Mortgage dowry – how and what?
A dowry mortgage is a less well known vehicle and can be used by parents of newlyweds to help them purchase a property.
It is a mortgage that is taken out by parents to enable newlyweds to purchase an apartment. The loan is guaranteed by property owned by the parents who repay the loan.
Why consider this type of mortgage?
This is ideal for parents who own property and have financial assets but may not have the cash to give children as a down payment for an apartment. By providing them with the dowry mortgage, they enable the children to purchase the property while repaying the loan over time and at potentially lower rates.
This is also an option if the children are students or in the army or they simply do not qualify for a mortgage.
Not all banks offer this type of mortgage, but SAAR mortgage consultants can help.
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