Can Emaar really help

[Analyzer]

Hi

I have 10% payment left on 90% cash paid 1-Bed with Emaar, however finding the last 10% is difficult during the summer months.

Emaar offer a 3 month payment extension and the option to seek finance with banks. Had anyone else ran into this problem and is there any advice?

Thanks in advance

 

[financier888]

Hi

I have 10% payment left on 90% cash paid 1-Bed with Emaar, however finding the last 10% is difficult during the summer months.

Emaar offer a 3 month payment extension and the option to seek finance with banks. Had anyone else ran into this problem and is there any advice?

Thanks in advance

with 90% equity - paid in cash - you should have no problem obtaining bank financing - also - if you have another property with 40% due - you can probably get financing for both and be sorted - in the meantime - grab the extension and start shopping for the mgt.

 

[Analyzer]

Appreciate the feedback. Any idea with willing lenders?

Islamic banks are closed for the summer and I hear mortgage applications are lengthy, expensive and no guarantee of success in the UAE. And there's complications lending to non residences.

 

[talk]

Appreciate the feedback. Any idea with willing lenders?

Islamic banks are closed for the summer and I hear mortgage applications are lengthy, expensive and no guarantee of success in the UAE. And there's complications lending to non residences.

It looks as if you have only 2 opts.
1.SELL.
2TERMINATE CONTRACT WITH DEVELOPERS

Only the developer can ask RERA for a cancellation,and what you get back will depend on the construction stage.

 

[financier888]

Appreciate the feedback. Any idea with willing lenders?

Islamic banks are closed for the summer and I hear mortgage applications are lengthy, expensive and no guarantee of success in the UAE. And there's complications lending to non residences.

the projects should be very close to completion and you have quite a bit of equity - 90% in one case - so, the 'loan to value' ratio falls well into the pro forma used by the banks... You should consult your investor relations exec at Emaar - and ask them to refer you to banks they work with. It also may depend on which banks you use at home - for instance - if you have accts with Stan Chart or HSBC - and a good track record with them - you may be able to get the loan from the Dubai based operation

talk to Emaar - insofar as 'banks being off for the summer? ' - not sure where you heard that..