As the government continues to encourage foreign ownership property in Qatar, residents are taking advantage of the ever so active real estate market in the country and investing in freehold areas. These include The Pearl, Lusail and West Bay Lagoon, where properties for sale are readily available and on hand.
As an expat, you could find the requirements for getting a loan a little strict, but these rules are ever changing, mostly making the process somewhat easier on you. Most banks in Qatar do offer housing loans or mortgages to residents, and you should check thoroughly with your bank before taking any steps. For those buying in freehold areas, you may also get special privileges and incentives, including lower interest rates.
There are a number of documents that are needed for you to start the bank loan process, and these include the valuation report of the property, salary certificate and proof of income, a valid passport and residence permit, a copy of the deed and insurance. In most cases, the bank loan will cover 80% of the price of the property, depending on the bank of choice. Interest rates will also vary depending on the price of the property and the bank itself. The mortgage will also need to be registered with the with Qatar’s Land Registration Department.
As with all property sales in Qatar, it is best to enlist the help of a real estate lawyer or receive legal advice when purchasing property in Qatar, in order to make sure that you have the complete details and information regarding the laws of ownership in Qatar. And while the developer of the property can advise whether it is legal for foreigners to purchase a unit, this should also be verified with Doha Municipality or the Ministry of Justice’s Real Estate Registration Department, or a reputable estate agent. Your legal advisor should be able to walk you through the entire process in detail and ensure that the agreement is legitimate and legitimate, making the process hassle and stress- free. It is worth noting that residents who purchase property in Qatar are entitled to a homeowner’s residence permit, and allows the owner and their immediate family to live in Qatar.
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