Quote:
Originally Posted by reynolds
HI we recently bought a studio in La hoya bay, dolphin complex. Has like everybody else we laid down a 30% deposit the rest on completion, we understand we can take a morgage on the 70% near the time of completion. We keep reading other peoples comment and some seem to have been offered a interest free morgage we was told at a favourable rate. Just wondered if anybody as any info on a morgage out there.
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mortgages will have interest rates of around 7 to 10%.
The interest free mortgages could be the islamic shariah compliant mortgages which follow a different terminology about the monthly payments which aren't calculated based on an "interest" but usually work out to monthly figures very similar to the others [7-10% of the loan per annum / 12 = monthly amount].
I hope that helps,
Rammah