I think this topic will help you decide where to invest your money while working abroad.
Last topic I share my tips on how to saving and manage your money, so now let's think on where can we invest our savings.
Here in Dubai or others emirates it is easy to apply for a personal loan from your bank (if you have one). usually they need a leter from your company with salary certificates, 3 months payslip, and length of tenure from your company. Then you can avail a loanable amount of 20 times of your gross salary or more than that. maximum of 250thousand dirhams for expats but it still depends on your salary.The terms will be maximum of 5 years or 60 months that will be debited to your salary on monthly basis. Interest rates is 10% which is much lower than a loan rates from phil. banks (range 12% or more) also the hussle and bunch of required documents just to apply a loan from phil banks. here abroad after you give your salary certificates and payslip in 3 days time the money will be trasnfered to your account.
If you required to finance a property o you need a emergency cash, my advice is to take a loan from here rather than in phil bank or going for a 5-6 loan. If you don't have a bank account here you can apply now. just bring your labour contract, labour card, passport copy and id. here some banks for you to check into;
1. dubai national bank
2. standard chartered bank
3. emirates bank
4. rak bank and others
So if you have a bank account already you can ask your bank thru phone if you can apply a personal loan and ask how much is your loanable amount and terms as well. then you can think of where can you invest this money so that it will gain interest. or you can purchase your dream house or car.
But for now let me give you an advice to invest in property because it will not depreciates unlike cars and other things, remember you need to pay that loan for the length of your agreed term so make it sure that the money will be used in a good investment so that the interest your paying on the bank will be worth it.
So why we need to invest?..if you put your money on the bank the intrest rate is much lower even though you put it on a time deposit. remember your loan is 10% rate per year but in time deposit 3-6% per year is the range of interest so you lose some there.
Its better to invest your money into Real Estate Property - why? coz property will not depreciate it means than when you buy the property now for a 1000, tomorow or after a year it will appreciate to 1200 or more..but it depends on the location of the property how it will appreciate than fast.
Also if you want to built your house its better to do it now coz the cost of materials and labor keep of increasing. Atleast if you took a loan here and spend it by buy a property or building of your house, you can use it already while your still paying your debts here.
But keep in mind that you should assess your finance capability before taking a loan here then decide a good investment for that money.
I hope this tips will give you a good idea on where to invest your money.
Next topic will be on how to buy a property..and what are the taxes need to be paid to transfer the title to your name.
thanks
Ricomoraga
