How To Apply For A Mortgage in Dubai

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With thorough preparation and following this step-by-step guidance, securing mortgage financing can be made simple for both UAE nationals and expatriates seeking property in Dubai.

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Who is eligible for a mortgage in Dubai?

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- Individuals aged 21 to 65, whether expatriates or UAE nationals, with steady incomes, may be eligible for a mortgage.

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- Salaried employees are typically expected to earn a minimum monthly salary of AED 15,000, while self-employed individuals may need to earn AED 25,000.

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However, non-residents encounter fewer options as only a handful of banks extend mortgages to overseas investors. Additional common prerequisites include a minimum employment history and being employed by approved employers.

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Required Documents

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Applicants must submit several documents to prove identity, residence status, income, and creditworthiness.

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Standard requirements could typically include passport copies, Emirates IDs, salary certificates, recent pay slips, bank statements for the past 6 months, tenancy contracts or DEWA bills, credit card statements, and any other materials the bank requests.

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However, non-residents need only provide a passport copy and recent bank statements.

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Step-by-step process

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Step 1: Research different lenders like local banks and consider hiring a mortgage broker for expert guidance and access to exclusive deals. Brokers have extensive knowledge of available options.

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Step 2: Choose between fixed and variable-rate mortgages based on the property type, required loan amount, amount available for a down payment, income stability, future plans, and other lifestyle factors. Banks offer online calculators to estimate monthly payments.

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Step 3: Obtain a pre-approval letter from the bank confirming your eligibility and maximum approved loan amount. This provides assurance that financing will be secured. Online pre-approvals can be instant, while traditional applications may take three to five days.

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Step 4: Search for your dream home within the 60 to 90-day validity period of the pre-approval. Make an offer once you find the perfect property.

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Step 5: Finalise the purchase agreement with the seller, pay the required deposit, and complete the property transfer process. This involves the bank releasing the approved mortgage amount directly to the seller.

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