Mortgages

Fisrt-Time-Buyer-Mortgage

Do you dream of owning your own home. On an average an expat family spends 11.7 years in UAE. With average rents at AED 72,000 they are expected to spend a whopping AED 842,000 on rent. You are turning this loss-making scenario into a wealth building exercise by looking to own your own home.

Average cost of a housing unit is AED 1.4 million. With a 20% down payment of AED 280,000 and 80% loan-to-value mortgage of AED 1.12 million over a twenty year tenor, your average monthly repayment would be AED 6,500. Assuming an inflation figure of 5% your property at the end of the eleven year period could be worth AED 2.423 million. After having made monthly repayments over this eleven year period, your outstanding mortgage amount would be AED 789,000. This means that after a eleven year stint in Dubai you can expect to have built a wealth of AED 1.634 million as opposed to incurring a loss of AED 842,000 renting.

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