1. Do I require any insurance if I take a mortgage loan?
Property/Life insurance is mandatory but some banks may not require it.
2. Can you assist in completing my insurance formalities?
Yes, We will provide you from a variety of various insurances choices like Zurich Life,Scottish Life.
3. What is the extent of insurance?
The extent of insurance should necessarily cover your mortgage borrowing.
4. What amount can I expect to pay as premium?
Insurance is subject to your age and medical condition.
An indicative cost of premium for life insurance varies according to the Mortgage amount taken
1. Is there an age criteria?
Yes, the minimum age of the applicant should be 21 years. The maximum age on completion of the loan should not exceed 65 years.
2. What is the minimum income/salary?
It varies from bank to bank and the mortgage amount taken
3. Can the income of more than one person be considered?
Yes, joint applicants can be considered, provided their total household income is AED 8,000 per month, subject to a minimum of AED 6,000 for one of the co-applicants.
4. What is the expected status of employment?
Salaried applicants should have 1 year employment continuity. Confirmation with the present employer is also necessary.
Self-employed applicants should be operating and profitable for the last 3 years.
5. What is the basis of evaluating an application?
Your application is evaluated based on the following:
- Income
- Stability of employment
- Willingness and ability to repay
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