Remortgage Loans in Dubai-UAE
Our excellent mortgage consultants in Dubai will help you to secure the best mortgage deals in the UAE whether you’re a first time buyer, re-mortgaging your home or constructing your own villa. We will help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest mortgage advices.
Remortgage Loans in Dubai-UAE
Remortgaging your home is a very smart and easy way to help you save money. You might even want to utilize this to shorten or lengthen the duration of your mortgage or change the amount borrowed.
Simply getting a mortgage won’t save you money, but periodically monitoring your mortgage costs and taking steps to lower them would. This will result in savings of thousands of dirhams. Remortgaging will be beneficial here.
What is a remortgage or mortgage refinance in dubai-UAE?
Remortgaging is the process of raising a mortgage on a house that is either currently mortgage-free or already has one, and switching to a new lender who will “buy out” your current loan.
Why do people tend to remortgage in Dubai-UAE?
There are a number of reasons why individuals remortgage their homes, but the main one is to switch to a better mortgage arrangement than the one they now have. This could be a repayment plan that better fits your present financial situation or a lower interest rate.
When should you remortgage in dubai-UAE?
As we previously mentioned, the reduced interest rate is the primary justification for remortgaging. Even switching to a plan with a 0.5% lower interest rate could result in savings of thousands of dirhams over the course of your mortgage.
When your present transactions come to an end, you’ll have the chance to look for new ones that meet your financial demands. The best time to check for new deals offered by other banks is now if you have a fixed rate interest and your tenure period has not yet finished. This must be done around three months before the tenure period ends, giving you plenty of opportunity to compare with alternative offers. If you have a variable rate mortgage, examining it once a year should help you make sure you’re still getting a reasonable bargain.
You must do some research to determine your suitability for remortgaging in order to determine whether you can pay the fees associated with it and begin saving money in a fair amount of time.
You can decide whether it is worthwhile to remortgage in dubai-UAE by looking at the following factors:
Compare mortgage interest rates
If your fixed-rate mortgage is coming to an end, you probably want to shop around for a better deal. As a borrower, you can ask your current bank about any higher rates they may be offering to keep you as a client. In the event that you receive an offer, be careful to compare it to other online offers utilizing best-buy charts or other sources of data.
Work out on your mortgage refinance costs
- Nowhere is the remortgage a free service. You must pay the expenses involved with getting a new mortgage, so learn about them before applying for one. Then decide whether it is worthwhile to remortgage:
| Mortgage de-registration fee | AED 1,590 |
| Property valuation fee | AED 2,500 – 3,000 |
| Mortgage re-registration | 0.25% of the mortgage amount, plus AED 290 |
| Mortgage registration trustee fee | AED 2,000 for properties below 500,000; AED 4,000 for properties above 500,000 (+ 5% VAT) |
Exit fees or mortgage prepayment penalties
Your current bank will probably impose a penalty if you pay off your mortgage early. When you remortgage, the new bank will cover these expenses by increasing your mortgage (That is penalty plus the interest)
According to the UAE Central Bank, lenders may charge borrowers who pay off their mortgage early up to 3 percent (uncapped) in fees. Exit penalties can vary between different banks and mortgages, albeit the bank must be able to demonstrate a financial loss in order to impose the entire 3 percent.
Therefore, take into account all of these aspects before remortgaging to secure a better mortgage deal that might save you thousands of dirhams.
We work for you, Not for the banks!
Capital Zone Mortgage Brokers was established to assist purchasers in their mortgage quest. When you’re looking to buy your property, our mortgage brokers can provide sage advice because they are knowledgeable in the subject.
The mortgage team can provide you advice on which bank would be the most suitable for your needs because they have developed partnerships with several banks over the years.
Mortgage Calculator
Calculate how much you can afford to borrow with our easy to use mortgage calculator
- We’ll evaluate all available products in the market and short list the most suitable options for you
- We’ll coordinate all necessary documents, secure your mortgage pre-approval, and complete your bank application forms.
- We’ll handle all bank interactions, and co-coordinate the property valuation and mandatory life insurance.
- Once the mortgage is secured, we’ll coordinate the property transfer. We even provide advice after settlement.
Why we are the best Mortgage Broker in Dubai?
Our Banking Partners
We work with more than 15 different lenders to get you the best mortgage in the UAE!
Our Mortgage Services
We will be glad to provide you with the most optimal solution either for your mortgage or money loans matters.
New Purchase
Whether It's your first or second mortgage we are here to help you to get the best possible rates and conditions and guide you through the whole process of getting the new property.
Equity Release
Releasing equity from your property can be a good idea to renovate your property or fund another purchase. You can avail up to 70%-80% loan to value of your existing property.
Re-Mortgage
Refinancing your home is simply getting a better mortgage deal to replace the original mortgage. Refinancing is done to allow a borrower get a better rate to save on interest.
Non-Resident Mortgage
Non resident can get up to 75% loan to value for purchasing a property in the UAE.
Loans Against Rental Income
The rental income can be used along with other income, such as your salary to increase your borrowing power or else mortgage out of the rental income purely are also available.
Under Construction & Off Plan
Arrange up to 50% loan to value (LTV) for the off plan or under construction property. The LTV can be increased after the handover.
Commercial & Building Finance
We also assist our clients in planning and arranging finance for residential as well as commercial developments.
Construction & Land Financing
When you own a piece of land, you can build a space that is uniquely yours, We help to acquire the land for you so that you can start turning your dream into reality.
Call Us Today for FREE Consultations
Our team of brokers can help with all of your home loan and commercial finance needs!
Frequently Asked Questions
A conventional mortgage is where your loan repayments will include paying a rate of interest to the bank, this is their profit for lending you the funds.
An Islamic mortgage differs from a conventional mortgage because under Shariah Law it is forbidden to charge interest on a loan, so in this case banks will buy the property on your behalf and rent or lease it back to you for a profit.
This depends on your occupation. Salaried candidates will usually have to endure 1 week until approval, whereas self-employed candidates may have to endure a longer period.
Yes, they can, although the conditions and possible charges will be different for non-residents.
Your credit limit is determined by your present income and liabilities. Depending on the bank, this may change.
EIBOR is the Emirates Interbank Offered Rate, which is the rate at which banks lend to each other. EIBOR rates change daily and can be checked on the Central Bank website here
The minimum down payment for a property under AED 5million is 20% for an expat or 15% for a UAE national. The minimum down payment for a property over AED 5million is 30% for an expat or 25% for a UAE national.
