Can I afford a 2,000,000 AED home?

Let’s say you want to borrow 2,000,000 AED for the maximum 25 year-period. How much do you need in monthly salary?

Example:

    • You are under the age of 40 years.
    • Have a steady job and fixed income.
    • You have no other loans.
    • You choose a fixed repayment rate during the 25 year mortgage loan period (fixed rate = the same sum every month).
    • The interest rate is 4%.
    • (1) Your monthly salary has to be 23,810 AED. 2,000,000 AED / 12 months / 7 = 23,810 AED.
    • (2) Your monthly salary has to be 28,571 AED. 2,000,000 AED / 70 months = 28,571 AED.
    • (3) Your monthly salary has to be 26,667 AED. 2,000,000 AED / 25 years / 12 months x 4 = 26,667 AED
  • In lowest case your monthly salary needs to be 23,810 AED to borrow 2,000,000 AED.
  • In highest case your salary has to be 26,667 AED to borrow 2,000,000 AED.

It’s always good to have fluctuating rates in mind:

    • (4) Monthly interest rate payment at 4% = 6,666 AED | 5% = 8,334 AED. | 6% = 10,000 AED.

 

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