A live-tweeting session took place with Ambareen Musa and CityScape MENA on 7th April, 2016 to answer all questions related to home finance. Below are some of the tweeted questions:
Q1. Is there a minimum salary to be eligible for home financing? What are the main things you look at?#CityscapeAD
A1. Min salary for a home loan in the UAE is AED 7-8K a month. A monthly salary of AED 10K allows you to apply for 25% of loans. You also need to look for whether your company is listed, as 88% of home loans are given to employees of listed companies.
Q2. And do all home loans include home insurance? Or is it case-to-case basis and separate? #CityscapeAD
A2. Most banks provide property insurance/Takaful with the loan at a fee of around 0.03-0.06% of property value.
For the full article go to Cityscape