PROPERTY LOAN AND MORTGAGES
Property Loan & Mortgages
A form of Loan which is used to buy or purchase any kind of property like Land or any building is called Property Loan.
You’ll almost certainly require a land loan if you purchase property rather than an established house since you wish to start from scratch. And that creates more issues than simply obtaining a normal mortgage. For one thing, there is no home to help finance for the property loan, and you can’t (typically) acquire land without putting down any money.
AIG Corporate Services Provider is a leading property loan and mortgage consultancy firm in Dubai, UAE that facilitates individuals and companies to accomplish their loans and mortgage needs.
1. Fundamentals of Land
To begin, it is critical to understand what the potential acquisition implies. This is why having surveyors draw the borders and having all on paper ready to deliver to the lender is critical.
It’s also a good idea to check with the town planning department to see how the future might hold for the area. Property prices may rise in the upcoming years as a result of a new park across the street.
Accessibility to utilities is a critical consideration for residential sites. Water, sewer, electricity, and cable connector are all ready to go, which saves time, money, and aggravation. Likewise, local road access can be an important consideration because the buyer will need to get a durable easement to use a public road if one is not already in place.
2. Land Use Strategy
3. Land Loan Options: Obtaining Financing for a Land Purchase
- Seller Financing
This is a fantastic way to negotiate good terms, particularly if the owner is desperate to sell the property and the industry is slow. Everything, from the down payment to the rate of interest, is negotiable because this is a contract between the two private persons.
- • Local Banks and Credit Unions
Regional financial institutions are more likely to approve land loans than the large banks. Because of local understanding of the property, they may also be able to provide better terms.
For best performance of your business, you need to choose a suitable business model. AIG Corporate Services Provider offers following services for business owners:
- Mainland, Free Zones or Offshore company registration services in all Emirates of UAE
- Opening bank account with all local leading banks
Speak to our experts for assistance for registration of your company. We provide economical cost service, complete guidance and assist in completing all formalities.
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