Buying a property for sale in Dubai is a dream of many people. Housing in the city is not only an excellent option to live in one of the world’s best cities but also reliable financial support, which, with a smart choice of real estate, can become a source of passive income. Not many people can afford flats in Dubai. However, there is a way by which you can become the happy owner of a beautiful house without huge costs.
AX Capital, a reliable real estate agency in Dubai, shares information about the features of installments and how they can be available to a foreigner.
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Buying real estate in Dubai in installments
Installments are a common practice worldwide. Buyers pay monthly, quarterly, or annually and receive a title deed on the day of the transfer of the property, which varies from project to project.
Buying off-plan projects in Dubai is simple. However, if you are applying for a mortgage, there may be some difficulties in approving your loan application. Keep in mind that you will pay installments to the bank, not to the developer.
Below is the sequence of installments in the emirate.
Real Estate Search
The process begins with finding the right property that meets your needs. Determine its type and location. To simplify the search, you can use the services of Ax Capital.
Inspection and Valuation of Property
After you have chosen apartments for sale in Dubai, carefully inspect it to make sure there are no hidden flaws. In addition, it is important to enlist the help of specialists.
Choosing a payment plan
Developers to offer buyers various payment plans in installments. Such a plan can be, for example, 10/90. This means that the buyer pays only 10% of the down payment, and then he pays the remaining amount in installments. Choose a plan that fits your budget and is convenient for you.
Agreement between Buyer and Seller
After agreeing on the price, create an agreement between the buyer and seller. It must contain all the terms of the transaction.
Signing an MoU and Making an Insurance Deposit
If both parties agree to the terms and conditions, they must sign an MoU (Memorandum of Understanding), also known as a sales agreement. The buyer is also obliged to make an insurance deposit, which is 10% of the total value.
Apply for a NOC and transfer a Property
The next step is to apply for a No Objection Certificate. This is mandatory to transfer a property. Once the transfer has taken place, the buyer becomes a real estate owner. He will have to pay regularly according to the agreement.
It is important to know that the transfer will not take place if the buyer does not have the necessary documents, including the payment receipt, the original identity documents of both parties, the original NOC, and the signed memorandum of understanding. The process may differ if the property is under construction.
Advantages of Buying Real Estate in Installments in Dubai
Purchasing real estate in installments has several advantages, such as
An easy way to Buy a Property
Paying in installments for real estate is nothing but a boon for those who cannot pay much at a time. Although the process may seem more tedious, the end result is favorable for the buyer as he becomes the owner of a property in Dubai.
Competent budget management
When you know the amount of your monthly income for installments, you will spend your money wisely. This will help you avoid overspending and better control your budget.
Protection of savings
Many investors, despite the resources, prefer this method instead of making a lump sum. What is the reason? This helps protect their savings. If they spend all their resources on one project, the risk is higher. On the other hand, by investing in various projects, their chances of earning income increase.
Get help from a specialist to choose one of the off-plan properties for sale in Dubai
The housing market is replete with profitable options. Now is the right time for you to get the benefits of buying a property in Dubai in installments. Check out the ads on Ax Capital’s website to pick up the best properties. In the catalog, you will find excellent villas for sale in Dubai, penthouses, and apartments, as well as find out the cost of property in Business Bay and other popular areas.