Whether you are a salaried or self-employed person buying a home is easy for you. Buying a home in Dubai is a dream of every individual and if you are a resident of Dubai then it is quite easy for you. In this blog, you will get to know what minimum salary is required for you to get a home loan in Dubai.
So now your vision is going to turn into reality and you can have your own home in Dubai. To know the matter briefly you must go through the blog from start to end and then you will come out with a more positive mindset for having a home finally.
What does it mean to have a property in Dubai?
Good rental income is the prime advantage of buying property in Dubai. The city offers a gross rental yield of 6-10% on average as compared to the other real estate hub around the globe. Real estate investment is quite beneficial if you give a close look in Dubai. Besides a range of property options are available from affordable to luxury segments.
Thus, if you enlarge your score then real estate investment is the best option and property sales within seconds in the Dubai property market.
So, what is the minimum salary required for a home loan in Dubai?
Living in Dubai is the dream of every individual. Its dazzling beauty attracts almost everyone. Many think that Dubai is for rich people like millionaires & billionaires, for a low-salaried person there is no option even to imagine home. But let me allow you to clear your misconception about buying a home in Dubai.
Well, it is true that Dubai holds extreme extravagance and elegance within and hub of super luxury or you can say ultraluxury residential towers but that doesn’t mean you can’t get an affordable one. In fact, there are multiple reasonably priced home options also available.
AED 15K per month is the minimum salary required to get a home loan in UAE. Did you know how much loan you will get? You will be eligible for up to AED 10M. So what are you waiting for? Go and share this good news with your family.
Wait, wait, wait, before you leave grab some extra knowledge about the eligibility criteria and documents needed for a home loan which are given below. Go thoroughly so that you can read all the proofs with you and grab the opportunity at once.
Eligibility criteria for home loans in UAE
• Resident proof- UAE residents, nationals and Expatriates
• Age- for salaried applicant ( 21 years Min./ 65 years Max.), for self-employed applicant (21 years Min./ 70 years Max. )
• Monthly Income- AED 15K (if salaried), AED 25K (if self-employed)
• The salaried home loan applicants must be employed for at least 6 months with their present employer
• Self-employed or Business owners should have their business operation for a minimum of two years
• Credit Score- A good credit score will aid to get easy home loans in UAE
• Minimum time spent in UAE- 6 months
• Salary Transfer- Some banks may require you to allow your salary to be transferred to an account held by them
Documents required for a home loan in UAE
• Copy of passport
• 6 months bank statement of the current year
• Utility bills
• Trade license for business owners
Banks that Provide home loans in UAE
• Emirates NBD
• Mashreq Banks
• First Abu Dhabi Bank
• HSBC Home Finance
• Rak Bank
• Dubai Islamic Bank
• Noor Bank
Decision
If you are quite determined with your home buying decision in Dubai then this little help will surely lead you in the right direction in getting your home loan. If this blog helps you today while taking the most significant decision of your life then appreciate us by writing more question that arises in your mind regarding Dubai Real estate and here I am ready to educate you.
In addition to this, for more home loan queries and to get the properties that fit into your budget, Dubai Housing is the best platform to solve every concern and with 100% assistance you meet a lucrative deal.
Also Read:- How PropTech Can Make the Home Buying Process Less Stressful?
