mortgage, Author at Capital Zone

PALM JUMEIRAH: LATEST UPSCALE PROJECTS YOU NEED TO KNOW

Dubai’s iconic Palm Jumeirah has been a hub of architectural and engineering marvels since its creation. With its latest projects, the area is set to witness another awe-inspiring development that is sure to leave visitors and residents spellbound. As Dubai strives to maintain its position as a global leader in innovation and technology, the latest projects at Palm Jumeirah – which we will talk about in this article – are set to push the boundaries of what is possible and take the city’s reputation to new heights. The Unique Atlantis The Royal Planning a trip to Dubai and looking for an ultra-luxury place to stay? Look no further than Atlantis the Royal. It is a master class of sophistication and delivers extraordinary luxury, the likes of which you will not find anywhere else. The Royal is an ideal place for basking in the sun with a private beach, sun loungers, and beach cabanas. Atlantis the Royal is situated on the Crescent Road, Palm Jumeirah. A man-made island, Palm Jumeirah is a paradise-like playground for people who want pristine beachfront living and the very best of modern amenities. Often referred to as the eighth wonder of the world, Palm Jumeirah is the best place, for both short and long stays, for those who love living in total comfort close to a beach. Pristine ocean views and uninterrupted views of Dubai’s skyline, coupled with a slew of luxury amenities, make Palm Jumeirah the most sought-after address in Dubai. Palm Jumeirah does not only have the Royal, but it also boasts some of the most exciting residential real estate projects in Dubai. So, if you are interested in buying a property, whether for investment purposes or for living, you might want to keep Palm Jumeirah at the top of your list. Why? Glad you asked. Introducing Ocean House Besides offering amazing sea views and a vacation-like lifestyle, Palm Jumeirah is strategically located and provides many opportunities for entertainment. A short drive from Sheikh Zayed Road, it is pretty well connected with all the major parts of the city, including the Dubai Airport. When it comes to residential real estate projects in Palm Jumeirah, Ocean House by Ellington Properties leads the pack. It offers residents exclusive ocean-side living, in addition to bespoke club amenities, modern interior design, and a range of experiences that will seamlessly fit with your lifestyle. About Ocean House A super-luxury 9-storey complex, Ocean House has 88 designer units. It features 2-bedroom to 6-bedroom apartments, penthouses, and duplexes. All the residential units offer breathtaking views of the majestic Arabian Gulf, Marina Skyline, Palm Jumeirah, and Burj Khalifa. One of the highlights of Ocean House is its amazing club-like amenities. The list includes a large Olympic-sized swimming pool, a fitness studio, a wellness spa, a cinema room, and a games room. Each duplex and penthouse includes a private swimming pool, as well as a private garden on the balcony, where you can have a relaxing time after a busy work day. Ocean House’s presidential suite is the very best in the business and features: By contrast, each penthouse has a private lobby, 5 terraces, an outdoor dining room, an outdoor kitchen, and a study area. Ocean House’s Amenities Luxury amenities are available in plenty in Ocean House. You will enjoy access to: In short, Ocean House’s Wellness Spa is second to none and serves as a place where residents can unwind, relax, and mingle with others. Ellington Beach House Aside from Ocean House, another project in Palm Jumeirah that is creating a lot of buzzes (for all the right reasons) is Ellington Beach House. Like Ocean House, Ellington Beach House also belongs to Ellington Properties and offers ocean-inspired and modern residences. It offers 1-bedroom to 4-bedroom apartments and penthouses with private club amenities and a curated lifestyle. From porter and valet services to an intimate clubhouse and innovative and contemporary designs and pristine views, Ellington Beach House has it all. In addition, since it is located in Palm Jumeirah, you will be living close to a range of modern amenities and get to enjoy quick access to other parts of Dubai. All in all, Palm Jumeirah is the most sought-after address in Dubai, and its two of the most amazing residential projects are Ocean House and Beach House. Related Articles:1. New Residential Projects in Dubai2. Moving to Dubai: A guide for expats Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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Five Reasons To Work With a Mortgage Specialist

Working with a mortgage specialist in Dubai can help you navigate the sometimes confusing process of getting a mortgage. A great mortgage advisor will understand your circumstances and needs, and give you a clear overview of the application process and timeline. They should be able to give you expert and honest advice and have access to the best products in the market. Here we give you five reasons why you should consult a mortgage specialist as you embark on the home-buying journey. 1) Researching the market Mortgage specialists will know the mortgage market better than anyone else. It’s their job to understand how much you want to borrow and your availability. They’ll use this information to match you to the best mortgage products. It’s a widespread myth that your bank will offer you the best rate, or that it’s easier to apply for a mortgage with your bank. This isn’t the case. A mortgage specialist will know which lenders have the best rates and terms across fixed and variable-rate mortgages, as well as conventional and Islamic mortgages. Use your mortgage specialist to research the market for you. It will save you valuable time. Using a mortgage calculator in Dubai or a digital mortgage platform like Capital Zone will search the market for you in minutes. 2) Better rates and deals Mortgage consultants or brokers have access to more products. They’ll know all types of mortgages from all the lenders, not just the ones that your bank offers. They may even have access to products or know of Dubai Mortgage interest rates that are not available to the general public. This insight will help you make an informed decision and save you money in the long run. Use our online mortgage calculator and we’ll search over 500 products from the UAE’s banks for you. In less than two minutes, you’ll know the mortgage products suited to you. Best of all, it won’t cost you a thing. 3) Direct relationships with lenders If you have a problem with your mortgage application you may have to call a generic call center or visit a branch. There may be waiting times, and queues or you may need to schedule an appointment with the right person. All of this will cause you unnecessary time and frustration. Your Capital Zone mortgage specialist is likely to have a strong and direct relationship with decision-makers at the bank. This saves you time finding the right person or taking time out of your day. We will give you accurate insight into the root of any problems, and any resolution will likely be swifter. 4) Collating your documentation When you decide on the mortgage you want to proceed with, it’s time to officially start the application process. In order to apply for your mortgage you’ll need to submit documentation so that the bank can assess your affordability and eligibility. Your status as a resident or non-resident of the UAE; an expat or UAE national, will determine what documentation you need to provide. Your documentation will also differ depending on whether you are salaried or self-employed. Your mortgage specialist will provide clear instructions on what you need to provide. They will check all your documents are present and correct and submit your full application to the bank on your behalf. 5) Coordinating with multiple parties on your behalf If the bank needs further information to support your application, the broker will contact you and facilitate that. There can be up to nine different parties involved in the process of buying a home from the moment of application to the minute you get the keys. We aim to streamline the journey from end to end for you, so you have to speak to as few people as possible and have one point of contact. We’ll keep you updated on the progress of your application and any decisions the bank makes regarding your pre-approval status. Real Estate agents and sellers will take you seriously as a buyer once you have the all-important pre-approval. This is the stage when it’s best to begin your property search. When you’ve made an offer and had it accepted on a property, we instruct the valuation with the bank and coordinate paperwork between all parties; you, the bank, the seller, and their representatives. When the valuation is complete, you’ll receive your FOL (final offer letter). We can also help with the clearance of your seller’s mortgage at this stage, coordinate with the seller’s agent to arrange their NOC certificate from the developer, and communicate when the transfer of ownership is happening at the Trustee’s Office. Related Articles:1. Five Essential Home Maintenance Tips2. What Impact Does My Credit Score Have on My Mortgage in the UAE Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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Moving to Dubai: A guide for expats

Dubai is a popular destination for expats, offering a diverse and vibrant culture as well as a thriving economy. So much so that expats make up over 80% of the total population in Dubai. People are considering moving to Dubai for various reasons, such as job opportunities, a change of lifestyle, and the city’s reputation as a global hub for business and tourism. Preparing for a move is important. And there are a lot of things to consider, such as obtaining a visa, understanding the weather, housing options, transportation, education and healthcare, banking, laws and customs, and language. In order to make the transition as smooth as possible, it is essential to research and understand these elements. In this guide, we will provide tips and information to help you navigate your move and help you become better prepared to make a smooth transition to life in Dubai. Visa The first step in moving to Dubai is obtaining the correct visa. The residence visa process can be a bit complicated, so it is important to understand the requirements and the necessary steps. It is also important to note that different types of visas are available for different situations, such as work visas, student visas, and family visas. The process of obtaining a work visa typically involves the sponsorship of an employer, who will act as the visa sponsor and will be responsible for obtaining the visa on the employee’s behalf. The process usually takes around 4-6 weeks. Getting around Getting around in Dubai is relatively easy, with a variety of transportation options available. For those who prefer to drive, obtaining a driving license is relatively straightforward, with international driving licenses being accepted in Dubai. The public transportation system in Dubai is also well-developed, with buses, metro and taxis all available. The metro system is particularly efficient, with multiple lines connecting different parts of the city. Additionally, ride-sharing services such as Uber and Careem are also popular and widely available. Weather Dubai is known for its hot and sunny weather, with temperatures reaching up to 50°C in the summer. However, it’s also important to note that the winter months can also be quite pleasant with temperatures averaging around 20°C. It is a desert climate, with hot summers and mild winters, and it can be humid during the summer months. Rainfall is scarce, but when it does rain, it can be quite heavy. You will have the opportunity to enjoy the weather year-round. The mild winter months are perfect for outdoor activities such as hiking, picnics, and beach trips. The hot summer months are a great time to take advantage of the many air-conditioned indoor activities like shopping, visiting museums and art galleries, and trying out different restaurants and cafes. Education and healthcare Dubai offers a variety of educational options, including international schools, private schools, and public schools. International schools tend to follow a curriculum from the student’s home country, while private and public schools follow a local curriculum. When it comes to healthcare, Dubai has a number of reputable hospitals and clinics that offer both local and international healthcare services. These facilities are well-equipped with the latest medical technologies and staffed by highly-trained healthcare professionals. It’s important to research the healthcare options in the areas you’re considering and make sure they meet your family’s needs. Bank account Opening a bank account in Dubai is relatively easy, with a variety of banks available to choose from. Residents can open a local bank account and have access to a range of services, including debit and credit cards, internet banking, and direct debits. These accounts also come with higher withdrawal limits and lower fees compared to non-resident accounts. Non-residents can open an offshore account, which typically has fewer services and higher fees. Offshore accounts may also have limitations on withdraw and deposit amounts. It is important to keep in mind that you’ll need to provide documents such as proofs of identity and income. Additionally, some banks may require a minimum deposit to open an account or maintain it. Law As an expat in Dubai, it is important to be aware of the local laws and regulations. Dubai has a legal system based on Islamic law, which means that it is important to understand and respect the local customs and laws. This includes laws related to dress code, which should be modest in public places, alcohol consumption, which is only permitted in designated areas, and public behavior, which should be respectful and in line with local cultural norms. It is essential to be aware of the legal system and regulations in place. It is different from many other countries and it is important to understand the local laws and customs to ensure compliance and avoid any legal issues. Language Dubai is a cosmopolitan city, and as such, the official language is Arabic, but English is widely spoken. This means that most business and official communication is conducted in English. Additionally, many expats in Dubai come from English-speaking countries, so it is relatively easy to find English-speaking communities and make friends. It’s also worth noting that Dubai is home to a diverse population of expats from around the world, which makes it a very welcoming and inclusive place to live. There are many expat groups and organizations, as well as international schools, which can be a great way to meet people and make connections. Customs and traditions Dubai has a rich culture and history, and it is important to understand and respect the local customs and traditions as an expat. This includes being aware of traditional dress codes, customs around food and drink, and understanding the importance of Ramadan. It is important to be mindful of local customs and traditions when it comes to social etiquette, such as not showing public affection or shaking hands with the opposite gender. Understanding and respecting local customs and traditions can help you feel more integrated into the local community and make your transition to living in Dubai a smoother

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What Impact Does My Credit Score Have on My Mortgage in the UAE

Your credit score in the UAE plays a big role in determining your eligibility for a mortgage. Some lenders will even offer higher interest rates to borrowers with a higher credit score. You would therefore benefit from having the best possible credit score when looking to buy property in the UAE, but how can you manage your credit and keep track of your credit file? This guide illustrates everything you need to know about maintaining and managing your credit report before buying a home. How does a credit score work in the UAE? There is one main credit organization in the UAE, the Al Etihad Credit Bureau (AECB). The AECB has records of all your banking and credit commitments in the UAE and uses these to track payment history and income levels. They utilize this data to calculate a score based on your visible history. Taking all the data on the records into account, they will then present you with a credit score. The UAE credit score ranges between 300 and 999, depending on your visible history. When taking out a mortgage, the bank will carry out a credit check by accessing AECB to check your history. Lenders may have a minimum credit score requirement, and if you fall below it, you may be denied a loan. It is therefore always advisable to check your AECB report prior to applying to a lender, so you can see if there are any issues that might be found by the bank. How can I access my credit score? AECB stands for Al Etihad Credit Bureau. Visit the AECB website and request your report. They currently have three options available. It is worth requesting the full report with a score so that you have full details to hand. Can I check my credit report for free? Currently, there is no free option with AECB to access your credit file. If you did want the peace of mind of knowing your status before applying, you would need to pay. If you are confident that your report will be OK, then you can wait until the bank carries out an AECB check. Be aware, however, that this will bring up any credit issues from the past six years. You need to consider any late payments for credit arrangements or utilities at this time, along with any cheque returns that may have happened for any reason. These will all show up on your AECB report and can play a part in the bank’s decision. Is it possible to increase my credit score? Checking your score and working with the AECB By accessing your AECB report from the outset and having the information to hand, you will then be in the best possible position when planning to buy a property and applying for your mortgage. Related articles:1. How to choose the right developer for UAE off Plan Property2. New Residential Projects in Dubai Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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Five Essential Home Maintenance Tips

Sealing the deal with your agent is just the first step at arriving at your new place. After buying your preferred furniture and picking your home ornaments, a more important step follows: Ensuring the functional operation of its utilities and appliances. The untrained eye might miss nuanced or minor signs that indicate a malfunction. Luckily, we’ve compiled a list of things you can carry out to identify certain malfunctions. 1. External Inspections None of us would choose to spend our weekend mornings on our rooftops inspecting ACs or down on our knees removing pipe grease in our kitchen sink. Though these tasks may seem tedious, they are crucial to making your new home a cozy and relaxing environment for you and your family. Let’s start with the aesthetics. Walk around your home and search for chipped-off or peeling paint. In case you notice any of these minuscule imperfections, a new fresh coat of paint is in order where the damage has been identified. Why? Well, paint has multiple benefits, the admiration and complimentary comments from your neighbors are one of them, but the real benefit is the protection against water filtration and rot. 2. Check your plumbing system Deducing that something is wrong with your plumbing system is simpler than you think. You can find out the hard way when an outrageously high water bill greets you at the end of the month or you can remain vigilant for specific signs. These may include, but aren’t limited to: These tend to be the most common indications of a leaky or clogged pipe. Make sure to call an expert as soon as these come to your attention, long term damage comes at a cost. Preemptive inspections are always a great investment new homeowners can curtail future home maintenance costs. Our friends at Octopus can give you a reasonable quote for quality work! 3. Dust off your Place We mean this quite literally. The best thing you can do before settling in is run a thorough clean-up. Every corner, cabinet, closet, and HVAC system included. Dust’s ubiquitous nature makes it difficult to scrub, wash or blow it away, especially inside your air ducts. Many pathogenic organisms invade these corners and use their hairy flagella to swim up to your nostrils. This task is quite complex, which is why we recommend requesting assistance from a trusted expert that can guarantee a thorough clean-up. 4. AC Inspections Frequent inspections from your home maintenance professionals are always recommended to ensure the functional operation of your AC unit. However, there are certain signs that can help you detect when you’re in need of an emergency call out. For instance: if your AC is blowing out warm air, your first step should be to verify that the thermostat matches the room temperature. Its incoherency may be due to a restricted airflow or a compressor issue. In which case, the best thing to do is call our friends at Octopus, available 24/7 for emergency call-outs! 5. Watch out for your Electrical Circuits! Due to its precarious nature, electrical check ups require meticulous and safe attention to detail, usually carried out by professionals during regular inspections. However, there are other nuanced tasks where a subtle observation will suffice. But can come a long way when it comes to safety and reducing your electric bill. Outlet protectors: If you have kids or furry friends with a considerably dangerous curiosity, it’s best if you purchase the right equipment to cover your outlets. Remember, when it comes to electrical safety, preemptive thinking is your ally. Frayed wires: An immediate concern and calls for an instant replacement. Frayed cords are prone to propitiate a short circuit, ultimately becoming a fire hazard. Regardless of its location, whether it’s an internal or from an external source, (i.e: computer charger) they’re an exposed and dangerous element to your new home. Extension cords are temporary, not permanent: We usually enjoy placing these next to our nightstand, their multiple outlets are a convenient solution to charge multiple devices on. This is the proper use. However, connecting home appliances that require a high volume of wattage can be a dangerous practice. Avoid connecting your fridge, mini-fridge, water dispenser or even your washing machine. Phones, air pods, tablets, and computers are fine. Inspect, Inspect, Inspect The best way to keep your new and cozy home in check is to run frequent inspections. Proper home maintenance is more about preemptive planning, rather than a responsive action. We can’t think of better home maintenance providers than our friends at Octopus. Annual Maintenance Packages are the solution you need to keep a functional home all year round! Related articles:1. The Ultimate Guide to Living a Lavish Luxury Lifestyle in Dubai2. What to include in your snagging list? Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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Options Available for Non Residents to Buy Property in the UAE

If you’re a non-resident looking to buy property in the UAE, our Non-Resident Investment Guide will give you all the information you need to know before you start your property search. The good news for investors is that there are several options available for a non-resident to get a mortgage in the UAE and take advantage of the fantastic property market. Home loans are available to investors in Dubai, Abu Dhabi, and possibly the Northern Emirates. There are different levels of lending or loan-to-value available depending on the applicants profile and what documents they can provide. 50% LTV – Non-Resident Loan for Property If you are a non-resident wanting to get a mortgage in the UAE, the easiest way to do this would be at 50% LTV (loan-to-value) In this case, the lending bank will usually require three months of bank statements showing a suitable average sitting balance over three months, as well as a copy of your ID and proof of address in your home country. The balance of funds needs to be – The bank will carry out their calculations to prove affordability and offer a 50% non-resident mortgage based on this. 60%+ LTV mortgage Loans above 50% LTV are available but are more complex to achieve. The banks at this level will carry out more underwriting, and alongside bank statements, they may wish to see, among other requirements: If the applicant has a good profile and can provide these documents, this is a good option, but be prepared for the lenders to carry out a more in-depth review as extended lending is seen as a higher risk. We deal with hundreds of non-resident applications from all countries in the world. Our clients are looking to buy apartments and villas in the UAE and benefit from the tax-free rental yields of anything up to 8%. You can access our mortgage calculator online to discover the best lending rates that are available for non-resident investors in the UAE. Where can I invest in the UAE as a non-resident? Dubai Non-Emiratis, both residents and non-residents, can buy property in any of the freehold areas of Dubai, alongside a couple of leasehold areas. Non-resident investors tend to like to invest in the coastal areas to be near the beach and near major landmarks and experience the holiday lifestyle Dubai offers. Top locations for investment include – Property Uses Overseas property investors have the option of buying a property for a holiday or vacation home, which can be used by friends and family throughout the year, or alternatively, investors can look to earn a tax-free income by leasing the property out. The properties can be leased on a long-term annual agreement, or more investors are looking to increase their ROI (return on investment) by putting the property up for short-term holiday style lets through a management company. Abu Dhabi Non-GCC nationals who are looking to buy in the capital, Abu Dhabi, can look to purchase in designated freehold or leasehold areas. People are drawn to the quieter lifestyle in Abu Dhabi and like the island’s proximity to top tourist attractions and golf courses. The top areas for investment are – Related articles:1. Things to Consider When Purchasing Mortgage Protection Insurance in Dubai2. The 11 Best Family-Friendly Communities in Dubai Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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