# Loans In UAE



## mariamsafar (Sep 5, 2012)

Hi,

I have recently moved to Dubai since I got a job opportunity here. But after coming here I realized that the amount of salary I am withdrawing is really less. I am not able to fulfill my day to day needs. I am planning to buy a house for myself but I am not being able to do that as I am short of cash. I am looking for a new job but in the mean time wanted to buy a home for myself. Is it possible for me to get a loan here in Dubai?

Please help.


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## Canuck_Sens (Nov 16, 2010)

Hi Mariam,

No bank or financial institution will lend you money to buy a property. A bank will assess your creditworthiness and in order to do so they will assess among many things your current income and savings.

If your income is not enough to cover your basic needs as you stated, I think that a loan to buy a property is unrealistic.

You should try to get your finances right by living within your means while looking for better paid jobs. I am not sure, but the salary earned should be enough to cover your basic needs. If even trying to optimize your costs are not enough you ay have to seek the ministry of labour (MOL). The pay must cover your basic needs I assume, but I am not familiar with MOL regulations.

If you are looking for short term loans to survive you may inquire your bank where you receive your salary, but don't fall on the interest or profit rate trap because you may find yourself in a big debt and stuck in the country.

R.





mariamsafar said:


> Hi,
> 
> I have recently moved to Dubai since I got a job opportunity here. But after coming here I realized that the amount of salary I am withdrawing is really less. I am not able to fulfill my day to day needs. I am planning to buy a house for myself but I am not being able to do that as I am short of cash. I am looking for a new job but in the mean time wanted to buy a home for myself. Is it possible for me to get a loan here in Dubai?
> 
> Please help.


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## rsinner (Feb 3, 2009)

Sorry, cannot give you an answer. In general, in the UAE the banks do not care how much you save, but only focus on the salary. so you might even get some financing for the house that you want to buy. Do call up local banks like Emirates NBD, Mashreq etc. to find out.

HOWEVER, would it not be sensible to wait a bit before you get a higher paying job? You may get the loan, but in case you do not get a new job, you will be unable to repay the loan. The banks usually take post dated cheques for loans, and if the cheque bounces it is a criminal offence and you may have a criminal case against you. do you really want to take that risk ?


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