Bayzat, a UAE-based online platform that provides a fast and easy way to find a banking product, has launched an online debt burden ratio (DBR) calculator for property investors.

The new application and value added services comes after UAE’s central bank announced the new mortgage laws and specified that the DBR should not exceed 50 per cent of the monthly income, said a statement from the company.

DBR is an equation to identify the ability of applicant of due repayment. Usually, the monthly income determines either the value of financing or monthly installment (MI).

Once the evaluation is completed, the income is calculated to determine how the applicant can repay his MI and at the same time meet his normal life requirements, in relation to business and family requirements.  

Talal Bayaa, co-founder and CEO of bayzat, said: “It is our aim to help the community make the most of their finances hence we design and develop applications which will benefit the community at any given time.

“The DBR calculator is a vital element in the application process of a mortgage and a lot of time and money can be saved by doing the calculation on bayzat. Visitors to the site can also request to be contacted by a mortgage expert; getting a home loan is not a simple process and can involve many different parties, so speaking with a consultant will make the entire process much easier.”

According to Bayaa, DBR is one of the main financing criteria and if calculated incorrectly, would lead to major difficulties for both the applicant and the lender as the applicant will be unable to repay outstanding dues on exact dates as well as the lender’s delinquency ratio will be negatively affected.

The online platform also provides the opportunity to apply for a mortgage online, for free.

“Getting a mortgage is not an easy process (your employer needs to be listed by the banks on many occasions, and you need to have a relatively high salary) and many other restrictions," said Bayaa.

"We try to make this application process simpler for investors and already see the value it brings to them both in saving time and enjoying successful applications,” he added. - TradeArabia News Service