What is the maximum amount of mortgage that can I get?
The maximum eligible amount depends on your age, income and your liabilities. We at Mortgage Simplified understand your requirement and can provide details on the maximum loan possible based on your financial profile.
What is a fixed rate?
All mortgage products eventually have a reducing balance variable rate, comprising of a fixed margin and a variable EIBOR Rate. However, for the first few years, you can select an option with an interest rate which will not be affected by any change in the EIBOR.
What is Variable rate?
Some Banks offer Variable rates applicable from the start of the mortgage. The interest rate and installment may vary according to the increase or decrease in the variable component (EIBOR or Bank's internal base rate).
What is EIBOR and what has been its history?
EIBOR is the Emirates Interbank Offered Rate, which is the rate at which banks lend to each other. EIBOR rates change daily and can be checked on the Central Bank website. UAE Central Bank publishes Daily EIBOR rates and also has the history of EIBOR rates available to public.
Why should I go through you and not directly with the bank?
We have access to 20 banks, more than 1800 products. We will save you the time, effort and money by negotiating deals for you. Also, a dedicated mortgage advisor will be following up with the banks on your behalf and guide you every step of the way.
Can I make over-payments or close the loan early?
Yes, many banks offer free lump-sum payment options. As per central bank, if you were to settle the mortgage completely, you pay 1% of the outstanding (max 10K) as settlement fee. Contact us to know more.