What to consider when buying a home on a single income in the UAE

Gulf News

Buying a house with a partner, family member or friend evidently lessens the financial burden of homeownership. Co-owning a house usually means lower monthly mortgage payments and maintenance costs for each person involved. But would it be feasible if you were to go at it solo?  Read the full story here: https://gulfnews.com/your-money/saving-investment/what-to-consider-when-buying-a-home-on-a-single-income-in-the-uae-1.1690210034379  See more videos at https://gulfnews.com/videos Read more Gulf News stories here: https://bit.ly/2HLJ2km  Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV  #UAEnews #home #loan

Transcript

00:00Looking to buy a home but worried that your single income alone won't suffice?

00:05Yes, it is easier to bear the cost of home ownership on multiple incomes,

00:10but you can still buy a house on a single income. You may have to settle for a less

00:15pricier home, save for the down payment, and still qualify for a home loan.

00:20According to lenders, if you make your payments on time during the life of the loan,

00:24the number of incomes don't matter. But to borrow, you will need a 20% down payment

00:30and have a salary of at least 25% of the purchase amount of the home.

00:37But bear in mind, the costlier the home, the more unaffordable it gets.

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