You should consider your insurance policies in UAE regarding your mortgage loan or any other property. This insurance plan can be applied on many other services as well. Usually, there are two types of insurances available for borrowers in UAE:
Lifespan insurance which is bit expensive but quite perfect
for expatriates. This is particularly intended for the borrower’s family so
that to cover the unexpected happenings. It covers all the loan expenses in
case the mortgage holder dies during the mortgage lifespan or in case of any
other serious damage. Thus, the family does not have to evacuate the house, and
the entire mortgage will be paid through the insurance coverage without any
trouble. Before moving towards this option, you should understand the working pattern
of banks because it is different from one another. As you can see that most of
the banks in UAE are divided into Islamic banks and
conventional banks, so your choice will be mattered a lot.
While moving towards your Insurance plans and installments, this
is borrower oriented and it helps the borrower to pay the installments due to
injury, job loss, or accident. Besides all other attractive services being
provided by banks in UAE, mortgages loans, credit card options and different
accounts can help you to understand the matter. Keep one thing in your mind
that this system is very sensitive and you need to cater all of the things with
issue based. At the same time it requires careful consideration and
comprehensive planning. To avoid any uncertainty while paying back the recoveries,
it is recommended to take insurance policy from a bank.
At the same time, it is advised to check and compare the fee
structure of different services such as consultation fee, notary, and
documentation translation fee while purchasing any insurance. At any point in
time, you encounter any problem or confusion by directly making a contact with
your relationship manager. You should consult an expert for guidance because he
or she would be the only person who can take care of your plans.
This will further help you to modify your choices and
customize your mortgage option as well. Now I will explain some of the
important services being provided by Islamic banks in UAE. As you can see that
having a savings account account can give you maximum rewards, while on the
same note Islamic
current account will also give you maximum benefits. For example you
can use the Islamic current account and use the latest options in the form of
loan services, credit card options and many other things. But keep one thing in
your mind that only a specific bank can give you lowest rates.
Conclusion
Now which bank is most suitable for expatriates in UAE is the
most important query which must be resolved. For your ease I would suggest you
to check Mashreq bank for Islamic banking as well as for conventional banking.
You can use your smartphone to check the latest updates and offers.
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