Well, if you’re not much of a reader, then these bite size information-rich videos should do the trick! We highlight tips for tenants, landlords, buyers and sellers. We’ve also filmed residents in the UAE like you and me, who had legal questions they wanted an answer to. Legal consultant, Ahmed Odeh, gives some useful advice that’s worth listening in on!
Sasi wants to know how much he can borrow from the bank to buy a home. What does the UAE mortgage law say?
“I moved to Dubai recently and I would like to buy a studio.
I would like to go for a bank loan and wondering how much would the bank be willing to lend me.
Does it make any difference if the flat is not ready?
“The UAE Central Bank has issued new mortgage regulations,
for which it will make a difference whether you’re looking at property that is readymade or
property that is off-plan. Let’s say that you’re looking to buy a property
that is below five million Dirhams, and you’re looking at readymade property,
you will only be able to get a loan from the bank up to seventy five percent of the value of the property.
If you’re looking at a property that is off-plan, the bank will only give you a mortgage of fifty percent
of the value of the property.”
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