2 major things which can affect a personal loan
Most of the people in the UAE are expatriates and they have
to face a lot through thick and thin. To live a happy life one has its
resources and duties in a responsible way. Like if you are earning a handsome
amount in terms of salary, even then you should strict with your savings plans.
This is really important because life is a race and there comes a lot of
unexpected happenings. To face that tough time, your financial savings will
help you at least from one side.
So be smart and sharp to take any decision and put a small
effort to manage a few things related to your plans. Yes especially to your
best personal loans bank services. I
will put a few questions and then try to answer these so that you would
get an idea about your financial management in the UAE region.
Following are the two major questions:
- What are the various benefits of the LAP?
- What kind of property can be mortgaged?
What are the benefits
of loan against property (LAP)?
Diverse customers need different kinds of loan services and
one of them is a loan against property which can call as a mortgage loan. This
is a type of loan usually required for home-based purposes. We can get many
benefits like:
Lower interest rate –
When we compare the other loans with LAP, it is usually provided with a
lower interest rate as the loan is taken keeping the property as collateral to
the lender. In UAE, things are quite smooth and banks can provide loans
against property interest rates generally ranges between 12% and 15%. While on
the other hand if you want to take personal loan the interest rate ranges is
15% to 25%. There is a variation in the interest rate according to the status
of customers.
No prepayment charges
– This type of loan can be availed with easy terms and conditions. One can take
a loan against property by making prepayments towards your loan. Most of the lenders
in UAE particularly banks generally don’t charge prepayment charges in case of
loan against property.
Easy to get a
personal loan – most of the lenders in UAE provide maximum loan options in
a secure way and banks are more than willing to provide these loans with easy
installments. Therefore, you won’t find it very difficult to get a
property loan. But one thing is really important that is your credit history.
Remarks:
I think the best personal loan for expats in UAE is an amazing offer and Dubai banks are
highly competitive to provide such things. One can avail of these services to
manage his/her routine based tasks like home renovation, children's education
sponsorship, and medical requirements. You
can take the option of a bank or any other lender, but I would suggest you
approach a bank that can provide you best interest rate for your personal loan.
for the latest updates and rates, kindly visit the official site of a bank.
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