The Emirates ID is very necessary for all UAE residents. This Emirates ID performs as a primary identification tool and verifies your identity and residency status when you are applying for a home loan in Dubai, Abu Dhabi or any other Emirates.
In this article, you show a complete process, detailed documentation, requirements and the benefits of the Emirates ID.
What is Emirates ID?
Emirates ID is an identification card that is issued by the government and serves as the official proof of identity for all UAE residents, including citizens and GCC nationals.
How can it be used Emirates ID for a Home Loan Application?
Most people want to get a loan from banks and financial institutions to easily build and repair their homes. On the other hand, if you don’t get the loan, you might be unsure can Emirates ID can be used for home loan applications. Also, getting a loan in Dubai is much easier. And this is where your Emirates ID comes into play. This is very important for the home loan applications in the UAE. This can allow the authorities and banks to easily confirm your identity and residency status.
Most of the banks find your data from the government to check your suitability for a home loan. The confirmation process checks fraud and confirms only legit residents who can receive home loans.
Documentation Required for Home Loan Applications
Very necessary documents, including for a home loan application are UAE residence VISA, a passport copy, proof of income, certificate of salary, bank statements and property documents. During the application process, you will have an initial consultation. You must remember the bank will need an Emirates ID and this is very necessary. Also, the loan issuing department in the bank will confirm all the details and ensure the documents are legit and all the details provided to you are correct or not.
After confirming all the details, it will disburse the home loan. So, you must make sure you arrange everything beforehand to save time, as the confirmation process can take a few weeks.
For getting a home loan in the UAE, other Requirements
The other requirement for getting a home loan in UAE is that people under 21 can’t apply for a home loan. The process is more manageable. If you are a UAE national, your salary must be 10,000 dirhams. Besides, if you are not a UAE national, your salary must be 15000 dirhams. Furthermore, self-employed individuals make sure they have a registered company or business operation for at least 3 years.
The UAE residents are expats from Pakistan, India, the Philippines and several other countries and must have an employment tenure of 3 years. For streamlining a reasonable credit score or rating is very necessary. Also, the home loan process as banks checks the credit history.
The residential property’s down payment is a minimum of 20% AED 5 million. And above the AED 5 million is 30% of the properties. Also, the Expats can expect a maximum of 80% LTV ratio. That means you can borrow 80% of the property value. Moreover, the interest rates totally depend on the bank or loan-issuing organization.
Final Words
In this guide we explain complete details and requirements regarding the home loan application by using the Emirates ID. You must need your valid Emirates ID wherever you go, and every next step you want to complete, you make sure you have your Emirates ID card in your pocket or wallet.