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UAE can be a paradise for people who are looking for a luxurious and high-end lifestyle in these well-developed and modern places. Whether you are an Emirati or an Expat, you can enjoy such a lifestyle in the UAE with the help of personal loan and mortgage.
First of all, let’s understand what exactly personal loan and mortgage are.
Personal Loan or personal finance (in case of Islamic Banks) is a kind of unsecured loan which is offered to the customers for catering to their diverse personal requirements. These requirements may include purchasing home appliances, vehicle, for wedding, renovations, and more.
This loan is offered to you only after detailed verification of your ability of repayment. This particularly includes your income source and your credit ratings and history. It is important that you thoroughly check and compare personal loans between various banks before selecting the one. There are various benefits of personal loans, some of which are the following.
With lots of people moving to the UAE for making a future in this place full of opportunities, the thought of purchasing a property has become prominent. Being an expat, purchasing a property in a country is a huge decision. Mortgage turns out to be a good option for expats when purchasing a house. The expats can apply for a mortgage in the UAE to obtain a home to live in or for an investment property. Here are a few features of mortgage loans in the emirates.
There can be more such factors as specified by the banks.
The Final Verdict!
Personal loans and mortgages have made life easier for both Emiratis and UAE Nationals in the UAE. While there are various features and benefits of personal loans, even mortgage loans are loaded with attractive benefits. It is not ideal to say which is better amongst the two. Personal loans are an ideal option if you need financing for shorter terms, for wedding, education, clearing debts and more. However, mortgages are preferable when you want to invest in property or purchase a house to live in. It might be a possibility that an individual might find a personal loan more suitable while another might prefer a mortgage. Hence, it all comes down to your individual needs and preferences.