Mortgages in Dubai
How to apply for a Mortgage in Dubai
Step 1 - Eligibility:
You can only apply for a mortgage in Dubai if
- You are a UAE resident or a UAE national.
- You're between 21 and 65 years of age
- Have a minimum income of AED 15K (employed)
- Have a minimum income of AED 20K (self employed)
Step 2 - Gather the necessary documents:
To complete the application process make sure to have the following documents:
- Copy of your passport
- Copy of your Emirates ID
- Salary certificate as proof of employment
- Proof of residence - copy of your DEWA bill
- Bank statement of the last 6 months
- Credit card payment statement of the last 6 months
Step 3 - The application process
Approach your bank to initiate the process.
Submit the documents needed to apply for a pre-approval letter, valid for 90 days. This letter specifies your maximum borrowing limit.
Step 4 - Property appraisal
The bank will run a property valuation. Once this is approved, you will receive a home loan from your bank within 7 working days.
Step 5 - Property purchase
Congrats! You now have the funds to purchase your dream home.
300,000
300,000 AED50,000,000 AED
20%60,000 AED
20%80%
20 years
3 years25 years
0%
0%30%
Monthly Payment
AED 1,000
Loan Amount300,000 AED
Interest0%
Loan Period20 Years
Top Properties
Understanding mortgages in Dubai
A mortgage is a loan that a lender extends to a home buyer to help finance the purchase of a property.
Monthly mortgage payments are split into 3 parts: the principal, interest and insurance. The principle is the amount that goes towards the equity of the property, the interest is the rate charged to obtain the loan, and insurance is a mandatory addition to all mortgages.
This is dependent on your personal circumstances, so you would need to speak to our mortgage advisor for an accurate answer.
If you overpay on your mortgage repayments, you will pay off your mortgage faster and pay less interest over the term (use our early payoff calculator to get the sums). So overpaying can be beneficial.
Fixed rate mortgages are where the interest rate charged on the loan stays the same for a certain period of time, usually 1,2,3 or 5 years. During this time your monthly mortgage repayment will not change.
Variable rate mortgages are where the interest rate that you pay on your mortgage will change based upon changes to the EIBOR rate. This means that your monthly repayments can change over time.
This is dependent on your personal circumstances. Typically, it takes around 2 weeks to get pre-approval and up to 2 weeks after signing MOU to get the final offer letter. Have a chat with our mortgage advisor who can give you realistic timeframes based on your circumstances.