Sweet home is now not a dream

Sweet home is now not a dream
Home loans are structured to meet the needs and requirements of expatriates, especially the salaried class.

Banks in the UAE have taken a leap forward to finance home loans for expatriates, helping them realise their dream back home


Ishtiaq Ali Mehkri

Published: Thu 27 Sep 2018, 5:54 PM

Last updated: Thu 27 Sep 2018, 7:56 PM

Building a home is anybody's dream, and realising it is always an uphill task. Irrespective of the fact, whether one is financially sound or not, investing in property and raising a dream home is a challenge. But banks in the UAE believe in innovation and are pro-development. This is why almost all of the banks have tailor-made loan packages for expatriates and nationals. The catch, however, is in the fact that UAE banks trust their clients and even go to the extent of financing projects that are offshore. Home loans for expatriates, wherein they can choose to buy a property inside the UAE or build a home back home is just a phone call away. This is inevitably a credit to this great country and its sound banking system.
Banks and financial institutions in the UAE are pro-business and have a growth plan for all. This is why the country is known as a land of opportunities. Citizens and expatriates, alike, enjoy the bounties of loans and credits, and feel like having a world of their own to realise their dreams. Banks in the UAE offer credit facilities unseen in any other part of the world. This is why legal residents in the UAE make use of this benevolence to plan a great future for themselves by procuring loans as home mortgages.
Home loans are structured to meet the needs and requirements of expatriates, especially the salaried class, and there is a special focus on the viability of the investment project. Cash loans to the tune of millions, depending on the income capacity of the customer/businessman, are available for homes, which are quite popular.
Banks in the UAE have two forms of interest calculation methods: fixed rate of interest paid over a period of time, and the other is on reducing balance rate. Moreover, there are Islamic Shariah-compliant packages as well. This helps in securing the customers' finances in reasonable limits and managing repayment format in a better way. Many of the customers prefer a fixed interest rate, which is expensive but comes with peace of mind.
Home finance or residential mortgage loans are getting popular in the UAE. The real estate boom is a case in point. But at the same time, recent studies show a large number of Indians are acquiring home loans from UAE banks to build one on their ancestral lands in India. Thus, expatriates who cannot afford to buy a home on their own, but in a capacity to do so by paying easy monthly instalments look up to avenues of financing to fulfil their desire of a sweet home.
The good point over the period of years is that there is a strong realisation among the people as to why keep on paying rents throughout their lives, and as to why not opt for a policy or scheme to own a house of their own, and that too in their own country. The UAE banks have simply made that possible. This is where mortgage financing was born, and banks perfected the idea by coming up with viable options, tailor-made to the needs and requirements of their customers.
Governments and financial institutions, too, have gone a long way in making people understand the need for home financing, which indirectly acts as a catalyst for growth, investment and industrialisation in their respective countries. Home finance is a tool to not only document the personal finances of customers on a long-term strategy, and have a banking relationship - that often spans over decades, but also to pump in money in the real estate sector, which incidentally is a vicious circle for growth and employment in a society. There isn't any better investment than owning a home of your own.
The UAE has a tailor-made housing plan for all, and some of the leading providers are RAKBANK, ADCB, NBD Emirates and the Union National Bank - to name a few. Banks in the UAE offer mortgage loans that are flexible, affordable and easiest to repay. Banks also ensure that they come up with all kinds of information by overcoming security risks before vetting a deal. This is good for both the lender and the customer. Moreover, dedicated personal service provides the added advantage to an environment of pro-financing policies. The specialty of the UAE financial institutions and banks is that there is no cap in investment, and home finances can be sought to the maxim.

- mehkri@khaleejtimes.com

More news from