Can I get a mortgage to buy a property in Dubai?

By: M D0 comments

Can you get a mortgage to buy a property in Dubai? Yes, Dubai is one of the best places in the world to live. It is safe, clean, and well-organized. And the best part is, almost anyone can buy property in Dubai. That’s why you can find people from all across the globe here. Different communities and cultures, living and progressing together, that’s Dubai for you. 

If you also wish to own a property in Dubai, now is the right time for it. With top-class mortgage advisors in Dubai, you can get a mortgage up to 3 times faster than normal. 

Here’s all that you need to know about mortgages in Dubai.

Who can apply for a mortgage in Dubai?

Almost anyone can apply for a mortgage in Dubai,UAE. Yes, even Expats or non-residents can apply for leasehold and freehold properties at the best locations such as Emirates Hills, Dubai Marina, Sports City, or Palm Jumeirah. 

Eligibility Criteria for a mortgage in Dubai

To apply for a mortgage in Dubai, you must above 21 years of age, and your mortgage term must end before you get to 65 years of age. The monthly income has to be above AED 10000 for salaried individuals and AED 25,000 for the self-employed. 

How much can I borrow?

If the property value is under AED 5 million, Expats can borrow up to 80% of the total property value, and UAE-nationals can borrow up to 85%. For properties that value higher than AED 5 million, the borrowing limit is 70% for UAE nationals and 65% for Expats. However, borrowing limits depend mainly upon the applicant’s mortgage affordability and credit ratings. 

How much down payment is required?

The down payment runs inversely proportional to the borrowing limit. For properties under AED 5 million, the down payment will be 20% for Expats and 15% for UAE-nationals. And for properties that cost higher than AED 5 million, the down payment will be 30% for UAE nationals and 35% for Expats. These numbers are for first-time buyers. So, if you are buying a second or third property, your down payment will probably be higher. 

What are the required documents for a mortgage in Dubai?

Different banks have different policies and based on that they may ask a few papers more or less. However, the general list of required documents is as follows.

For Expats, top-class mortgage advisors can help get your mortgage with minimal paperwork. You will just need,

  • International passport
  • Past 6 months bank statements
  • Address proof

For UAE-national, the following documents are mandatory.

  • Residency card or Emirates ID, Passport or Visa
  • Latest salary certificate or contract
  • Past 6 months Bank statements
  • past 6 months’ payslips (if salary variance is present)
  • Address proof (DEWA bills or Ejari contract)
  • Latest credit card statements
  • Proof of additional income if applicable (i.e. rent, bonuses, etc.)

How to start mortgage processing?

Mortgage processing in UAE starts with a pre-approval. A pre-approval is a bank document, which states that the bank is willing to give a mortgage to the applicant for the requested amount. Having a pre-approval makes the entire mortgage approval and buying process highly smooth. If you have the pre-approval, the property developers will be more interested as they realize you are a serious buyer. Once the property is finalized you can quickly get the NOC from the developer and move ahead with the rest of the mortgage processing. 

The easiest way to get a mortgage in Dubai?

Well, the easiest way to get a mortgage in Dubai is to apply through a reliable mortgage advisor. Mortgage advisors have contacts with top lenders in the country, and therefore, they can offer exclusive benefits and offers, which direct banks wouldn’t propose. Mortgage advisors also help you with documents, pre-approvals, and the entire mortgage processing to ensure that everything is safe and sound for you. 

Conclusion

Getting a mortgage in Dubai is easy, and the process becomes even easier when you have a reliable mortgage advisor at your service. We suggest Payless4Mortgage, the leading mortgage advisors in Dubai. They offer an unmatched quality of mortgage services and options for your convenience. 

So, if you are looking for the lowest rates and hassle-free mortgage approval, Payless4Mortgage is the best choice you have in UAE. 

Contact us today.

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