit www.adib.ae.
STiLL STuck ON A TENANcy RAcT? Banks and financial houses in the UAE offer home loans at attractive rates, helping turn home ownership dreams into reality for many
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wning a home is part of any expat’s dream in the UAE, yet low income, rising property prices, credit and debt are making it tougher for many to buy a home
in the UAE. While stricter standards like a mandatory 25 per cent down payment for the first house and 50 per cent down payment for the second house for an expatriate make it tougher for young families to qualify for a mortgage, industry experts say these measures are necessary to avoid formation of another asset bubble in the emirates. If you are considering buying a house in the near future, it is important to start planning in advance and do the research well. Here are a few tips to help you prepare well: Lower your debt-to-income ratio: DTI is your total monthly income as compared to your total monthly debt payments. Most lenders will only lend to you if your total DTI is at or below 50 per cent. Therefore, to lower it you can either try to increase your income by pursuing a promotion or raise, finding a higher-paying job, or pre-paying any existing loans. You can also avail of the benefits of low-interest rates prevailing on unsecured loans in the emirates by consolidating or refinancing other loans
Make a budget for each month before it starts, with a plan for spending and saving, and stick to it. Stash away extra money from bonuses, overtime or financial gifts on your birthday or holidays.
and paying down on credit card balances. Save for a down payment: Make a budget for each month before it starts, with a plan for spending and saving, and stick to it. Stash away extra money from bonuses, overtime or financial gifts on your birthday or holidays. Considering the high rentals on residential properties in Dubai, one sound advice would
be to either find a roommate to help pay the rent or move into a less-expensive rental. As per the real estate law in the emirates, you have to pay 25 per cent as down payment for the first residential property. Save a little extra for peripheral use: Besides the 25 per cent required for the down payment, stash away some savings for other expenses such as agent fee, land department fee, agent commission, and henceforth. Usually, all these expenses add up to 10 per cent of the cost of the house. Explore finance options: Banks and financial houses in the UAE offer home loans and mortgage at quite attractive rates compared with other countries. Here you can take advantage of single-digit home loan rates and turn your dream of owning a house into reality. However, it is best to do thorough research and opt for a financial lifeline that suits your needs the best. one of the most efficient ways of finding about interest rates and deals on home loans is to go to website like souqalmal. com, moneycamel.com, dubizzle.com, etc. These websites allow you to compare interest rates, eligibility criteria, and other pertinent information.
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khaleej times Wednesday, OctOber 28, 2015
LOANS FOR EXPATS
khaleej times ADVERTISING SUPPLEMENT
Managing mortgages wisely Mortgages make property ownership an attractive option to renting. However, mortgages require strict adherence on timely payments of the instalments
A
re you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Here are some tips to avoid foreclosure.
Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Contact your lender as soon as you realise that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later, mail may include an important notice of pending legal action. Your failure to open the mail will not be an excuse in the foreclosure court. Know your mortgage rights Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes. Have sufficient information about foreclosure prevention (also called loss mitigation) to understand your rights and the obligation. Contact a lawyer. Lawyers can help you understand the law and your options, organise your finances and represent you in negotiations with your lender if you need this assistance. Prioritise your spending. After healthcare, keeping your house should be your first priority. Review
your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses — cable TV, memberships, entertainment — that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage. Use your assets. Do you have assets — a second car, jewellery, and a whole life insurance policy — that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
Anil Kumar, Head of Retail Banking, CBI
Don’t lose your house to foreclosure recovery scams!
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If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a lawyer.
Win an iPhone 6s with a Triple Advantage Loan
Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes.
Commercial Bank International
CBI’s innovative and rewarding financial solutions ensure that you get more than expected every time you apply for a loan, credit card or a revolving overdraft Commercial Bank International [CBI] has introduced a new Triple Advantage promotion offering Personal Loans, MasterCard Platinum Rewards Cards and a Revolving overdraft in one package. The promotion is customised to the needs of the UAE nationals and expatriates in the country. As part of the promotion, customers will enjoy a wide array of features and benefits, such as a Free iPhone6s for each personal loan of Dh500,000 and above, a free Samsung Galaxy A5 for personal loans of Dh250,000 and above and a free Samsung Galaxy A3 for personal loans of Dh100,000 and above as well as fast approvals and flexible repayment periods tailored to individual needs. As part of the promotion CBI also offers
customers a MasterCard Rewards Credit card that gives a wide choice of redemption choices and 50,000 bonus reward points upon activation. Customers can choose to redeem their points in eight great ways from air tickets (any airline, anytime); hotels and car rentals (across the globe); online shopping; cashback; utility bill payment; salik top up or donating the rewards points to charities such as Noor Dubai or Emirates Red Crescent. Commenting on the new promotion, Anil Kumar, Head of Retail Banking of CBI, said: “The new promotion is in line with our commitment towards providing our customers with innovative, valuable, rewarding and competitive financial solutions that exceed their expectations and are part of our commitment to extend best-in-class offerings to our customers.” The bank also offers comprehensive loan products including home loans, auto loans and credit cards. Further details about the triple advantage promotion, including the terms and conditions, are available at any of the CBI branches across the UAE. The bank also has a dedicated a call centre(800 224) to respond to specific queries about the promotion to prospective customers.
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