<h2 class="">Jordanian Couple Purchases Home in Dubai’s Tilal Al Ghaf
</h2>Karam Albataineh, a Jordanian citizen, and his wife, Sula Al Khedery, recently purchased a ready three-bedroom townhouse in Dubai's Tilal Al Ghaf community. 30 years old, Mr. Albataineh works as a finance manager at <a href="https://inchbrick.com/tourism-place-in-dubai" target="_blank">Abu Dhabi</a> Energy Services and decided to buy this property, which is priced between 2 million Dirhams ($544,588) to 3 million dirhams, as a family home rather than for investment purposes.
Mr. Albataineh described the mortgage approval process as straightforward. "It was easy to get the mortgage pre-approval. You submit the required documents, and the bank may ask for specific conditions. In my case, I needed to lower one of my credit card balances and provide additional documents," he recalls. Within seven days, he received the mortgage pre-approval, and once all documents were submitted, the loan was disbursed in two weeks.
As he lived in UAE for 15 years, Mr. Albataineh made a 20 percent down payment on the property upfront, in addition to a 4 percent Dubai Land Department fee and a 2 percent agency commission. "We had a baby in May and wanted a home to raise our family in. It’s been my wife's dream to <a href="https://inchbrick.com/buy-property-in-dubai" target="_blank">buy property in Dubai</a>," he says. 
The couple explored various options, including properties in Al Furjan and Emaar South, before settling on their current home. They strategically prepared for the down payment by saving his wife's entire salary, while his income was allocated for household expenses. The family ensured that their expenses did not exceed more than 80 percent of Mr. Albataineh’s monthly salary. "My wife already had savings before our marriage, and it took us three years to save half of the down payment. We also received some financial help from our family," he says.
The <a href="https://inchbrick.com/dubai-property-market" target="_blank">UAE property market</a> continues to show strong growth, driven by government initiatives, economic expansion, and higher oil prices. 
Last year, Dubai recorded a 17 percent increase in <a href="https://inchbrick.com/blogs/dubai-real-estate-purchase-your-dream-property-in-minutes-not-days" target="_blank">real estate transactions</a>, totaling 1.6 million, according to the <a href="https://dubailand.gov.ae/" target="_blank">Dubai Land Department</a>. The value of these deals reached 634 billion Dirhams, reflecting an annual growth of 20 percent. <img src="https://cdn.inchbrick.com/upload-editor-file/1724487680874_c92ebe0b-4056-4b0d-9ec4-44a09560aa68.jpg" alt="buy property in Dubai by inchrbrick Realty"> 
<h3 class="">Navigating a Seller’s Market
</h3>"In currently seller's market. The price per square foot is high, but we were already paying similar amounts in rent," says Mr. Albataineh. He emphasized the financial benefits of purchasing <a href="https://inchbrick.com/buy-property-in-dubai" target="_blank">property in Dubai</a><a href="https://inchbrick.com/buy-property-in-dubai" target="_blank">,</a> especially for those who have the cash to buy but might struggle with monthly mortgage payments. "It makes a lot more sense to buy rather than <a href="https://inchbrick.com/rent-properties-in-dubai" target="_blank">rent property in Dubai</a><a href="https://inchbrick.com/rent-properties-in-dubai" target="_blank">.</a>" <img src="https://cdn.inchbrick.com/upload-editor-file/1724487731016_3557d44f-eb14-436c-9899-11abeaf874c8.avif" alt="Buy proeprty in Dubai by inchbrick Realty"> 
To finance their purchase, Mr. Albataineh opted for a three-year fixed-rate mortgage at 4.5 percent interest, which will switch to a variable rate later on. The mortgage term is 25 years.
Arran Summerhill, co-founder of UAE mortgage broker Holo, advises that securing mortgage pre-approval is the first step for anyone looking to <a href="https://inchbrick.com/buy-property-in-dubai" target="_blank">buy property in Dubai</a><a href="https://inchbrick.com/buy-property-in-dubai" target="_blank">.</a> "Pre-approval helps buyers to understand their budget and prevents them from looking at properties beyond their financial means. It also signals to sellers that the buyer is serious, making their offers more attractive."
This upfront financial approval accelerates the transaction process by completing most of the financial requirements in advance, allowing for a quicker transition to the valuation stage. To determine affordability accurately, a mortgage adviser needs details such as the client's age, monthly salary, credit card limits, loan payments, and available deposit amount.
According to Holo, the minimum salary required to qualify for a mortgage in the UAE is 10,000 Dirham per month, with at least one borrower needing to meet this threshold for joint applications. Mr. Summerhill further explains that the UAE Central Bank imposes a lending cap of seven times the annual income. "With a monthly salary of 20,000, Dirham you could borrow up to 1.68 million Dirham, while a salary of 30,000 Dirham allows for a maximum loan of 2.53 million Dirham," he says.
He also notes that any existing liabilities will impact affordability. "All current debts will be considered in the affordability assessment, which could affect the loan amount you qualify for."
So, After Reading this blog you definitely got to know that <a href="https://inchbrick.com/buy-property-in-dubai" target="_blank">buying property in Dubai</a> is how easy &amp; convenient. So if you are interested in buying any of the <a href="https://inchbrick.com/new-launch-projects" target="_blank">new launch projects in Dubai</a> or exploring investment opportunities, You can Contact <a href="https://inchbrick.com/" target="_blank">Inchbrick Realty</a>, A premium Dubai <a href="https://inchbrick.com/" target="_blank">Real estate company</a>, we offer a range of options, from <a href="https://inchbrick.com/ready-to-move-properties" target="_blank">ready to moves homes</a> to <a href="https://inchbrick.com/off-plan-properties-in-dubai" target="_blank">off-plan properties</a>, catering to various needs and budgets.

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