Your dream home is closer than you think and here are a few pointers to help you make it happen.
Buying a home often seems complicated, right? It’s actually pretty simple and doesn’t need to be overwhelming: Many first-time buyers don't know the criteria and waste time on countless calls with banks and salespeople to figure this out. Yet the conditions are pretty straightforward.
Let's be independent!
Firstly, understanding the conditions makes it easier for you to be in control of your home buying process and avoids frustrations and any surprises. Imagine finally deciding to buy the house of your dreams, only to find you can't finance it. Yep, that would suck! That’s why being prepared will give you confidence about the process and might even give you better conditions to negotiate with the seller (especially if you have a pre-approval letter).
A few things to help you get started:
Nationality and residence status
Everyone can finance their home in the UAE! Even if you don't live in the Emirates, you can have a house here. If you are a resident, regardless of your nationality, you can own a house in Dubai. These factors won't stop you from getting the home you dream of.
From Boomers to Millennials
Does your age affect the financing process? The minimum age to finance your very own home is 21 years old, and the maximum is 65. You have plenty of time to get your dream home, get on the property ladder, and plan for the future.
Do I need to be super-wealthy? What is the minimum income required? Is buying a house for everyone?
Calm down, you don't need to be a millionaire to buy a house in Dubai. If you earn a salary of around AED 10,000/month, you can already get a mortgage with some banks. If you are self-employed, the minimum monthly profit required is AED 25,000. To make your dream even more possible, you can combine your finances with your loved ones to reach the income you need.
Do I have to pay anything in advance?
We know that talking about downpayment seems scary, but this rule is quite simple: a downpayment of 20% of the property's value is required if you are a resident (expat). If you are a local Emirati, you pay 15%; for non-residents, the downpayment is 50%.
Can I buy an AED 4 million villa? How do I know how much I can finance?
If you are a dreamer like me, you’ve probably already browsed those gorgeous villas, worth millions online and asked yourself if you could ever actually afford one of them. Banks estimate affordability by making a calculation that considers your other debts, such as credit card bills, monthly salary, and stress factors. To make your life easier, our calculator does everything automatically for you.
Pre-approval: Getting you ahead of the game
If you are still viewing homes or browsing your dream listings, something to consider to get you one step closer to your forever home is getting a pre-approval letter. Traditionally, a pre-approval letter is managed between you and the bank. With Huspy, we do the hard work for you, allowing you to manage the entire process through us, saving you heaps of time. And the pre-approval letter lasts about 60 days - plenty of time to think about where you want to live!
Most mortgage advisors or banks take weeks to get your pre-approval letter. With Huspy, we’ll get you pre-approved in a matter of days, all of it online, and without paying a single dirham on broker fees.
Ready to get started? Find out more and to get your pre-approval letter today! New home here we come!"