Applying for a residence permit of the Emirates when purchasing properties in installments

One can use the installment plan, which, by the way, is easy to combine with a mortgage loan. It can be done in two ways. Let's take a closer look at each.

1. Rent-to-own method

The method is popular when buying real estate in a built house. Such a method means that one rents an apartment, and then buys it later in the future. In this case, the installment plan is a lease agreement, which stipulates the possibility of changing the owner. It should be noted that rental payments are quite high, they exceed the average market indicators. As soon as a person pays the entire amount and fulfills the terms of the contract, the apartment in the UAE becomes his property.

2. Installment plan for real estate under construction

In this case, the procedure  is different. Up to 70 percent of the total property value is distributed according to the payment schedule even before the house opens to its owners. The amount that remains is paid upon giving the keys to owners. When considering installments, it is also very important to know what kind of developer constructs the building.