DUBAI REAL ESTATE AGENCY GROUPSE7EN PROPERTIES CONCLUDES AN EXCLUSIVE CONTRACT WITH BARCLAYS THE OLD UK BANK WITH MORE THAN 27 MILLION CUSTOMERS IN 50 COUNTRIES.
From now on, ANY CITIZEN OF RUSSIA, CIS, AND THE BALTIC COUNTRIES MAY RECEIVE A MORTGAGE LOAN AND BUY DUBAI REAL ESTATE ON FAVORABLE CONDITIONS. ABOUT DETAILS OF A UNIQUE OFFER, WE ASKED TO TELL MILA HARGREVES AND EVGENIA POLETAYEVA, GROUPSE7EN PROPERTIES SALES CONSULTANTS.
What category of buyers is your offer with Barclays oriented to?
Barclays is the only bank issuing special mortgages for citizens of the former Union. Mortgages from Barclays are loans for those wishing to purchase commissioned or under construction real estate in the development areas with the status of freehold (full ownership) for personal use or subsequent rental. It is provided to individuals of all nationalities, both residents of the UAE and those who do not have this status. Can I get loans for any projects or are there any restrictions? Being reasonably selective, Barclays Bank provides loans for projects of reputable developers, including emaar, Nakheel, Dubai Properties, ETA Star and Seven Tides.
Barclays grants loans for the purchase of real estate already constructed and under construction, as well as for previously paid real estate. Both end users and those who intend to lease their property are credited. Owners of previously paid real estate can also get a loan on it. Barclays Bank has a competitive bank interest (BmR - Barclays mortgage Rate) and effective payment methods, which is important. Lending is provided not only in UAE dirhams, but also in US dollars, British pounds sterling and euros.
And, finally, it’s not necessary to come to the bank office: the bank’s experts themselves come to the client to draw up documents. The procedure for issuing a preliminary opinion on a loan is simplified and takes no more than 24 hours from the date of filing a full package of documents. What are the lending criteria? The minimum age of the loan recipient is 21 years, the maximum is 70 years at the time of repayment.
The ratio of the size of the loan to the cost of real estate directly from the developer (LTV) is a maximum of 90% of the cost of villas and 80% of the value of apartments. For the secondary market - the ratio of the size of the loan to the cost of real estate - a maximum of 80% of the cost of villas, 75% of the cost of apartments. In this case, the minimum loan amount is $ 137,000, the maximum is $ 2,740,000. The minimum loan period is set at 5 years, and the maximum - at 25 years. The average interest rate on a loan is 9.10% per annum. The above information necessarily requires clarification in each individual case. The rate can be changed by the bank.
What are the insurance conditions?
To obtain a loan, you must provide a policy for life insurance and real estate. A life insurance policy in the amount of the loan issued must be issued and provided to the bank. it is also necessary to provide an insurance policy for real estate for a villa or other real estate, if they are not covered by the group insurance scheme by the general developer.
What documents should the applicant provide?
If the main income of the applicant is salary, you must provide:
- A certificate of salary payment for the last 6 months for residents of the UAE, and a similar certificate for 6 months from a job in the countries of the former Union, if the applicant is not a resident of the Emirates.
- An official letter on the amount of salary on a company letterhead with a seal.
Owners of their own business are required to present:
- Audit report on the financial activities of the company over the past 2 years (Deloitte & Touche, Ross, Ernst & Young, KPmG, Peat Marwick, Pricewaterhouse Coopers).
- Certificate from the tax authority (if possible)
What documents are needed to obtain a preliminary opinion on a loan?
To obtain a preliminary opinion on a loan, you must provide the following documents:
- Fully completed and signed banking form (with initials on each page).
- Copy of passport. The original must also be submitted for confirmation to the bank employee.
- Confirmation of current address of residence (dated no later than three months). for example, a utility bill, a lease of real estate, a certificate of residence or a contract of ownership of real estate.
- Bank statement on the movement of funds over the past 6 months on all available personal accounts (consolidated lending is possible).
- Information on all existing personal loans, including a certificate of current loan repayment.
- If the property has a leased property, it is necessary to provide a lease agreement to confirm the source of rental income.
- Confirmation of bank deposits, if any, but only in case of initial ownership of the deposit amount: its origin should not be another loan.
If I have already chosen what I want to purchase, what additional documents are required?
These are documents from the developer or the real owner of the property you have chosen. The list of them is as follows:
- The contract of sale from the developer.
- A full description of the object of purchase, including a detailed plan and a map indicating the location.
- Receipts for the payment of a down payment for real estate (Down payment receipts).
- Copy of all insurance certificates of the object of purchase
All documents submitted must be translated into English at a center licensed for legal translations, and be stamped.
What would you like to advise those wishing to get a loan?
In each case, there are several options, and we are ready to assist our customers in choosing the most suitable one. This requires a personal meeting and discussion, since in such a serious matter as buying a property, a professional's directing hand is simply necessary. Especially if the investor does not permanently reside in the Emirates.
