Mortgage in Muscat
Home Loans in Muscat
Decent habitation is a universal human heritage and right. It is with this reality in mind that we have mortgage in Muscat designed by banks in order to finance and promote this sacred right.
Understanding mortgage in Muscat
Mortgage is a loan instrument designed by banks to finance borrowers in the process of:
Purchasing of new homes;
Putting up of new homes; or
Upgrading of their existing homes.
However, it is always prudent before signing up for a mortgage in Muscat, all applicants must first consider the fundamental factors:
Make a critical evaluation of the home you intend to buy or renovate and find out if it holds any future economic benefits. If it turns out that the house does not pass this crucial test then you may as well choose to sell it or channel your finances into a different asset or investment that will yield long-term dividends in future;
Conduct a critical comparison of the current mortgage products on offer by various banks in order to find out what their interest rates are, their structure and mode of repayment and the total costs of setting up the mortgage in Muscat ; and
Because property purchasing is a sensitive transaction that is subject to rigorous government controls and regulations, everyone who wishes to apply for mortgage in Muscat has to consult with your lawyers in regard to such legal matters. This applies equally to both alien applicants and locals as well.
Eligibility for mortgage in Muscat
All borrowers have got to be 21 years and older ;
An income that is sustainable and steady enough to repay the mortgage; and
Applicants need a clean credit record.
Required documents for mortgage in Muscat
A valid proof of applicants’ true identity: national ID cards for citizens and valid resident visas for alien applicants;
Proof of applicants’ current residence;
Proof of applicants’ age;
Applicants’ latest bank statements; and
Applicants’ latest salary slips.