I think we have all heard by now about the newest and hottest project to hit Dubailand with villas starting under AED 1,000,000. The integrated lifestyle project by Nshama, a private developer, is called Town Square and it will spread on over 750 acres with a central community center, 16 football fields, a Vida Hotel and over 350 retail stores, restaurant and cafes.
The first phase of residential will offer consumers the choice of 3 or 4 bedroom townhomes starting at AED 999,888. ADIB, First Gulf Bank and Noor Bank have joined forces with Nshama to offer mortgages on this project.
So, let’s figure out how much it will cost to purchase an off-plan townhouse with a purchase price of AED 999,888. Here is the breakdown:
|Mortgage Value (50% of 999,888)||499,944|
|Mortgage Processing Fee (%)||1%|
|Mortgage Processing Fee (1% of 499,944)||4,999.44|
|Mortgage Valuation Fee||3,000|
|Agent Fee (2% of 999,888)||19,997.76|
|Pre-Registration (Oqood) Fee (4% of 999,888)||39,995.52|
|Property Registration Fee (4% of 999,888)||39,995.52|
|Mortgage Registration Fee (0.25% of 499,944)||1,249.86|
Total Fees AED 109,351.06
It is essential to know when buying a property in Dubai, how much you will actually have to pay, in addition to acquiring a mortgage. On ezEstate, we have created a very useful tool to calculate Transaction Fees and Charges, whether it’s for an off-plan project or ready property in Dubai. Check it out here now!