Can I get a mortgage in Dubai? Make Your Dubai Dream Home A Reality

By: M D0 comments

Getting a Mortgage in Dubai, UAE is now easy? Yes, Dubai is one of the safest, cleanest, and most modern cities in the world today. And that’s why Dubai is also the top destination for foreigners seeking quality living. The government of Dubai has also been very supportive, facilitating easy and convenient mortgage options for foreigners and UAE nationals equally. Almost anyone who can show a stable monthly income can now get a mortgage and purchase their dream home in Dubai. Finding a reliable home loan mortgage lender has also become very easy. 

So, if you have been planning to move to Dubai, now is the best time for it. And here’s everything that you need to know about mortgages in Dubai.

Can a foreigner get a mortgage in Dubai?

This is the most common concern among foreigners. And to your relief, the answer is a big resounding yes. Foreigners and Expats are eligible for mortgages in Dubai

You can apply for a mortgage either for a property to live in or for an investment property. Factors like the approval amount, interest rates, and the required down payment are usually dependant on conditions such as, 

  • The type of property you choose,
  • Your monthly income,
  • Your credit score, according to Al Etihad Credit Bureau,
  • Your affordability, according to the mortgage calculator Dubai,
  • Type of employment: Salaried or Self-employed,
  • Location of property, etc. 

The lender will go through these factors and determine the pre-approval amount for you, based on which, you can then purchase your dream home in Dubai. 

Documents Needed For a Mortgage in Dubai

The list of required documents may have slight differences depending on the lender’s terms and conditions. However, reliable brokers and financial advisors in Dubai make sure that the process is done with minimal paperwork hassles for you. Here’s a general list of required documents for a mortgage in Dubai. 

  • International passport, Residency card or Emirates ID, Passport or Visa for personal identification 
  • Any legal Address proof, DEWA bills, or Ejari contract
  • Past 6 months bank statements as proof of creditworthiness
  • Latest credit card statements
  • Documents to prove your affordability for the applied amount

Please note that this is a general list. However, depending on the lender’s requirements, they may ask for a few more additional documents. 

How do Down payments and Borrowing Limits work In Dubai?

The down payment and the borrowing limit are determined according to various factors such as your affordability, credit ratings, the value of the property, etc. Only 50% of your monthly income is taken into account to calculate your affordability. And if everything is fine, a foreigner can borrow up to 75% of the total property value if the property value is below AED 5 million. The down payment goes higher if the property value is over AED 5 million or if you are purchasing a second property in Dubai. 

Where to Apply For Mortgage, Direct Bank or Broker?

Well, the easiest way to get a mortgage in Dubai is to apply through a reliable broker. Mortgage brokers in Dubai provide a wide range of services to ensure hassle-free and quick mortgage approval for foreigners or Expats. 

When you visit the bank directly, you only get to choose from one bank’s products. On the other hand, mortgage brokers assess several products from different lenders to offer you a wide range of mortgage solutions. They will also stand with you at every stage of the mortgage approval process to ensure that you get the best deals. 

Here’s a step-by-step process of mortgage application with a professional mortgage advisor.

  • Submit an online form with your information on the broker’s portal.
  • One of their representatives will then contact you to offer you a wide range of suitable mortgage solutions and exclusive offers. 
  • Choose a product you like and submit all the required documents.
  • Get your pre-approval up to 3 times faster than the direct-bank process.

Once you get the pre-approval letter, you can find the property of your choice. With the pre-approval letter in your hands, the buying process becomes extremely simplified.

A Suggestion

As you must have realized, going with a reliable broker for a mortgage has several advantages. However, it all depends on whether you are associated with the best brokers or not. 

We suggest Payless4Mortgage, the best financial advisor and mortgage broker in the entire UAE. They have a highly modern working system, and their experts stand on your behalf, simplifying every stage of the mortgage processing for you. 

So don’t wait anymore. Get in touch with Payless4Mortage, find the best home loan mortgage lender, and make your Dubai Dream Home a reality. 

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