khaleej times Wednesday, OctOber 28, 2015

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NRI FIN NCE... because home is where the heart is.

• Preferential discount offered on remitthrough Arab Link Money Transfer*• Personal Finance available up to the e• Instalment payment in Dirhams• Enables you to settle your existing liabilities in India• Free job loss protection

Finance proceeds enable you to pay for new purchase atall stages of construction or to renovate your existing home.

Call now8002882 to apply or visit us at adib.ae

ttances processed

equivalent of INR 1.7cr

HIGHLYCOMPETITIVE

RATES!NRI Finance for any property,in any city, any builder in India

* Applied at the prevailing foreign exchange rate on the conversion date as per the terms & conditions.* Terms & conditions apply. Offered under finance for individuals program subject to UAE CentralBank guidelines and subject to salary transfer.510859289221

HOME SWEET HOME

Life of an expat offers newbe-ginnings: a chance to broadenhorizons, live anew and ex-plore multitude of possibili-ties for growth, and adven-

ture. Beneath this is also a promise ofa financially better future, especiallyif the move is to a tax-free zone likethe UAe.in the midst of setting up a new

house, building up a social network,helping kids settle down and theusual humdrum, do not let your per-sonal economy get affected. Hometo a large number of multinationaland local banks, the UAe financialinstitutions have the means and ex-pertise to help immigrate your exist-ing financial plan and formulate anew one that fits your current situa-tion just right. expat finance is allabout catering to your needs in anew place you call home.Looking to buy a car or home here,

or need funds to manage expensesbetter? You can rely on banks in theUAe, as they are well attuned to theneeds of the expatriate population.Abu Dhabi islamic Bank (ADiB), forinstance, offers a range of productsincluding car finance, personal, in-stant, education loans and boat fi-nance, ADiB job loss protection, etc.Union National Bank and CBi toohave similar products that offerfinan-cial help for varied needs as well asprotection plans against calamities.Besides, there are other products

tailored especially for expats thatalign your goals with your finances.You can take comfort in offshorebanking or onshore products andget along with the expatriate lifewith a breeze.

if you have justmoved to theUAe,or are taking a fresh account of yourfinancial plan, we have a few tips toshare:

Build a contingency fund:One of thefirst commandments of personal fi-nance is to set aside at least sixmonths of running expenses. Theidea is to have a cushion in case of anemergency. Once you have built upsuch a reserve, you can keep it safe ina savings account (where itmight notearn much considering the benigninterest rate environment) or stow itaway in a fixed deposit account.

Buymedical and life insurance:Withresponsibility comes accountabilitytoo, and the best way to take care of

this is through an insurance cover. Ahealth cover for all in family ensuresbestmedical carewhen required, anda life cover promises tofill infinancialgap in case of an interruption or ces-sation of earnings of the main care-taker. financial advisers at banks andindependent financial houses canhelp you ascertain the amount of in-surance cover you should take.

Make saving a habit, and investing aritual: The idea of paying yourselffirst is a wonderful way to realisefinancial goals. Whether it is yourdream to buy a swanky new SUV,have a relaxing 10-day vacationevery year, attend concerts of yourfavourite band, or anything else,saving every month will help yourplans see the light of the daywithouta hitch.

— suneeti@khaleejtimes.com

MovingtotheUAe?Don’tleAvefinAnciAl

bitsbehinD

k h a l e e j t i m e s | A D V E R T I S I N G S U P P L E M E N T

Expatriate living is alife full ofopportunities andpersonal growth. Torealise its truepotential, paint yourfinancial picturewell.

Suneeti Ahuja-Kohli■

Home to a large number ofmultinational and localbanks, the UAE financialinstitutions have themeansand expertise to helpimmigrate your existingfinancial plan and formulatea new one that fits yourcurrent situation just right.

Wednesday, OctOber 28, 2015 khaleej times

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For Indians working in the UAE,buying a property in their homecountry is an aspiration that isbecomingevermoreattractivedueto the dirham’s appreciationagainst the rupee in recent yearsand growing optimism over theIndian economy.Many Indians in the UAE are

looking to preserve wealth for thefuture. Some are looking to investin India while others are planning

to buy a future home forthemselves. However, these goalsare often difficult to achieve assecuring home finance in India isdifficult from the UAE, and oftenoffered at unattractive rates.This is why Abu Dhabi Islamic

Bank (ADIB) is offering non-resident Indians (NrIs) an easiersolution with its new dedicatedfinancing facility. The bank isfinancing at profit rates as low as6.75 per cent, compared to thetypical 11-13 per cent rangeoffered in India. Unlike manybanks in India, ADIB does notlimit the home buyer to particularhousing developments or

developers.NrIs can also finance their new

homes in India in dirhams atADIB’s best rates in the market,which eliminates the exchangerisk when transferring money toIndia. This also gives the homebuyer the flexibility to hold fundsin the UAE and make transfers toIndia only as and when required.

WithADIB, buying a home inIndia has never been easier. Forfurther advice on how to takeadvantage of the opportunity tomake a long-term investment inIndia, call ADIB on 8002882 orvisit www.adib.ae.

Buying a home in India hasnever been easierADIB home financemakes buying Indianrealty a reality

» ADIB

LOANS FOR EXPATS

Owning a home is part of any ex-pat’s dream in the UAE, yet lowincome, rising property prices,credit and debt are making ittougher for many to buy a home

in the UAE.While stricter standards like amandatory25

per cent down payment for the first house and50 per cent down payment for the secondhouse for an expatriate make it tougher foryoung families to qualify for a mortgage, in-dustry experts say these measures are neces-sary to avoid formationof another asset bubblein the emirates.If you are considering buying a house in the

near future, it is important to start planning inadvance and do the research well. Here are afew tips to help you prepare well:

Lower your debt-to-income ratio:DTI is yourtotal monthly income as compared to your to-tal monthly debt payments. Most lenders willonly lend to you if your total DTI is at or below50 per cent. Therefore, to lower it you can ei-ther try to increase your income by pursuing apromotion or raise, finding a higher-payingjob, or pre-paying any existing loans. You canalso avail of the benefits of low-interest ratesprevailing on unsecured loans in the emiratesby consolidating or refinancing other loans

and paying down on credit card balances.

Save for a down payment:Make a budget foreach month before it starts, with a plan forspending and saving, and stick to it. Stashaway extramoney frombonuses, overtime orfinancial gifts on your birthday or holidays.Considering the high rentals on residentialproperties in Dubai, one sound advice would

be to either find a roommate to help pay therent or move into a less-expensive rental. Asper the real estate law in the emirates, youhave to pay 25 per cent as down payment forthe first residential property.

Save a little extra for peripheral use: Besidesthe 25 per cent required for the down pay-ment, stash away some savings for other ex-penses such as agent fee, landdepartment fee,agent commission, and henceforth. Usually,all these expenses add up to 10 per cent of thecost of the house.

Explore finance options: Banks and financialhouses in theUAEoffer home loans andmort-gage at quite attractive rates compared withother countries. Here you can take advantageof single-digit home loan rates and turn yourdream of owning a house into reality.

However, it is best to do thorough researchand opt for a financial lifeline that suits yourneeds the best. one of themost efficientwaysof finding about interest rates and deals onhome loans is to go to website like souqalmal.com, moneycamel.com, dubizzle.com, etc.Thesewebsites allow you to compare interestrates, eligibility criteria, and other pertinentinformation.

STiLLSTuckONATENANcyRAcT?Banks and financial houses in the UAE offerhome loans at attractive rates, helping turnhome ownership dreams into reality formany Make a budget for each month

before it starts, with a plan forspending and saving, and stickto it. Stash away extra moneyfrom bonuses, overtime orfinancial gifts on your birthdayor holidays.

khaleej timesADVERTISING SUPPLEMENT

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LOANS FOR EXPATS khaleej timesADVERTISING SUPPLEMENT

Are you having trouble keep-ing up with your mortgagepayments? Have you re-ceived a notice from yourlender asking you to contact

them? Here are some tips to avoidforeclosure.

Don’t ignore the problem.

The further behind you become, theharder it will be to reinstate your loanand the more likely that you will loseyour house.

Contact your lender as soon as yourealise that you have a problem.

Lenders do not want your house. Theyhave options to help borrowers throughdifficult financial times.

Open and respond to all mail fromyour lender.

The first notices you receive will offergood information about foreclosureprevention options that can help youweather financial problems. Later, mailmay include an important notice ofpending legal action. Your failure toopen the mail will not be an excuse inthe foreclosure court.

Know your mortgage rights

Find your loan documents and readthem so you know what your lendermay do if you can’t make your pay-ments. Learn about the foreclosurelaws and timeframes.

Have sufficient information aboutforeclosure prevention (also called lossmitigation) to understand your rightsand the obligation.

Contact a lawyer.

Lawyers can help you understand thelaw and your options, organise your fi-nances and represent you in negotia-tions with your lender if you need thisassistance.

Prioritise your spending.

After healthcare, keeping your houseshould be your first priority. Review

your finances and see where you cancut spending in order to make yourmortgage payment. Look for optionalexpenses — cable TV, memberships,entertainment — that you can elimi-nate. Delay payments on credit cardsand other “unsecured” debt until youhave paid your mortgage.

Use your assets.

Do you have assets — a second car, jew-ellery, and a whole life insurance policy— that you can sell for cash to help rein-state your loan? Can anyone in yourhouseholdgetanextra job tobring inad-ditional income? Even if these effortsdon’t significantly increase your avail-able cash or your income, they demon-strate to your lender that you are willingto make sacrifices to keep your home.

Don’t lose your house to foreclosurerecovery scams!

If any firm claims they can stop yourforeclosure immediately if you sign adocument appointing them to act onyour behalf, you may well be signingover the title to your property and be-coming a renter in your own home!Never sign a legal document withoutreading and understanding all theterms and getting professional advicefrom an attorney, a trusted real estateprofessional, or a lawyer.

ManagingmortgageswiselyMortgages makeproperty ownership anattractive option torenting. However,mortgages requirestrict adherence ontimely payments ofthe instalments

Commercial Bank International [CBI] hasintroduced a new Triple Advantagepromotion offering Personal Loans,MasterCard Platinum Rewards Cards anda Revolving overdraft in one package. Thepromotion is customised to the needs ofthe UAE nationals and expatriates in thecountry.

As part of the promotion, customers willenjoy a wide array of features and benefits,such as a Free iPhone6s for each personalloan of Dh500,000 and above, a freeSamsung Galaxy A5 for personal loans ofDh250,000 and above and a free SamsungGalaxy A3 for personal loans of Dh100,000and above as well as fast approvals andflexible repayment periods tailored toindividual needs.

As part of the promotion CBI also offers

customers a MasterCard Rewards Creditcard that gives a wide choice of redemptionchoices and 50,000 bonus reward pointsupon activation. Customers can choose toredeem their points in eight great waysfrom air tickets (any airline, anytime);hotels and car rentals (across the globe);online shopping; cashback; utility billpayment; salik top up or donating therewards points to charities such as NoorDubai or Emirates Red Crescent.

Commenting on the new promotion,Anil Kumar, Head of Retail Banking of CBI,said: “The new promotion is in line withour commitment towards providing ourcustomers with innovative, valuable,rewarding and competitive financialsolutions that exceed their expectationsand are part of our commitment to extendbest-in-class offerings to our customers.”

The bank also offers comprehensive loanproducts including home loans, auto loansand credit cards.

Further details about the triple advantagepromotion, including the terms andconditions, are available at any of the CBIbranches across the UAE. The bank alsohas a dedicated a call centre(800 224) torespond to specific queries about thepromotion to prospective customers.

Win an iPhone 6s with aTriple Advantage LoanCBI’s innovative andrewarding financialsolutions ensure that youget more than expectedevery time you apply for aloan, credit card or arevolving overdraft

» Commercial Bank International

Anil Kumar, Head of Retail Banking, CBI

Find your loandocuments andread them soyou know whatyour lendermay do if youcan’t make yourpayments.Learn about theforeclosure lawsand timeframes.