1. Why an Independent Mortgage Advisory?
An Independent Mortgage Advisory can provide you with personalized mortgage solutions. So while you can directly go to a bank, our team of experts specialize in simplifying home loan financing for you.
What is the advantage of selecting an independent Mortgage Advisory like KSquare over a bank?
At KSquare, we provide you with a personalized mortgage solution. So while you can directly go to a bank, we specialize in simplifying home loan financing for you.
Let’s look at a few advantages of selecting KSquare over a bank:
- Whatever your mortgage requirement, we will provide you advice that is transparent and customized to your needs.
- To offer our clients a wide range of products and pricing, we have mortgage offerings from more than ten banks in the UAE.
- We have strategic partnerships with banks to help our clients get exclusive access to the best pricing in the industry.
- We have a team of expert mortgage associates who ensure that getting a loan is always a hassle-free experience for our clients.
2. Loan Application Rejected?
Our team of experienced industry professionals works with lenders across the UAE. They’ll analyze your details and look for errors in the application that may have caused the bank to decline your case. We’ll then rectify it and help you reapply.
The bank rejected my loan application. Can KSquare help me reapply successfully?
Yes, there are many reasons why the bank may have declined your request, and at KSquare, we can help you identify the issues with your application and resolve them.
Our team of experienced industry professionals works with lenders across the UAE. They will analyze your details and look for errors or inadequacies in the application form that may have caused the bank to decline your case. We will then rectify your application and help you reapply for the mortgage.
3. Using Personal Loan for the Down Payment?
The law prohibits using a personal loan for a down payment, but you can use a personal loan to help finance other expenses related to your house like transfer fees, buying furniture, etc. We can assist you in securing a personal loan of up to 10% of the financial value.
Can I pay for the down payment through a personal loan facility?
While the law prohibits using a personal loan for a down payment, you can use a personal loan to help finance other expenses related to your house like transfer fees, buying furniture etc. We can assist you in securing a personal loan of up to 10% of the financial value to cover such expenses.
4. Who Owns a Mortgaged Property?
The bank or financial institution is the property owner until you pay the outstanding loan amount. However, you can retain possession of the property and use it to earn rental income.
Once I mortgage my property with a bank or a financial institution, am I still the owner of such property?
Suppose you have mortgaged a property with a bank or financial institution to avail a loan. In that case, that bank or financial institution is the property owner until you pay the outstanding loan amount. However, you can retain possession of the property and use it to earn rental income.
5. What’s the difference between Islamic/Shariah Loans and Mortgages?
Although both Shariah loans and Mortgages fulfil the same role, Shariah loans do not charge interest – they are based on Islamic Profit-share principals. Shariah loans are similar to hire/purchase agreements in that the title of the asset stays with the lender of the money, until the final loan payment is made – and the title is then transferred unencumbered to the buyer.
For a mortgage, the title is always with the buyer, but a “registered interest” of the bank stays on that title until the last payment is made – and the registered interest is then removed.
6. Are the best mortgage rates higher than standard rates?
While reduced rates at the beginning might seem lucrative, they may not always be the right option for you and cost you higher for a longer term. Let our experts give you the best unbiased advice and make it much simpler for you decide the rates you want to proceed with.
7. Can I Speak to Someone Who Can Make Decisions Based on My Circumstances Rather than Computer-Set Limitations to understand my borrowing limit better?
The borrowing limit depends on various factors such as your current income and existing liabilities. We understand that it can sometimes get a little tricky to understand or derive the right eligibility. At KSquare, we talk you through your circumstances and what you’re looking to achieve with lenders. Rather than confusing you complexed calculations, we take pride in helping our clients and easily explain the entire mortgage process starting from eligibility criteria until successful mortgage registration of property at ‘Lands Department’.
8. Are there any other sources of income which can be combined with primary income to increase my eligibility?
The other sources are fixed allowances, variable allowances, bonus, commissions, over time payments, pension, flying allowance, rental income, wife/husband/children income etc. can be fully/partly added to the main income of the client but the basic income criteria should be met by main applicant to avail the additional income.
9. How long is the processing time to get the mortgage and register property at Lands Department?
Again, this depends on multiple factors such as your income segment and finding the right mortgage assistance. Usually, it takes 1 week to get ‘Agreement-in-Principle’ but may take slightly longer for self-employed individuals. What others don’t talk about is the real hassle clients have to go through after obtaining the Final Mortgage Approval to register the property at Lands Department. Our team advises and assists you right through the entire process of swiftly registering your mortgage and property.
10. Can non-residents avail mortgage in the UAE?
Our team specializes in Non-Resident mortgages. We can assist you in obtaining high loan amounts with the least documentation requirements.