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?
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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
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NewsTranscript
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.