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
UAE Nationals, Expats living in UAE and Overseas Customers who would like to purchase a property in UAE.
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).
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.
Generally it takes 3 to 5 working days for employed and 10 working days for self-employed customers.
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.
Mortgage pre-approval is valid for 60 days.
Banks seek services from independent valuators to ascertain the value of the property.
The valuation cost of a property is between AED 1,950 to AED 3,150, depending on the bank.
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.
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.
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.
Yes, several banks finance a major portion of these other associated charges.