MORTGAGE CONSULTATION

Buying a property in Dubai and across the UAE can be done in two ways: with cash or through a mortgage. While a cash investment may be more cost-effective, a mortgage offers greater flexibility in managing your finances. If you’re planning to buy a property, here’s how to secure a mortgage in Dubai.

ELIGIBILITY FOR A MORTGAGE IN DUBAI

You can easily obtain a home loan in Dubai if you meet the following eligibility criteria:

UAE national or resident
Age: Between 21 and 65
Monthly Income: At least AED 15,000 (salaried) or AED 25,000 (self-employed)

Please note that minimum salary requirements can vary by bank. Some banks may allow UAE nationals with a monthly income of AED 10,000 to apply for home loans, subject to their policies.

Non-residents can also explore mortgage options in Dubai, but choices may be limited as few banks cater to non-resident investors.

Banks may have additional requirements based on their specific lending criteria. We’re here to guide you through the best steps in every situation.

DOCUMENTS REQUIRED FOR A MORTGAGE IN DUBAI

To apply for a mortgage in Dubai, you’ll need to provide certain documents. Requirements may vary slightly among banks, but generally, you’ll need:

A copy of your visa and passport
A copy of your Emirates ID
A salary certificate for proof of employment
Proof of residence (tenancy contract or DEWA bill)
Pay slips and bank statements for the past six months
The latest statements of your credit cards

For non-residents applying for a home loan, the required documents are:

A copy of your passport
Bank statements for the past three months

PROCESS OF GETTING A MORTGAGE IN DUBAI

Step 1: Find a Lender

Home mortgages in Dubai are provided by banks and must be registered with the Dubai Land Department (DLD) to be legally valid. You can either approach a bank directly or hire a mortgage broker to find the best loan for you. Brokers possess valuable insights and knowledge of the local market, allowing you to focus on finding your ideal home.

Step 2: Choose the Right Mortgage

Mortgages in Dubai primarily fall into fixed-rate and variable-rate categories. Consider factors such as:

The type of property you wish to buy
The loan amount you need
The cash deposit you can afford
Your income and lifestyle

Many banks offer online mortgage calculators to help you estimate monthly payments based on different interest rates.

Step 3: Obtain a Pre-Approval Letter

A mortgage pre-approval letter is a crucial document that indicates your eligibility for housing finance. It outlines your maximum borrowing limit and provides greater certainty in securing a home loan. Typically, this letter can be obtained within three to five working days.

Step 4: Find Your Dream Home

With your budget and pre-approval in hand, you can start searching for your perfect home. Pre-approval letters are usually valid for 60 to 90 days, giving you ample time to find a property. While some buyers find a property first and then apply for a mortgage, it’s advisable to get pre-approved to ensure you can secure the necessary financing.

Step 5: Finalize Your Property Purchase

After locating your desired property, contact your bank to finalize the loan agreement. The bank may assign a property evaluator to assess the value of the property, helping you make a reasonable offer.

Once you and the seller agree on a price, you can pay your deposit and set a completion date. On the final day of the property transfer, the bank will release the loan amount to the seller, making you the proud new owner.

GoGold Real Estate can guide you through this entire process and it is our goal to make your property dream come true.

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