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11 Nov

19 days only for 85% home loans
New UAE mortgage rule will kick in from December 1

Mortgage pre-approval letters issued by banks in the UAE with home finance value of 85%  will not be valid from December 1 onward.

The pre-approved mortgage letter issued this month will not be valid after December 1,” a senior mortgage consultant with a top local bank said on conditions of anonymity.

Your transaction must be completed before the month-end.

Thereafter, we will be following the UAE Central Bank new guidelines on mortgages.

The validity of mortgage pre-approval letters varies from bank to bank, but generally they are valid for 45 to 60 days from the date of issuance.

The UAE Central Bank issued new mortgage lending regulation late last month, which allows banks to provide loans of up to 80 per cent of the property value to Emiratis and 75 per cent to expatriates.

The new rules will be enforced one month after they are published in the official gazette.

Moreover, home buyers will no longer be allowed to seek personal loans or use their credit cards to meet their downpayment requirements, the Central Bank said.

UAE Central Bank Governor Sultan Nasser Al Suwaidi has said that the new limits on mortgage loans would help the banking sector.

First home: If the property value is Dh5 million or less – a maximum 80% of the property value

If the value of the property more than Dh5 million – a maximum 70% of the property value

Second and subsequent homes or investment property: 65% of the value of the property, regardless of value

Non-Emiratis

First home: If the value of the property is less than Dh5 million – a maximum 75% of the property value

If the value of the property is more than Dh5 million – a maximum 65% of the value of the property

Second and subsequent homes or investment property

60% of the value of the property, regardless of value

Maximum period of the loan

Maximum length of mortgage loan of 25 years

Maximum age of the borrower at the time of payment of the last installment 70 years for citizens and 65 years for non-citizens (or 70 years if the borrower works for the benefit of himself)

New UAE mortgage rule.

 
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Posted by on November 11, 2013 in Uncategorized

 

Spain offers residency to foreign investors

11 Nov

Spain offers residency to foreign investors: Immigration consultants expect huge impact

Government ready to offer residency rights to property buyers who spend more than more than Dh750,000. pLEASE CHECK THIS WEBSITE FOR MORE INFO:

http://www.spainstate.com      www.spainop.com

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Government ready to offer residency rights to property buyers who spend more than more than Dh750,000

Proposed residency programme for foreign investors to Spain is expected to have an impact on the UAE immigration market.

The Spanish government announced is offering residency to foreigners who want to invest in the Spanish property market.

The property should be worth a minimum of EUR160,000 (Dh750,000).
Javier Serrano Spanish Investment Expert Lawyer said
“This investment is far cheaper than the investment required for residency in other countries. Whereas other countries are targeting a particular segment of the society this program attracts the mass. The average expat can make this investment.”
Spain has seen its property market tumble with housing prices having decreased more than 30% over the past 4 years. The country is struggling with an economic recession and needs to inject new capital in the property market it Is a good moment for great deals.
Currently there are more than a million empty homes across the country, and an already strong international demand for Spanish property. The incentive could give an immediate boost to the economy.
Meanwhile immigration consultants in Dubai are excited and gearing up for the possible boost to the immigration market.
“Residency to Spain means access to Europe. It means free movement in Europe and free trade with other European countries. “Spanish passport holders can visit up to 165 countries in the world without a visa, which makes the Spanish passport the 2th most advantageous in the world.” Said Javier Serrano.
Considering the recent political turmoil in the Middle East, Serrano believes the program might come as a welcome relief to the Middle East region. “In the UAE we expect the program to be interesting for passport holders of Iran, Pakistan, India, Syria, Russia and African counties.”
The pros and cons of applying for such programme will become clearer when the program has officially been announced and the conditions are set.  At this point, there are still some unknowns.
 
“The question here is how you would maintain the residency status,” comments Serrano. “Most countries require you to physically stay in the country for a certain amount of days, which is not possible, nor appealing to investors.” “But Spain is not requiring you to physically added Javier Serrano”.
 
“But I personally do not expect too many stipulations in this programme. Spain wants to see a quick impact. It is aiming for an influx of investment to kick start the economy. I expect the program to allow for the option of living in Spain.”
The current immigration trend among UAE expats shows a continuous popularity of Canada and Australia, followed by the United Kingdom as the most popular European immigration country.
But the investors program to the UK is known to be tough to get into, as it appeals to a selective group of rich investors only.
Ireland and Portugal have been interesting countries for investors, but Spain was never really in the picture!
“This might change with the new program and Spain might become a good competitor to other European countries, as the investment will be much cheaper.”
 
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Posted by on November 11, 2013 in Uncategorized

 
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