A freehold property is a type of real estate where the owner has full ownership of both the land and the building indefinitely. Unlike leasehold properties, there are no time restrictions on ownership.
No, freehold properties can be sold, transferred, or inherited without restrictions, subject to legal requirements such as registration and stamp duty payments.
Yes, as a freehold property owner, you can renovate or modify your property, subject to local building laws and zoning regulations.
Yes, non-residents can also get a loan to buy a freehold property in the UAE. However, their income or salary in their home country must be equivalent to at least 25,000 AED to be eligible.
Yes, in some cases, leasehold properties can be converted into freehold by paying a conversion fee to the local land authority, subject to government policies and approvals. However, the process and eligibility criteria may vary depending on the location and specific regulations of the governing authority. It’s advisable to consult with legal experts or the relevant land department for accurate guidance.
Yes, banks and financial institutions generally offer home loans for freehold properties, as they are considered more secure investments. However, eligibility criteria, loan terms, and interest rates may vary based on the lender’s policies, the applicant’s financial profile, and credit history. It’s always advisable to check with specific banks for their requirements.
A salary of 10,000 AED, credited for the last six months into any bank account, may make an individual eligible for a mortgage. However, eligibility also depends on other factors such as credit score, employment stability, debt-to-income ratio, and the specific requirements of the bank or lender.