Mortgage in Dubai and UAE | Apply for Home Loans in Dubai & the UAE | Home Loans in Sharjah and Abu Dhabi (2024)

FAQs

What are the requirements to get a mortgage in Dubai? ›

For a first-time purchaser to obtain a mortgage, the UAE Central Bank requires a 20% down payment (15% for UAE nationals) plus related costs. Expatriates and non-residents who wish to buy a property below AED 5 million are required to pay at least 20% of the property's value as a down payment (15% for UAE nationals).

a UAE National earning at least AED 10,000, or a UAE resident earning at least AED 15,000. an expat employed in the UAE for at least 3 years with at least 1 year in your current job. not older than 65 years old if salaried, or 70 years old if self-employed*, when the loan matures.

Home loans are relatively easy for UAE nationals, expat residents and non-resident foreign investors to secure in Dubai. Banks primarily require a valid ID and proof of income, which can be from a salary, self-employed income or assets.

Most banks won't qualify you for a mortgage unless you earn at least AED 15,000 per month. The interest on your mortgage is top heavy, meaning you'll pay off more of the interest than the principal in your early payments.

Down payment requirements in the UAE

Buying a property outright with liquid assets or personal savings is not a reality for most, and completing the home-buying journey is only possible with a mortgage loan. The minimum mortgage down payment on a house in Dubai is 20% for expats and 15% for locals.

No, mortgages in Dubai are not interest-free but have very low-interest rates ranging between 3% and 5%, depending on whether you choose to have a fixed or variable interest rate.

Obtaining the final offer mortgage letter usually takes two weeks (around 10 working days), including the time it takes to secure a pre-approval on the mortgage application. Please note that the stated deposits apply to first-time mortgages.

This is a decent salary by any standard for a single person. With a salary of 50k, you can take 1,000,000 AED at a rate of 2.89 for a tenure of 48 months.

What is the age limit for mortgage in Dubai? ›

In the UAE, the maximum loan term is 25 years, or up to age 65 (salaried employee) or 70 (self-employed). If the employer has no set retirement age, some banks will allow a term up to age 70 for salaried employees.

What is a good salary in Dubai? A salary ranging between 10000-15000 AED is considered as a decent salary in Dubai and a person can also save a good amount after his expenses. Is 5000 AED a good salary?

Can foreigners get a mortgage in Dubai? Yes, both expatriate residents and non-resident investors can obtain a mortgage to finance their property purchases in Dubai. However, the LTV ratios for foreign investors will differ from those for UAE nationals.

What are the benefits of buying a property in Dubai? The UAE is considered a tax-free location for investments. In Dubai, you won't encounter annual property taxes, income taxes, capital gains taxes, rental revenue taxes, or Value Added Taxes when investing in real estate.

Age: Applicants must be 21 years of age to apply for a personal loan in the UAE. The maximum age to apply is between 60-65 years. Some banks may allow 18 year olds and above to apply for a loan. Minimum income: An individual's minimum income should be between Dh5,000-8,000, depending on the financial institution.

Yes, expats can apply for a mortgage loan in Dubai from the banks operating in the UAE. However, there are some restrictions and eligibility criteria that applicants must meet for loan approval.

The maximum mortgage loan period in the UAE typically ranges from 25 to 30 years, depending on the lender and the specific terms of the loan. However, it's essential to note that the exact maximum loan period may vary among different financial institutions.

On average, the pre-approval mortgage process in Dubai takes between five and seven working days followed by a further seven days to receive your confirmation letter. To prevent any delays and to ensure the banks don't reject your application, you should: Ensure your credit file has no adverse entries.