UAE property investors use bayzat for mortgage related info and application

New debt burden ratio application and direct access to mortgage expert sees high net worth individuals utilize the online platform

Dubai, UAE, 05 December 2013 – bayzat, an online platform that provides a fast and easy way to find a banking product, is reaching out to property investors through a unique online debt burden ratio (DBR) calculator and the opportunity to speak directly to a professional and experienced mortgage expert. The new application and value added services comes after the central bank announced new UAE mortgage laws and specified that the DBR should not exceed 50 percent of the monthly income.

Commenting on bayzat's mortgage services, Talal Bayaa, Co-founder and CEO of bayzat, said: “It is our aim to help the community make the most of their finances hence we design and develop applications which will benefit the community at any given time. The DBR calculator is a vital element in the application process of a mortgage and a lot of time and money can be saved by doing the calculation on bayzat. Visitors to the site can also request to be contacted by a mortgage expert; getting a home loan is not a simple process and can involve many different parties, so speaking with a consultant will make the entire process much easier.”

DBR is an equation to identify the ability of applicant of due repayment. Usually, the monthly income determines either the value of financing or monthly installment (MI). It is important as any esteemed financial firm will evaluate this ratio prior to granting and identifying the purpose of a loan along with evaluating the “Character, Collateral, Credit history, Capital and Cash flow.”

Once the evaluation is completed, the income is calculated to determine how the applicant can repay his MI and at the same time meet his normal life requirements, in relation to business and family requirements. 

“DBR is one of the main financing criteria and if calculated incorrectly will lead to major difficulties for both the applicant and the lender as the applicant will be unable to repay outstanding dues on exact dates as well as the lender's delinquency ratio will be negatively affected. Calculations like these can be complex and bayzat helps you understand your eligibility for a home loan before approaching the bank,” added Talal.

bayzat's DBR calculator is user-friendly and easy to use. You simply need to fill in the required numerical information and your DBR will be calculated automatically. Should you have any troubles in using the application, the bayzat team is also on stand-by to help and answer any questions, and its mortgage expert can assist in any queries you may have.

Furthermore, the online platform also provides the opportunity to apply for a mortgage online, for free. Bayzat provides up-to-date information and statistics from 30 banks in the UAE which also highlights current interest rates and ranks best opportunities on an ongoing basis.

Through its intricate back-end system, bayzat found an increase in people searching for home loans before the new mortgage cap rules were announced. Figures tripled over a few months due to the booming real estate market.

“Getting a mortgage is not an easy process (your employer needs to be listed by the banks on many occasions, and you need to have a relatively high salary) and many other restrictions. We try to make this application process simpler for investors and already see the value it brings to them both in saving time and enjoying successful applications,” concluded Talal.

Visit bayzat to explore ways on how you can change your banking products to suit your needs and to learn more about other products that may help you increase your wallet's worth. For more information about bayzat, visit www.bayzat.com.