Loan Against Property In Dubai

These all benefits will delight you when you get a loan against property in Dubai.

Eligibility Criteria to Get a loan against property in Dubai

• The credit score you have: one of the biggest factors of eligibility for loan acquisition is your credit score. However, several people think that a credit score is crucial only for an unsecured loan. Although, this is not true. Several loan providers consider your credit score before deciding to provide a secure loan. Your credit score tells lenders your loan payment history. Therefore, with a high credit score, you easily become eligible for a loan. Similarly, a bad credit score can cause complications when trying to get a loan against property in Dubai.
• The source of income you have: Your property acts as collateral, but most banks and other lenders evaluate your income source. This is to ensure that you have sufficient stability for repaying your loan in the form of monthly installments. In certain cases, not having essential income can cancel the loan, even if you have a high-value asset, that is the reason that you need to choose your EMI aligned with your overall income.
• The validity of property ownership: You must submit all the essential documents to prove your ownership authenticity. This is most important in the case of using your assets as collateral. Property documents like title deeds, registration, building plan, and approval documents from concerned authorities also matter. There should not be any legal complexity related to your property. This is essential to make sure that your name is as the owner of the property or co-owner of the property, before submitting the documents.
• The tenure your aim for In this kind of loan, the loan period is flexible. However, you cannot opt for a very short term visually, as this can lead to loan rejection. You have to understand the terms related to your income and the period you want to receive. In case your monthly income is low, then this is better to try to get more time.
• Your age as the borrower: There are age limits related to a loan against property in Dubai. Young people are easier to get loan approval than old people. At the same time, tenure options are also limited, depending on how the borrower is. So, a person aged 55 will have to repay the loan in a short period of time.
• Your job history: The ability to obtain loan approval is partially affected by your job history. The stability of your job matters the most. So, if you have changed your job too many times in the past, it can dent your application for a loan.

Document Required to get a loan against property in Dubai

The required documents that you need to prepare are given below:

• Copy of passport, Emirates ID, and visa
• Copy of trade license
• 12 months bank statements
• Memorandum of association with all the concerned amendments from the inception date
• Copy of sale and purchase agreement
• Last two years’ audited financial statements
• Documents related to your company

How we can help you?

Company has a team of skilled professionals who help you to obtain a loan against property in Dubai. Our experts have already done this process many times; we have extensive experience in this field.

If you are seeking for loan against property, then we are here for you. We make your process easy and complete it in a possible short time.