10 things you need to know about getting a mortgage in Dubai
To be eligible for a mortgage in Dubai, you need to be over 21 and have a regular income. Most banks require a minimum monthly salary of AED 10,000, although this can vary..
Deposit requirements: You will typically need to put down a deposit of 25-50 % of the property's value. Some banks may require a higher deposit, particularly for expats.
Mortgage interest rates in Dubai vary depending on the bank, the loan amount, and the repayment term. Please ask us for an offer.
Mortgage tenures in Dubai can range from 1 month to 25 years.
Banks in Dubai charge a processing fee for mortgages, which can range from 1% to 2% of the loan amount.
Early repayment penalties
Some banks may charge a penalty if you repay your mortgage early, so it's important to check the terms and conditions before signing up. But here, we are here for you to support you.
Debt burden ratio
Banks Eligible properties: Not all properties in Dubai are eligible for mortgages. Most banks will only offer mortgages for properties that are completed, or close to completion, and in certain areas of the city.
Banks may charge a valuation fee to assess the value of the property you're buying, which can range from AED 2,500 to AED 5,000.
Banks in Dubai will typically require you to take out property insurance to cover the cost of any damage or loss to the property. Moreover, some demand a life insurance policy.
To apply for a mortgage in Dubai, you will need to provide documents such as your passport, residency visa, proof of income, bank statements, and a copy of the property purchase agreement. The exact documents required may vary depending on the bank.
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