Who can benefit from an equity release loan in the UAE?
Well, it’s not just those who pay for their properties in cash. Lenders take into consideration various factors like credit scores, income sources, and existing financial obligations when determining eligibility for these loans. So, as long as your credit score is impressive and you have a stable income, regardless of whether you are retired, employed, or self-employed, you have a solid chance of being approved for an equity release loan.Â
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However, it’s worth noting that just because you qualify for the maximum loan amount doesn’t mean you have to borrow the entire sum.
What is the maximum amount that one can borrow through an equity release loan?
The amount that can be borrowed through an equity release loan hinges on various factors. Generally, individuals can secure a loan of up to 85% of their property’s present value. However, it is important to note that different financial institutions impose their own unique terms and conditions for equity release loans. For instance, resident expatriates might encounter restrictions that cap their loan amount at 60-80% of the property’s value.Â
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Conversely, non-residents may be subjected to even more stringent conditions, limiting their borrowing potential to a mere 50% of the property’s value.
