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@malikaziz5413
2 жыл бұрын
Which is best bank as per your experience?
@maysapiller
2 жыл бұрын
Thank you for your question Malik Aziz, Personally I don’t have preference but one thing I know that priority banking is been very good in terms of process and timing. My personal experience is that there is a big shortage when it comes to property mortgage in Dubai you have to be very much patient. Do your searches well and compare offers between banks they always have offers.
@SW_Sherry
7 ай бұрын
Thanks for the video and details. very helpful. I have one Qs that i would like to clarify. For example, i invested in offplan property. It has 50/50 payment plan. I will pay 50% during construction. But at handover, i have to pay the remaining 50%. My property value at the time of launch was 700K. I will pay 350k till the handover. After 3 years when the property is handed over to me, it might have some appreciation and its value becomes 800K. So when i now apply to a mortgage bank for 80% loan then will the Mortage bank pay the remaining 350k to developer only or (2) because the property value is not 100k more than the original price i.e. 800K so will bank will give 80% of the appreciated value which is 640k and out of this 650k, will give 350k remaining value to developer and 290k will pay to me?
@SW_Sherry
7 ай бұрын
Can kindly clarify my query above?
@maysapiller
6 ай бұрын
Hi Sherry , thank you for your question! I see you mixed off-plan with ready property here. Let me clarify this for you in two parts. First when you buy an off-plan property and it’s appreciated on the price you can only cash it out (what you paid and what’s appreciated) once you sale it to another one. We called it flipping strategy in Dubai and it’s off-plan resale. Secondly You may apply for mortgage once it’s ready however only for the remaining amount in this example 50%. As per my experience and knowledge bank knows you have already paid 50% they will not borrow 80% as you described, however I suggest to consult a mortgage advisor for this matter if anyone can do that for you. With Market practice in Dubai Only (first time buyer/resident) can apply for 80% loan of that property when it’s completed, here bank will firstly evaluate the property to find out it’s currently market value, afterwards new buyer puts 20% down payment ( paid to you) bank pays to developer 50% and to you 30%+ your premium. I hope this answer gave you some clarity, thanks again for your question Sherry
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