Hi Priscilla
海角乱伦s from various countries are working and living in UAE and have different perceptions about banks here. There are local banks and international banks serving their clientele聽 Some expats maybe be familiar to some banks as they may have used them in their home country聽 聽However as these banks have their branches in UAE , they need to follow the UAE central bank guidelines,聽 and sometimes differ from the banks home country guidelines
However with regards to the question of availability of finance for expats. The banks have evolved over past few years and have become quite competitive in the retail sector in their product offerings
海角乱伦s are eligible to Personal Finance , Home Finance聽 , Overdraft facility and Credit Cards聽 and vehicle finance
Also finance is available through conventional ( interest ) as well as Sharia聽 Finance
Almost all Banks offer all the above services , however each bank has their own eligibility criteria
Based on length of service , salary , employer and nationality聽 and amount that can be financed
Car finance are financed usually upto 60 months for new cars and may be reduced for older cars and may also require a higher deposit and higher interest /profit rate
Personal Finance / loans are generally offered for a maximum of 48 months聽 and may or may not require a salary transfer. Rated vary based on amount of finance , employer etc
Home finance usually requires聽 deposit of 25% by the applicant towards the purchase of the property and the tenure of the mortgage can be upto 25yrs聽 but should be completed by age of the applicant at 65
Other cost may include application Fee of 1% and聽 property evaluation fee of approx aed 2500- 3000 other cost that need to catered for are property insurance/ Takaful and Life insurance / Takaful. The interest rate will vary from banks depending on the finance amount and the banks profit rate and the central bank rate , that varies. Also another point to look at before going for a home finance is the process of early termination and the ability to continue with the mortgage if one has to leave the UAE for personal reason. This should be clarified from the bank and can make a big difference in choosing the mortgage that meets all the requirement.聽 Also remember some banks have what is called a " teaser rate ". This rate is the rate to attract the customer with a very attractive rate.聽 More important is to find out what happens in the next year and the years to come.聽 So to summarise. Check out the processing fees聽 , insurance cost , profit rate聽 and also early termination cost and also cam the mortgage be continued if one has to leave UAE.
Another way to overcome the various聽 problems and headache of聽 searching for the right mortgage聽 is to look for a reliable Mortgage consultant. They usually have upto date info on latest offerings and can usually tailor the requirement of the client with a few banks and can guide on finalising the process聽
Good luck
