Buying Property in Dubai

[Talisman]

Hi Board,
I would like to know if any one can offer any advice on buying property in Dubai? I was wondering on how much one can borrow on a mortgage and what typical Loan to Values (LTV's) are offered. We've been offered an LOA of circa 230k AED and have 4 kids. We've found that there is little chance of renting a 4 bed property on this, so we are considering purchase. I know it's a big step and a gamble but we feel that we should be able to afford a property of circa AED 3.5M and the interest payments working out around the LOA figure a month.

Any advice would be greatly appreciated.

[Elphaba]

The LTV varies depending on the developments, as the choice of mortgage lender will be limited by which companies have approved the developer and often specific developments. The maximum is usually no more than 85%.

Maximum multiple of income is five - less any other ongoing commitments.

Please PM me if you want specific details etc.



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[Goldberg]

Depending on the development, developer, the person borrowing, will determine maximum loan to value and interest rates.

85% seems good and generous. I would be interested to see who is offering this level of finance.