How do I qualify for a mortgage in Dubai?
Qualifying for a mortgage in Dubai involves meeting specific requirements and following a clear process. Here are the key steps and criteria:
Eligibility Criteria
Age: Applicants must be aged 21 to 65 years at the time of loan maturity.
Employment and Income:
Salaried Employees: Minimum monthly income of AED 15,000.
Self-Employed Individuals: Minimum monthly income of AED 25,000.
Stable employment history or business performance is typically required.
Residency: Both UAE residents and non-residents can apply for mortgages, though non-residents have fewer options and stricter requirements.
Creditworthiness: Banks will assess your credit score and financial history to determine your eligibility.
Required Documents
Passport copy and Emirates ID (if applicable).
Proof of income (e.g., salary certificates, pay slips, or audited financials for self-employed individuals).
Bank statements for the past 3–6 months.
Tenancy contracts or DEWA (Dubai Electricity and Water Authority) bills as proof of residence.
Credit card statements or loan details.
Process
Find a Lender: Compare offers from banks or work with a mortgage broker for better deals and guidance.
Choose the Right Mortgage:
Fixed-rate or variable-rate options are available.
Factors like property type, loan amount, and down payment affect your choice.
Obtain Pre-Approval:
A pre-approval letter outlines your maximum loan amount and eligibility, usually taking 3–5 working days.
Property Search:
With your pre-approval, find a property within your budget. Pre-approvals typically last 60–90 days.
Finalise the Loan:
After selecting a property, the bank will evaluate it, confirm the loan terms, and release funds to the seller upon transfer.
Down Payment and Fees
For Residents:
20% down payment for properties under AED 5M for UAE nationals.
25% for expatriates.
For Non-Residents:
Larger down payments may be required, often 35–50%.
Additional fees include registration with the Dubai Land Department, valuation fees, and mortgage arrangement charges.
The process typically takes about two weeks, depending on the lender and property evaluation.
If you need tailored advice or assistance with finding a mortgage or property, feel free to ask!
