Mortgage from the oldest British bank for citizens of Russia, the CIS and the Baltic has become a reality
Dubai-based Real Estate Agency Groupse7en Properties has signed an exclusive contract with Barclays, Britain's oldest bank, with more than 27 million customers in 50 countries.
From now on, any citizen of Russia, the CIS and the Baltic countries can get a mortgage loan and acquire Dubai real estate on favorable terms. We asked Mila Hargreves and Evgenia Poletaeva, sales consultants, Groupse7en Properties, for details of the unique offer.
- What category of buyers is your offer with Barclays oriented to?
- Barclays is the only bank issuing special mortgages for citizens of the former Union. Mortgages from Barclays are loans for those wishing to purchase commissioned or under construction real estate in the development areas with the status of freehold (full ownership) for personal use or subsequent rental. It is provided to individuals of all nationalities, both residents of the UAE and those who do not have this status.
- Can I get loans for any projects or are there any restrictions?
- Being reasonably selective, Barclays Bank provides loans for projects of reputed developers, including Emaar, Nakheel, Dubai Properties, ETA Star and Seven Tides. Barclays grants loans for the purchase of real estate already constructed and under construction, as well as for previously paid real estate. Both end users and those who intend to lease their property are credited. Owners of previously paid real estate can also get a loan on it.
Barclays Bank has a competitive bank interest (BMR - Barclays Mortgage Rate) and effective payment methods, which is important. Lending is provided not only in UAE dirhams, but also in US dollars, British pounds sterling and euros.
And, finally, it’s not necessary to come to the bank office: the bank’s experts themselves come to the client to draw up documents. The procedure for issuing a preliminary opinion on a loan is simplified and takes no more than 24 hours from the date of filing a full package of documents.
- What are the lending criteria?
The minimum age of the loan recipient is 21 years, the maximum is 70 years at the time of repayment. The ratio of the size of the loan to the cost of real estate directly from the developer (LTV) is a maximum of 90% of the cost of villas and 80% of the value of apartments. For the secondary market - the ratio of the size of the loan to the cost of real estate - a maximum of 80% of the cost of villas, 75% of the cost of apartments. At the same time, the minimum loan amount is $ 137,000, the maximum is $ 2,740,000. The minimum loan period is set at 5 years, the maximum - at 25 years. The average interest rate on a loan is 9.10% per annum. The above information necessarily requires clarification in each individual case. The rate can be changed by the bank.
- What are the insurance conditions?
To obtain a loan, you must provide a policy for life insurance and real estate. A life insurance policy in the amount of the loan issued must be issued and provided to the bank. It is also necessary to provide an insurance policy for real estate for a villa or other real estate, if they are not covered by the group insurance scheme by the general developer.
- What documents should the applicant provide?
If the main income of the applicant is salary, you must provide:
- A certificate of salary payment for the last 6 months for residents of the UAE, and a similar certificate for 6 months from a job in the countries of the former Union, if the applicant is not a resident of the Emirates.
- An official letter on the amount of salary on a company letterhead with a seal.
