Latest news with #Dh18
Time of India
03-07-2025
- Business
- Time of India
How Dubai residents with Dh15k-20k salary can now buy a Dh1 million house with 'first home' Initiative
Backed by 13 developers and 5 banks, the initiative helps Dubai residents earning Dh15,000 to Dh20,000 buy a home with up to 10% discounts and affordable mortgages (Representative image) For many Dubai residents earning between Dh15,000 and Dh20,000 per month, owning a home has long seemed out of reach, especially with property prices frequently surpassing Dh1 million. However, Dubai's new First-Time Homeownership Initiative, aimed at making homeownership accessible to first-time buyers, offers support for properties priced up to Dh5 million. Backed by 13 developers and 5 major banks, the program provides significant benefits, including priority access to new off-plan units, preferential pricing, and direct discounts of up to 10% on property prices. Additionally, the initiative offers flexible mortgage payment plans with better rates from participating banks, making homeownership more affordable. DLD registration fees can also be paid in interest-free instalments, easing the upfront financial burden. So, if you're eyeing that Dh1 million home, here's how you can plan your strategy, estimate your costs, and make the most of these benefits to bring your dream of homeownership closer to reality. With this initiative, even moderate-income earners can turn the goal of owning a home into a viable possibility. Step 1: Determine Affordability and Choose the Right Property Let's say you're earning Dh18,000 per month, placing you comfortably within the program's targeted salary range. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like One of the Most Successful Investors of All Time, Warren Buffett, Recommends: 5 Books for Turning... Blinkist: Warren Buffett's Reading List Click Here Undo The First-Time Homeownership Initiative aims to make homeownership a reality for people like you, with homes priced up to Dh1 million eligible under the program. According to the common mortgage lending rule, banks typically recommend that no more than 30% of your monthly income should go towards housing costs (including both the mortgage repayment and associated property costs like maintenance and insurance). Here's how we calculate this: 30% of Dh18,000 = Dh5,400 This means that, ideally, your monthly mortgage payment should not exceed Dh5,400. Now, let's consider the mortgage options available through this program. With 18-year loan tenures on offer, the total amount you can borrow will depend on the interest rate, which is among the lowest available to first-time buyers under this initiative. Now, let's see how the First-Time Homeownership Initiative supports this. Step 2: Mortgage Breakdown and Affordability The program offers competitive interest rates, making homeownership more accessible for residents earning Dh15,000 to Dh20,000 per month. While typical mortgage rates in Dubai range from 3.5% to 4.5%, this initiative, backed by major banks and developers, provides below-market financing options. A 3.5% interest rate is realistic and competitive, ensuring affordable monthly payments for first-time buyers in the mid-income range. Assuming an interest rate of 3.5%, which is reasonable given the program's supportive nature, here's how the numbers break down for a Dh1,000,000 home: Loan Amount: Dh900,000 (after taking the full 10% discount for estimate on the original property price of Dh1,000,000). Interest Rate: 3.5% per annum Loan Tenure: 18 years Using the standard mortgage calculation formula, the estimated monthly payment comes out to be around Dh5,544 (precise), which is just slightly above the 30% salary rule. With Dh18,000 per month in salary, the monthly payment of Dh5,544 still remains manageable, offering a solid financial foundation for first-time buyers. Step 3: Plan for Upfront Costs and Financing While the program offers numerous benefits, it's important to keep in mind the upfront costs, including the down payment and closing costs. As is typical in Dubai's property market, you will generally need to make a 20% down payment on the purchase price. In case this requirement remains 20%, even with the initiative's benefits, we've used this figure for a safe estimate. For a Dh1,000,000 property, this means a Dh200,000 down payment. Initial Investment: Dh200,000 Discounted Property Price: Dh900,000 (after 10% discount) Loan Amount: Dh700,000 Monthly original Payment: Dh5,544 If you're able to make the upfront payment of Dh200,000, your loan amount will reduce to Dh700,000, bringing the monthly payment down to approximately Dh4,314 per month. Though the down payment may seem steep, there are several ways to manage this: Savings: If you've been saving for a while, now is the time to use those funds for your home purchase. Employer Assistance: Some companies offer home loan assistance or partnerships with financial institutions that may help with the down payment. Personal Loans or Support: If necessary, you might consider a personal loan to cover part of the down payment, though this should be done carefully to avoid over-leveraging. Step 4: Maximize Program Benefits and Get Expert Support To make the most of the First-Time Homeownership Initiative, consider these tips: Choose the Right Property: Stay within the Dh1 million price range to keep your mortgage payments manageable (under 30% of your salary). Leverage Discounts: Use up to 10% discounts on property prices. For instance, if a home is priced at Dh900,000, you'll only finance Dh810,000, reducing monthly payments. Use Flexible Payment Plans: Opt for flexible payment plans on off-plan units that let you pay part of the cost upfront and spread the rest over time. DLD Fee Benefits: Take advantage of the option to pay Dubai Land Department (DLD) registration fees in interest-free instalments, easing your upfront costs. Work With the Right Broker: Partner with a licensed broker to find properties that match your budget and eligibility criteria. Get Pre-Approved for Financing: Secure pre-approval from a participating bank to understand what you can afford and streamline the home-buying process.
Scottish Sun
12-06-2025
- Business
- Scottish Sun
World's tallest train station to open as part of new mega £3.6billion rail route expansion
The record-breaking expansion is set to open in 2029 PLATFORM PEAK World's tallest train station to open as part of new mega £3.6billion rail route expansion Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE WORLD'S tallest train station is set to be built as part of a £3.6 billion rail route expansion project. Dubai's new Metro Blue Line includes plans for a 74 metre high station - the tallest in the world. Sign up for Scottish Sun newsletter Sign up 3 The £3.6 billion expansion includes a 74 metre high station Credit: Dubai Media Office 3 Work on the Dubai Metro Blue Line is set to finish in 2029 Credit: Dubai Media Office 3 The Dubai Creek Harbour station will be named after developer Emaar Properties Credit: Dubai Media Office The expansive project is set to create better transport links across the country, helping both residents and tourists navigate the area more easily. It is expected that 200,000 passengers will use the system every day by 2030, rising to 320,000 by 2040. Work is already underway and is set to finish in 2029 - on the 20th anniversary of Dubai's Metro system. It is set to cost around Dh18 billion, equivalent to around £3.6 billion. The new system will feature two routes - one 21km and the other 9km. Perhaps the most impressive part of the new development is the station at Dubai Creek Harbour - set to be the "highest metro station in the world" at 74 metres. The station's architecture will be in-keeping with the rest of Dubai's iconic buildings, with the American architects behind the Burj Khalifa designing the new transport hub. Its exterior is said to be inspired by the shape of a seashell, while its interior reflects themes like heritage, earth, air, fire and water. The design was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, and Ruler of Dubai, in June of this year. On Monday June 9, the Sheikh laid the first foundation stone for the "architectural icon". I fled the UK for sunny Dubai - life back home is miserable & no-one has any cash Developer Emaar Properties is set to retain the naming rights of the skyscraper station for at least the first decade. Other stations on the line are expected to be named after brands - a common practice on the Dubai Metro. The Dubai Metro Blue Line will add 14 brand new stations to the city's rail network. It brings the total to 78 stations, with 67 of these serving the Dubai Metro. Each station will include public bus bays, taxi stands, bike areas, electric scooter racks, and disabled parking bays for those with people of determination status. Nine of these stations will be above ground, while five will be underground, although exact plans for which stations will be where are yet to be confirmed. The International City station is set to be the only station to serve multiple lines, with a 44,000 square metre interchange station. In a bid to improve the city's transport links, the government previously announced their plan to have 140 stations by 2040. It will include better connections between Dubai International Airport and nine of the city's key areas, with a travel time from 10 to 25 minutes between these hubs. The new station will join a long list of record-breaking stations around the world. This includes the largest station by number of platforms: Grand Central Terminal in New York City. Containing 44 platforms, the station serves approximately 660 trains carrying 125,000 commuters per day. Another record-breaking station is Shinjuku Station in Tokyo, which is the world's busiest station. Used by an average of 2.7 million people per day, it joined the Guinness World Records in 2022 and officially became the world's busiest station.
The Irish Sun
12-06-2025
- Business
- The Irish Sun
World's tallest train station to open as part of new mega £3.6billion rail route expansion
THE WORLD'S tallest train station is set to be built as part of a £3.6 billion rail route expansion project. Dubai's new Metro Blue Line includes plans for a 74 metre high station - the tallest in the world. 3 The £3.6 billion expansion includes a 74 metre high station Credit: Dubai Media Office 3 Work on the Dubai Metro Blue Line is set to finish in 2029 Credit: Dubai Media Office 3 The Dubai Creek Harbour station will be named after developer Emaar Properties Credit: Dubai Media Office The It is expected that 200,000 passengers will use the system every day by 2030, rising to 320,000 by 2040. Work is already underway and is set to finish in 2029 - on the 20th anniversary of Dubai's Metro system. It is set to cost around Dh18 billion, equivalent to around £3.6 billion. Read more Travel The Perhaps the most impressive part of the new development is the station at Dubai Creek Harbour - set to be the "highest metro station in the world" at 74 metres. The station's architecture will be in-keeping with the rest of Its exterior is said to be inspired by the shape of a seashell, while its interior reflects themes like heritage, earth, air, fire and water. Most read in News Travel The design was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, and Ruler of Dubai, in June of this year. On Monday June 9, I fled the UK for sunny Dubai - life back home is miserable & no-one has any cash Developer Emaar Properties is set to retain the naming rights of the Other stations on the line are expected to be named after brands - a common practice on the Dubai Metro. The Dubai Metro Blue Line will add 14 brand new stations to the city's rail network. It brings the total to 78 stations, with 67 of these serving the Dubai Metro. Nine of these stations will be above ground, while five will be underground, although exact plans for which stations will be where are yet to be confirmed. The International City station is set to be the only station to serve multiple lines, with a 44,000 square metre interchange station. In a bid to It will include better connections between Dubai International Airport and nine of the city's key areas, with a travel time from 10 to 25 minutes between these hubs. The new station will join a long list of record-breaking stations around the world. This includes the largest station by number of platforms: Grand Central Terminal in New York City. Containing 44 platforms, the station serves approximately 660 trains carrying 125,000 commuters per day. Another record-breaking station is Shinjuku Station in Tokyo, which is the world's busiest station. Used by an average of 2.7 million people per day, it joined the Guinness World Records in 2022 and officially became the world's busiest station.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
'New lease on life': UAE's visa waiver brings Sudanese back from the brink
A mother of three, whose family faced over Dh18,000 in visa overstay fines, is among the many who have found a new lease of life after the UAE announced a full waiver of residency and tourist visa violations for Sudanese. The waiver, effective from May 19, 2025, through the end of the year, comes as part of the UAE's ongoing efforts to support those displaced by the conflict in Sudan. Om Hanin, who arrived in the UAE in July 2023 after fleeing the war in Khartoum, said her family had overstayed for three months and was drowning in fines. "We didn't know how we would ever pay. Every day felt heavier than the last," she recalled. Her children, too young to understand the legal weight of their situation, watched as their mother struggled to hold the family together in a foreign land. Her husband, she said, was left behind in Sudan after refusing to abandon his elderly mother, who was unable to travel. "He stayed for her. Then one day, he left to get food from a nearby town and never returned. We haven't heard from him since." The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) decision to waive all overstay fines has brought financial relief and emotional reprieve for families like hers. Another Sudanese expat, Mohamed Issam, had been preparing to fly back to Port Sudan to make his way to Khartoum, which began stabilising in March. "A lot of Sudanese started going back," he explained. "But what stopped me was my fines. I had over Dh6,000 in fines, and I was going to borrow the money from a friend to fix my visa before travelling." His plans were disrupted when the Port Sudan airport recently came under attack. "That means I'm still here, but at least my fines will be waived," he said. Mohamed sees the visa waiver as "divine mercy" and is now focused on finding employment in the finance sector to rebuild his life. The news has also brought hope to those on the frontlines of helping affected Sudanese in the UAE. Mr Awad Allah, who runs a typing centre in Deira, said he sees dozens of Sudanese residents daily looking for guidance. "Whenever it feels like doors are closing, the UAE opens another with even more mercy," he said. "People come to us desperate, not just for paperwork help but for reassurance that they're not alone." Awad Allah, who also maintains a popular TikTok account sharing updates on Sudanese residency issues, recounted a moment from a recent livestream. "Two days ago, a man joined the live and shared his hope that the UAE would extend its support by offering the amnesty so he could renew his Crisis & Disaster Countries Visa for his family. "This waiver is not just about fines," Awad added. "It's about hope. The Sudanese people here are in real need, and this gives them more than time, it gives them dignity." Sudanese expats are strongly encouraged to begin their application process as early as May 19 through ICP's online services and regularise their visa status without penalty. Ongoing conflict in Sudan The visa fine waiver comes amid the ongoing conflict in Sudan, which erupted in April 2023 between the Sudanese Armed Forces and the paramilitary Rapid Support Forces. The fighting has devastated cities like Khartoum and displaced millions internally and across borders. Many Sudanese fled with little notice, leaving behind essential documents and facing uncertain futures in foreign countries. UAE haven during regional instability The UAE has consistently extended humanitarian support to those affected by the crisis. In 2023, Dubai and Sharjah airports became temporary havens for Sudanese passengers stranded in the country due to the closure of Khartoum Airport and flight cancellations. On April 25, 2023, Khaleej Times reported that 13 Sudanese passengers were stranded at Sharjah International Airport due to the conflict. The Sharjah Emergency, Crisis, and Disaster Management Team (ECDMT) provided the travellers with temporary accommodations and necessary care. Dubai Airports also extended support to Sudanese transit passengers affected by flight cancellations. Passengers who had flown into the Emirate from different countries were offered temporary accommodation until they could travel to Khartoum or choose to fly to other destinations. Authorities offered visa flexibility, shelter, and assistance to those unable to continue their journeys due to closed airspace and grounded flights. The new fine waiver builds on these earlier efforts, reinforcing the UAE's role as a haven during times of regional instability.
Gulf News
02-05-2025
- Business
- Gulf News
How Dubai couple built Jumeirah Park mansion in a year, now worth Dh60 million
Dubai: In a city known for its flash and bling, Reshma Praveen's 16,400 sq. ft. Jumeirah Park mansion built from the ground up stands out not for how loud it is — but for how quietly, confidently luxurious it feels. 'We built it from scratch — and designed the home within a year,' says Reshma, who teamed up with her husband, Praveen, to make their dream home a reality. As owners of a construction company that builds towers, malls, and homes across the UAE, this self-made couple used their insider knowledge to fast-track everything from supplier selection to marble finishes. 'He knew where to get everything,' she says. 'We personally selected every single element — even the marble and window frames.' The land was a post-COVID steal: two plots bought for Dh4 million, now worth Dh18 million. Today, the fully built home is valued at around Dh60 million. But its real richness lies in the way it's lived in. With soaring nine-metre ceilings, custom-made furniture from Milan, and floor-to-ceiling windows that flood the space with light, the villa exudes modern minimalism — a bold move in a city where 'more is more' often rules. 'We didn't want to stuff the house with things,' Reshma says. 'That's a mistake people make. I love to keep things neat and clean.' Still, she knows when to turn up the drama. 'The formal living room we kept a little loud,' she admits, pointing to the gold panther statue gleaming against dark marble floors and walls. 'We just wanted to make it a little bling and bright.' It's the only space in the home where Reshma embraced a 'Dubai Bling' aesthetic — and it works. The rest of the villa is tailored for comfort and connection. 'Our home had to be kid-friendly,' she says. 'I don't want to put any restrictions on the boys — like don't dribble the ball here. Even our dogs are allowed everywhere.' There's a snooker table in the lounge, a rooftop Greek-style space for sundowners and skyline views, and a pool that her 'water baby' younger son loves. 'We wanted every part of the house to feel different,' she explains. 'Some areas are quiet and calming, others are fun. That's how we live.' Reshma's favourite part? The sense of openness. 'The space. The light. You feel calm when you walk in,' she says. It's a home that's grand but grounded — much like its owner. Her one piece of advice for anyone building a dream home? 'Don't go for cheap. You'll end up spending more time and money fixing mistakes. Hire the right people from the start.' Smart words from a woman who's proof that in Dubai, less really can be more — especially when you know exactly what you want.
