How To Finance Your New Home In Dubai

Dubai Property Prices

While Dubai property prices might be down, a property investment remains a major one. So how do you go about financing such a large purchase?

According to the latest analysis from property portal, real estate prices in Dubai are becoming ever-more attractive.

Compared to the second half of 2017, apartment sale prices have dropped almost 5% in areas such as Dubai Marina, while prices for three-bed villas in Arabian Ranches fell by 6.25% over the past 12 months. While some areas saw the values of certain types of properties largely maintained, the general consensus is that property prices in Dubai are more affordable than they have been in the past.

It is no surprise, then, that Dubai residents are increasingly looking at buying their own properties as an alternative to renting. Investors sense the opportunities too, with plenty believing that current prices are particularly attractive.

The challenge, however, is that while property prices might be down compared to last year, a property investment still remains a major investment. So how do you go about financing such a large purchase?

This is where Amlak Finance comes in. Amlak is a specialized real estate finance provider that offers Shari’a-compliant property financing, and is primarily focused on financing real estate transactions.

With three attractive financing solutions, Amlak Finance makes for the perfect partner to take advantage of the opportunities currently available in the UAE’s real estate market. Here’s what you need to know about them, and how you can use these products to finance your dream home in Dubai.

Amlak Ijara

If you’re looking to buy a home to live in yourself, Amlak Ijara is well worth considering.

Under Ijara home financing, Amlak replaces the customer as the purchaser of the property and subsequently leases it to the customer, with a promise to sell at the end of the lease (Ijara) term. The customer pays monthly installments as rentals that comprise of fixed, variable and supplementary elements.

Amlak Ijara is available for all completed residential and commercial properties in the UAE, plus it is in compliance with Shari’a principles. You can finance up to 80% of the value of the property (based on eligibility and Central Bank mortgage regulations), and you would avail competitive finance rates based on your credit profile. Oh, and you can finance the property for up to 300 months or 25 years.

Amlak Istithmari

If you fancy yourself more of a property investor, and would like to get into the buy-to-let market, this is the home finance package for you.

Amlak’s Istithmari is a buy-to-let property finance product that is a first-of-its-kind in the region. Exclusively designed for those looking to invest in completed residential and commercial properties, it offers up to 65% financing at competitive finance rates.

Amlak Istithmari also provides a comprehensive one-stop-shop solution guaranteeing a hassle-free experience for investors. Amlak’s experienced team of professionals are committed to ensuring a convenient finance process, from managing the property and tenants on your behalf, to providing advice and assistance throughout the term of the finance – and all this is free.

In fact, you’ll find that buying-to-let can be more affordable than you think. The Ijara finance payments will be covered through rental income, and you can take advantage of a three-month payment holiday. You’ll also have the option to make only variable rental payments for the first four years of the finance.

One of the best aspects of this product, is that you get a preventive home maintenance package with Amlak’s complimentary Property Management Services. The preventive maintenance is comprised of various periodic services, and coordination of major maintenance works. Amlak’s team will also handle the transfer of the property, title deed registration, and registering the change of ownership with the Land Department. The team will even sort Ejari registration and registering your tenancy contract as per UAE Law. In addition to all these services, Amlak also provides expert advice on buying and selling property.

Amlak Tatweer

If you have decided on purchasing property as an investment, you might look to the off-plan market, where you’ll traditionally get a much better deal than you would for a completed property. That’s where Amlak’s Tatweer comes in.

This is a property finance product designed exclusively for investors looking to buy upcoming residential and commercial properties, anywhere in the UAE. With up to 50%* financing at competitive rates. Tatweer provides a comprehensive solution which guarantees an easy, smooth and flexible experience for all off-plan property investors.

Tatweer offers a fixed finance rate while the property is underconstruction, and competitively low variable rental post-completion. Amlak will also provide complimentary property management services, including handover assistance, advertising, renting out of your unit, tenant management, servicing of installments through rent, and a preventive property maintenance package.

Terms & conditions apply. All offers are subject to eligibility and a full credit assessment. Financing fees & charges shall apply.

Finance rate means the rate at which variable rental will be calculated under Ijara financing.

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