Getting a mortgage in Dubai – hassles!

Getting a mortgage here is driving me crazy. I know it’s a stressful thing in any country, but the company we’re buying our place off and the company we’re getting our mortgage from don’t seem to understand or care that it might be a good idea to make everything crystal clear in the contracts, so customers can understand first time around what they’re getting into. First we have all sorts of potential charges started being mentioned while we signed the deposit from the developer. Now the mortgage contract seems to be full of holes – not mentioning whether we can sell the apartment or not, being unclear on the payments that need to be made…. The list goes on.
It’s an Islamic mortgage, which I hadn’t realised at first as Tabu had started everything off. I’ve nothing against that, but it’s just all rather ‘foreign’. Foreign’s great, unless you’re spending lots of money on a house. Our mortgage advisor just doesn’t seem to be able to explain things properly either, which isn’t much help either.
I suppose the companies involved will get their acts together as they get more experienced.
One company that doesn’t seem to learn from experience is my bank here, who I’m probably not supposed to mention. Someone needs to tell them that simply saying ‘that’s procedure’ is not enough when you’re explaining why something can’t be done. Maybe it’s a regional thing and most customers just accept that explanation, but it’s like a red rag to a bull for me. It does give you the opportunity for interesting conversation though –
– If it’s ‘procedure’ there must be a proper, logical explanation. I can’t see one.
– Er. It’s procedure.
– So why is it procedure? Explain to me what the reason is.
– There is no reason.
– So you’re telling me that the reason you’re not allowed to send me the documents I need is due to procedure that has no reason.
– Er…
And on it goes…

One Response to “Getting a mortgage in Dubai – hassles!”

  1. Trygve Inda Says:

    We must be using the same bank. Since I am employed in the UAE and also by my own US company there seems to be mass confusion – no to mention asking for documents that don’t exist.

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