HOW TO GET MORTGAGES IN DUBAI TO BUY A PROPERTY? AMIT NAINANI ON DUBAI REAL ESTATE PODCAST
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- เผยแพร่เมื่อ 21 มี.ค. 2023
- In this episode of the Dubai Real Estate Podcast, Tahir Majithia talks with Amit Nainani from Lion Mortgages a leading Mortgage Advisory firm in Dubai. Amit has assisted a lot of Tahir's clients get mortgages in Dubai for their property purchase and is one of Dubai's most experienced Mortgage Advisors. Amit deep dives in to where the mortgage rates are headed in 2023 and how do mortgages actually work in Dubai & shares his experience in Dubai's Real Estate Market and has shared some great insights in the episode.
Connect with Tahir for any assistance on Dubai Real Estate on the below contact details
Call or WhatsApp
+971 50 296 7861
Email: tahir@trustedhomesdubai.com
Instagram: / tahirmajithia
Linkedin: / tahirmajithia
Tiktok: vm.tiktok.com/ZSecvq1J9/
Twitter: / tahirmajithia
Website: www.tahirmajithia.com
If you wish to connect with Amit Nainani for your mortgage requirements you can connect on the below email :
Email: amit.nainani@lionmortgage.ae
ABOUT TAHIR MAJITHIA
======================
Tahir Majithia is a second generation real estate consultant and development advisor based in Dubai, United Arab Emirates. Tahir has helped hundreds of people secure apartments, villas and townhouses in Dubai, as well as managing commercial real estate development projects and property portfolios for domestic and overseas investors. Tahir’s content has generated millions of views, specifically through educating Dubai property investors via his Dubai Real Estate Masterclass series on TH-cam, Instagram, LinkedIn and TikTok.
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I come from the finance industry, to those who are not familiar with mortgages and their secrets; this channel and the expert guest provided a pure content worth a lot!
Thanks a lot 🙏🙏🙏
Agreed. I am a banker and agree that Amit is very knowledgeable at what he is doing.
wow this guy is like the humanized chat gpt version of loans and mortages in dubai.. he is actually more accurate lol i work in banking too and i can see that the process is pretty much the same as europe. Well done sir u r a master
Tahir's podcast is direct and fact based. No speculative blue ocean talks like most of the so called "agents and brokers" who are nothing more than desperate oil salesmen trying to hype up properties while preying on emotional purchase. Well done.
Thanks a lot for your feedback 🙏🙏🙏 really appreciate it
Tahir and Amit, thank you for your sharing, expertise and insights. Super informative and useful indeed 👍
Amazing Sir @Amit Nainani 🎉👍
Thanks for these talks
Great video ever Watched
Thanks Man
This was absolutely amazing, thank you
🙏🙏🙏
Two Champs together, Kudos Tahir and Amit, Very Informative 😊
Thanks a lot sir 🙏
@@tahirmajithia Hi Tahir im a new subscriber to you channel how can I contact you regarding building a new home in Dubai ?
@@shefikshefik5181 my contact details are on my page or in the description of the video. You can also email me on tahir@trustedhomesdubai.com
Compared to well-structured markets like the US, UK, and Canada, getting a mortgage in Dubai comes with some added risks. Dubai's mortgage rules might not be as strict, which could make things a bit uncertain for borrowers. The real estate market in Dubai is known for its ups and downs, and economic factors like oil prices can influence it, making it a bit riskier. Also, it might be a little harder for lenders to judge if you're good at repaying your loans because Dubai doesn't have as much credit history data. So, Dubai's market is a tad more unpredictable, but it's not all bad!
Awesome questions, pretty clear and understandable answers. Thank you guys 👏🏻
🙏🙏🙏
Very interesting.thankyou both.
Glad you liked it 🙏
Asslaamu Alaikum Tahir Sb, I met you in while you were coming out of Masjid in Zabeel area last Friday, I'm fan of your youtube videos
Thanks for the great video. I am from Qatar and looking to invest Dubai. This interview helped me a lot. Amit seems very knowledgeable and trustworthy. I will definitely work with him once I decide to buy property in Dubai.
Great content
Thanks a lot, it's so informative ❤
Glad you found it helpful 🙏
Thanks for the info! Great to know someone to work with in Dubai!!
🙏🙏🙏
Brilliant! Thank you
🙏🙏🙏
Thank you so much… was very very informative.!
Glad you liked it
This is well informed Thank You I have enjoyed watching this and I'm much more knowledge than I was 30 minutes ago bless
Glad you liked it 🙏🙏
Comprehensive questions from Mr. Majithia and excellent answers from Mr. Nainani. Thank you both.
Thanks 🙏
Great video. As an Australian it’s hard to find content like here so thank you for doing it
Thanks 🙏 glad you liked it
Feel free to watch my video on the full guide to get a mortgage in dubai, I explained the process I went through and hopefully it will be useful for you too! Cheers and have a lovely day
Thank you so much for a very simple explanation for a very interesting subject. I like how you ask all the questions I would think about before buying property in Dubai 👍🏽
Thanks a lot 🙏🙏🙏 glad you liked it and found it useful the purpose of the content is to give value and answer most frequently asked questions
Really good information
Thanks 🙏
thanks for a wonderful podcast, one request - if you could please insert the sections in the video like we can scroll on the relevant subject that really helps.
Sure will try and do that soon. Appreciate the feedback 🙏🙏🙏
Excellent questions
Thanks
Thank you
A complete guideline for mortgage property 🙏👏
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This was very good! Can you make one about Halal mortgage and finance for those who don't want to deal with interest?
What new Updates for UAE Banks regarding the policy for bounced checks in relation to self-employed mortgage applicants and credit card settlements will continue to impact lending decisions ?
excellent
🙏🙏🙏
You forgot to ask about defaults - how the banks handle that part
I would like to know about Green visa also. Could you please ..?? How much is the investment amount?
I love your style and way brother. Allah bless you Mashallah!
Thanks a lot for your kind words
Loan also possible to buy business as well ?
In uk property value double in price for 10years how about in dubai?
Very informative podcast.
It's good to know mortgage is an option
Hope some day I could buy a investment property in Dubai 👍
Thanks. Glad you liked it. Hope you make your property investment in dubai soon 🙏🙏
@@tahirmajithia I hope too brother
What is the Business loan and car rate of interest (roi). How many diff loans are available What if I default and want 2 pay back after few years 2 come back to gulf countries.
How much can be loaned with a total income of Dhs 32,000, but it's the total household income of husband and wife. Wife is employed, under husband's visa.
In that case, can both husband and wife be co-owners?
Mashreq bank product is the best in the mkt
If your bank statement is strong you can apply
Mashreq and others are doing non resident financing
Hi I recently relocated to UAE like 40 days ago and now i have a job that pays me 10k per month. What will be the eligibility criteria for mortgage for me if i want a 1BHK apartment for myself.
what job is this, if i may ask? and can u recommend me
BS 😂. 10 my ass . Maybe diram
Very good interview with lots of valuable information.
Just one thing. Usually, after asking a question, the host (who is not the expert) should allow the guest (who IS the expert) to talk without constant interruptions rehashing what he is saying and not permitting him to finish and maybe even provide additional information.
Hosts should be FRUGAL in their speech.
Thanks for the feedback
Very nice videos. Please make one video on Islamic banking mortgage
Thanks sure will do
I am also interested in this. I’m from USA. Many Muslims are interested in Islamic financing
How much would be an average 3BHK apartment worth?
Hello Tahir, You are doing an amazing job, Please confirm when we are talking in millions is it USD or AED.
Hi thanks a lot 🙏 we are talking in AED
Really informative podcast! Thank you. For residential mortgages based on salary multiples, is this based on basic or total salary? (Given that many employers in Dubai offer a basic salary along with an allowance to make the total monthly salary)
It's always based on the total
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 morgtage bank for 80% loan then will 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 appreciated value which is 640k and out of this 650k, will give 350k remaining value to developer and 290k will pay to me?
In case of off plan the bank will usually take the original purchase value of 700k and based on that will release the funds
@@tahirmajithia Thanks a lot. It means if the property price was 700k and the payment plan was 50/50. I will pay 50% i.e. 350k during construction and at the handover of the property when i will apply for a mortgage, the bank will pay 80% of 700k or will pay 50% (350k)?
@@SW_Sherry that depends on the bank as well some banks will only pay the 350k some will give 80% of 700k
And how much is the knwoledge fee? On that he you didn’t give a figure… thanks
What about interest/riba free loan or maybe installments for non residents ,whats will be the process and how much can non resident borrow in that case and which banks/companies gives those loans .
You have Islamic loans also available and non residents can get upto 60% mortgage in dubai
Does anyone know if there’s any developers still offering rent to own, lease to own or payment plans on a ready property?
Not in todays market
Amit looks like Gabbar Singh (Amjad Khan) of Sholay, in his early years 😂
My home mortgage loan denied by one bank inspite of high salary excellent credit score what should i do now ?
You can reach Amit on +971 55 102 8311 he is the best to answer this
Nice video! I’ve heard that for non-resident buying off-plan it’s only possible to get a mortgage for 50% of the final handover payment. So let’s say I buy a 1 mln dirham off plan property with a 70/30 payment plan, I can only finance 150,000. Or can I get a mortgage for the whole handover payment of 300,000?
Whole handover payment.
@@tahirmajithia thanks!
What is the max Loan Tenure offered to non residents looking to purchase ready freehold properties under 1M AED?
The tenure can be 20-25 years depending on your age.
What if you work for a family owned company. Will they treat you as self employed even though you are on a fixed salary?
Depends on the bank
@@tahirmajithia Can you please guide which banks offers mortgage of the above criteria of employed with fixed salary in family owned company,much appreciated
@@srao2 you can connect with Amit for detailed information his contact details are in the description
@@tahirmajithia sure Thank you that helps alot 😃
How much down payment is required for 25 years or 23 years tenure ?
The tenure doesn’t change the down payment requirement. If you’re a resident of Uae then you need 20% down payment and if you’re a non resident then 40-50% down payment
Hi Tahir, greetings from Canada Thanks for the video, it is very informative. I have a question, my brother is planning to buy a house in Dubai for Dhs 1 million. With the golden visa he is getting can he sponsor us his 2 sisters and give us residence visas? Thanks 😊
Thanks I am glad you liked it. If your brother buys a property he can’t sponsor you or your sisters, he can only sponsor his wife and kids and parents
@@tahirmajithia thank you. How about if the value of property is Dhs 2 million can he sponsor us his sisters? BTW, I have subscribed to your channel. It is very informative and provides good value.
@@mimiio5095 no even if it’s 2 million investment for a golden visa still only kids, spouse and parents can be sponsored.
Very informative podcast. for NRIs who are buying 2 million worth of property, At what stage they would get the title deed, and also at what stage are they eligible to apply for a Golden visa? Please advise
You get the title deed when you purchase the property. For golden visa you can apply if your equity/ contribution in the property is 2 million Aed. If the total value is 2 million Aed and there is a mortgage then it’s not possible to get golden visa but say the property value is 5 million and your down payment is 2 million & rest is mortgage then you can get golden visa
@@tahirmajithia I doubt this is correct! As per my understanding one is not eligible to get a Golden Visa unless they have title deed on their name
@@bulljam8888 no it is. Even if you take a mortgage you still get a title deed the only thing is it’s mentioned that the property is mortgaged. If you have paid 2 million Aed and rest is mortgaged you still can get golden visa. I have already done it for my clients
Hey Tahir, Quick question if I continuously invest into UAE real estate market will that guarantee me citizenship with the UAE ?
You get residency in UAE not citizenship
I’ve always seen others say that as well, hence after you finish your golden visa can you apply for permanent residency with the UAE government? I have another question, can the UAE government nominate you for citizenship? If you continuously invested into the country?
Hi Tahir,
Thank you for the info
I had a question in regards to early settlement
If i take a mortgage for 500000 at 5% for 25 years
The total il be paying for 25 years is 876900 including interest
But if i want to do an early settlement in the 37th month
Total loan already paid in 36 months in 105228 including interest
Now i decide to do early settlement
Do i have to pay 1% of the remaining principal amount or the total remaining loan amount (including interest)
For early settlement you have to pay 1% of the outstanding principal only
This is subject to the terms & conditions finalised at the time of sanction and before disbursement
Non resident should keep in mind that they have to visit 2-4 times to complete the process
2-4 times are not required we have done it in one visit also
Minimum Salary required to Apply for a Mortgage Loan??
Aed 10,000/- monthly is the minimum requirement
Good info, but hope all those who invest get a secure return. I haven't got a good experience in the past not once but lost twice by investing in property.
In dubai? What went wrong?
Email address for the guest please
Amit.nainani@lionmortgage.ae
Hello Tahir.
I appreciate your content.
So, at the end of the day, If you purchase a home in Dubai, is it yours for generations?
Yes it’s yours for generations as it’s absolutely free hold
@@tahirmajithia even thought I’m a US citizen?
@@stevedorsey4234 yes doesn’t matter what nationality the property is yours forever
If you need mortgage then do contact me
If you are self employed if you set up a business I thought you need 2 years before getting a mortgage
ibore? Does he really not know? He kept saying ibore
Wish they could have discussed Islamic mortgages
Noted will do one episode on that as well in sometime
How about new cryptocurrency millionaires with poor paperwork and now wealth all of a sudden ?
Getting loans based on crypto income is not possible
Good video, feel free to check my mortgage videos where i explain in my own way the step by step the requirements for getting your first mortgage. Have a great day all!
halal finance?
Islamic finance is also available
@TAHIR MAJITHIA make a video on it , please
which is the best real estate company for new joiners to begin with, especially as an off plan realtor ?? and how many months backup one should keep? ??????????
You should keep 6 months backup before you join. It’s difficult to name one company because there are a lot of good companies but it also depends on where you feel comfortable working