I was just approached by a representative of Barclays Bank in the food court of Dubai Internet City. They are promoting their new mortgage service that you can use to purchase property in Dubai. Upon further investigation about the offering, it was discovered that a loan of up to 10 million dirhams will be payable over 25 years.
25 years!!
Now that’s long term planning.
I can purchase my dream home in Dubai for 10 million dirhams but paying for it for 25 years… and that also on installments almost equal to my monthly income… that’s some commitment.
I know some expert in investing will say that property values in Dubai are rising fast and in 5 years I can sell the property for double the buy price… but still making such a commitment requires some nerves which I currently don’t possess.
Maybe when I am settled down, have a car and all, have some savings, then I can think about investing in something like this.
did you tell the same thing to Barclay’s guy?
No, I just filled the form for the heck of it. I know I am not going to use the loan.
Do they have credit scoring system in UAE?