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Frequently asked questions

How much Mortgage can I borrow?

Expats:Up to 80% of the Property Value

UAE Nationals:Up to 85% of the Property Value

Overseas Customers:Up to 75% of the Property Value

Who can purchase a property in UAE?

UAE Nationals, Expats living in UAE and Overseas Customers who would like to purchase a property in UAE.

What type of properties can I get a mortgage for?

Properties that are free hold can be mortgaged.

What is the difference between a fixed-rate and variable-rate mortgage?

If the interest rates remain constant throughout your loan period regardless of the market changes, then it is a FIXED interest rate. If there is a fluctuation in your interest rates depending on the market changes, then it is called VARIABLE interest rates (also known as “floating” or “reducing” rates).

What is a pre-approval for a mortgage?

A pre-approval is a process where a lender reviews a borrower’s financial information and credit history to determine how much they can borrow for a mortgage. It is not a guaranteed loan but can give a borrower a better idea of their purchasing power and help them narrow down their property search.

How long does it take to get a Pre-approval

Generally it takes 3 to 5 working days for employed and 10 working days for self-employed customers.

When should I apply for mortgage pre-approval?

It is advisable to apply for a Pre-approval before you start searching for a property. It’ll give you a clear idea on your budget and realtors will show interest in property search since you already have a pre-approval.

What is the Validity of a Pre-approval?

Mortgage pre-approval is valid for 60 days.

What is property Valuation?

Banks seek services from independent valuators to ascertain the value of the property.

How much is the valuation cost of a property?

The valuation cost of a property is between AED 1,950 to AED 3,150, depending on the bank.

What is the age criteria to avail Mortgage?

Minimum age to apply for Mortgage is 21 years. Maximum ages are as follows
Salaried Individual (Expats): Age must be 65 years at the end of the loan
Self Employed: Age must be 70 years at the end of the loan
UAE Nationals: Age must be 70 years at the end of the loan.

Can I add another borrower to my Mortgage application?

You can add immediate family members to your mortgage application either as a co-borrower (if you would like to add their income) or just co-applicant. In either cases, name of the family member will be added to property as shareholder.  

What other charges do I have to pay other than down-payment and monthly installments?

Following additional charges to be paid

To Bank: Valuation fee, life and property Insurance, Pre-approval fee (if applicable), Processing fee (if applicable)

To Dubai Land Department: Mortgage Registration fee, Transfer and trustee fee.

Can I get finance for other fees/charges?

Yes, several banks finance a major portion of these other associated charges.

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