Some Latest Statistical Analysis Of Mortgage Rates
Actually, the mortgage rates vary according to the demands of a customer. This is also very important that which institution is providing a mortgage. Well, the current situation of mortgage rates shows fluctuation around three to five percent everywhere in the world. But these rates are starting to variate from the actual amount and following the latest trends rises in the US and other developed countries. Why is so? The reason is that the overall recession in the world effect everything and this is the problem with capitalist society. Within a time period, things move in a right direction serving a little community which is I think 1% of the total. But as this is a system flaw, it could survive long.
But the situation is interestingly different in Dubai and the rest of the Middle East. It is very important to point to understand. There is a huge difference when we compare the condition of developing states with the UAE as the dirham’s dollar peg means UAE interbank rates follow those of the Federal Reserve. It’s not the dollar now but AED playing the role of a trendsetter in this area.
What type of mortgage is recommended by Dubai banks?
As the things are continuously changing in the loan industry so don’t rely on anyone. From two major ways of getting the best mortgage loan in UAE, we recommend you to use a fixed rate mortgage for all types of loan schemes. Dubai banks highly recommended expats to deal with fixed mortgage rates because it is easy to handle and affordable for all kinds of clients. If we talk about the situation of top banks in UAE, the majority of the banks provide mortgage usually for a two-year period. The rate which is going on in the market currently offer fixed rates of 3.5 percent to 4.5 percent, and it is better than variable mortgage rates.
Features of fixed rate mortgage in Dubai are as:
- This is the applicable rate that a borrower will pay on a mortgage once the fixed rate time period expires. In this package, the time period is very crucial because the borrower will have to complete all the installment within this time spam otherwise there is a chance for an outstanding balance.
- When you are talking to the facility of fixed mortgage rates options you cannot change it to any other type till you did not pay all the installments. After your fixed time period you have a choice to extend your agreement or you want to quit. Typically, fixed mortgage rates are linked to three-month, six-month or 12-month set by the bank.
Which Bank is best for a mortgage loan?
If you are dealing for a fixed rate mortgage then for sure Mashreq Bank is a most suitable option for you. And if you are an expat then this would be a double bread scheme. Because mostly a fixed mortgage in Dubai is used for domestic purposes e.g. to get a home. A number of customers already engaged with Mashreq Bank for the best mortgage loan in Dubai.
Top banks in Dubai provide mortgage rates with a low-interest rate and it seems like a good deal. Be careful while taking the mortgage option because it can be the most expensive one over the term of the loan if you are not paying the installment on time.
The best mortgage loan in Dubai through a fixed term is being provided up to five years. This time period varies from one bank to other. The longer the fixed rate, the more expensive it would so try to shorten the time period.
Mashreq bank in Dubai offers best and cheapest mortgage rates on a case-by-case basis that vary from one account holder to other according to their requirements. We also provide an easy to repay the mortgage loan.