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A variable interest rate is made up of two components, a bank ‘margin’ which remains fixed for the entire loan term, and the central bank’s issued lending rate know in the UAE as the ‘EIBOR’, the Emirates Inter Bank offered Rate.
Variable interest rates fluctuate based on the EIBOR rate being applied against the bank margin rate. EIBOR rates in the UAE are applied to mortgages and home finance in monthly, quarterly, half yearly and annual versions. to put this into perspective the 1 month EIBOR will see your installment and rate change on a monthly basis and a 12 Month EIBOR product will see your installment and rate change only once every 12 months.
Fixed rates are offered by all of the banks currently in the UAE mortgage market. Fixed rate mortgages are useful products for locking in the rate and installment payable for longer periods of time, with fixed periods in the UAE ranging from 1 year right the way up to 15 years, following the maturing of the fixed rate products your bank will then apply a pre agreed variable rate (bank margin + EIBOR) to the home loan to take over once the fixed rate period has expired.
When you are dealing with Titan Financial Brokers our role is to deliver the best and most suitable solution for you, by this we don’t mean the best product of today, but also the best product of tomorrow to ensure and protect you for the entire term of your mortgage.
With our experience and understanding of the UAE mortgage market and access to every single lender and mortgage product in the market, our job is to get you the best deal and walk you through the entire process from start to finish, inclusive of product recommendations, explaining the process, form filling, liaising with banks and the real estate agent, right the way up to you receiving the key to your new property.
We constantly keep you informed and addressing your every query, protecting your interests at all stages.
As we aren’t a bank we don’t have any bias or limitations in terms of meeting your requirements. Our job is to present you with the solution and guidance to suits your needs, opposed to selling you the product we have.
We give you peace of mind, knowing that our only interest is protecting and delivering on your best interests.
Titan Financial Brokers are here to provide solutions, assistance, consultation and guidance, we don’t sell.
A security cheque is essentially a collateral which all of the banks in the UAE require when any kind of finance or facility is provided to a client.
The bank will request either one or a number of cheques payable to the bank from where the product is being taken from. The cheques are undated and cover the full liability either across multiple cheques or as a total amount.
The bank requires such cheques to use in circumstances where the borrower defaults on the finance/credit which they had availed. The most common occurrence where the cheques are used, would be where payments have not been honoured for a period of time and any reminders or efforts to communicate have gone unanswered by the borrower.
It is always better to apply the finance first. Real estate agents have more confidence in a finance buyer who approaches them for a property with a pre approval already in hand.
Once you know you’re budget you can obtain a pre approval based on your maximum. This allows you to navigate and browse the property market with the confidence that a bank has already declared what they are able to lend to you.
A pre-approval is a preliminary approval offered by banks to clients who are looking to obtain property finance but haven’t yet found a property.
The bank can issue a pre-approval based on your maximum eligibility, the loan amount applied for isn’t final but is the maximum which the bank will be able to lend.
Once you have a pre-approval you can be confident of receiving final approval and a mortgage from the bank as long as your circumstances haven’t changed from your initial application.