How Do You Get a Mortgage in Dubai?

mortgagae in Dubai

Mortgage Process

Going through the mortgage process can be stressful. At MortgageME, we have the experience to guide our client through the mortgage process effectively and efficiently.

The steps involved in mortgage process are as follows:

1. Contract

The first stage for you to get your mortgage in Dubai is to make contact with us so we can document the relevant information about your personal circumstances including:

  • Your financial situation
  • Your property or the property you are applying for
  • Any deposit that you have available
  • Any other specific personal information that may be required.
  • It is most important that all information you provide is accurate.

2. Documentation

All relevant documents need to be gathered and submitted for processing. These documents will depend on the type of mortgage being applied for and your employment status.

3. Choosing the deal

When our dedicated team have scrutinized and negotiated the mortgage products and offers for you, they will personally discuss them with you and give you professional advice on the provided options.

4. Application

Applying for the mortgage you have chosen will involve the application form being filled in with our mortgage advisor guiding you through it. We can then apply for your mortgage within 2 working days.

5. Pre-Approval

After checking and clearing any questions they might have, the lender then apply for the Pre-Approval which will take up to 7 working days.

6. Final Offer

Once the lender has done the valuation of the property being purchased, which is carried out by a third party valuator assigned by the lender, they then issue the final offer which is the final contract/loan agreement between the lender and the buyer. It sets out all the terms and conditions of the mortgage.

7. The Transfer

Both the buyer and seller will receive a No-Objection Certificate (NOC) from the developer, to transfer the property between them which take place at the Dubai Land Department. We will accompany you, to ensure that the whole process is carried out correctly.
Title deed will be issued by the Land Department once your lender provides a cheque for the mortgage amount to the seller (less the down payment amount).

Documentation Requirements

Documentation requirements are generally divided into 2 categories:

Self Employed Customer

  • Passport, visa, Emirates ID Copy (for all applicants)
  • Copy of all Trade License pages
  • MOA of the company (All copies since incorporation of the company)
  • Audit Financial report for last two years
  • Latest 6 month bank statement ( company and personal )
  • Recent Credit Card, Car Loan, Personal Loan Statements and Disclosure of all other liabilities
  • Any other documents as required upon request

Salaried Customer

  • Passport , visa copy, Emirates ID Copy (for all applicants)
  • Latest Salary Certificate
  • Last 6 months pay slips
  • Latest 6 Months bank statements showing 6 salary credits. It should NOT be an internet one
  • Recent Credit Card, Car Loan, Personal Loan Statements and Disclosure of all other liabilities
  • Any other documents as required upon request

Maximum Loan Amount/ Finance available

For Ready properties (Freehold & Leasehold)

1. Expats

  • Get up to 75% LTV (loan to value) for property value – AED 5 million and below
  • For property value exceeding AED 5 million the LTV shall be 65%.
  • LTV for a second home or investment property shall be up to 60%

2. UAE nationals

  • Get up to 80% LTV (loan to value) for property value at AED 5 million and below
  • For property value exceeding AED 5 million the LTV shall be 70%.
  • LTV for a second home or investment property shall be up to 65%

For Off-plan properties

For Expat and UAE national 50% LTV.

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