Impact of increased Mortgage Rates of Payment Plan
Impact of increased mortgage rates on payment plans
Today we are going to talk about the surge in demand of payment plan options and what has been impacting on it. As most of us are already aware that the UAE Dirham is closely pegged with the US Dollar, which implies that any change in the US currency and economy value directly impacts here as well.
Hence, the recent increase in the US interest rates have also resulted in the impact here wherein the EMIs of mortgage payments have significantly gone up.
Therefore, today’s potential buyers are looking at the alternatives in which post-handover payment plans by developers have become a blessing, as they give flexibility since the payments are relaxed for up to 10 years with no interest rate at all.
The long term post-handover payment plans are the ideal solution for all the stakeholders involved, as the payments are relaxed and the buyer gets the handover before the full payments which in a way allows the home to pay major chunk of the remaining dues on its own.
In addition to this scenario is the increased interest of the international investors have also surged since overseas mortgages are not so simple to attain.
Conclusively, this variation in interest rate encourage clients to look at alternatives from the developers, especially those properties which are ready or soon to be ready.
To find out more about the current payment plan options that are available in market, get in touch with our advisors at Homes4Life.
