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How to take a mortgage in Dubai, UAE

How to take a mortgage in Dubai, UAE

Buying real estate in the United Arab Emirates is not only a lucrative investment destination, but also the best solution in case of moving for permanent residence. However, not everyone has the opportunity to allocate a large sum at once for the purchase of housing. In such a situation, it is worth considering mortgage lending options.

Loans can be issued by some government agencies, financial institutions and banks. The amount of the available loan varies depending on several factors:

Confirmation of the source of income and its level;
credit history;
the value of the real estate planned for purchase;
availability of a resident visa, etc.

The key requirements for mortgage approval are an age of 21-65 years and an income of AED 15,000 after tax deduction.

However, it is important to emphasize that if a person is not employed and has other sources of income, the minimum earnings threshold is from 25,000 AED. If the above requirements are met, there is a possibility of obtaining a loan even for non-residents. However, it is necessary to check with the developer in advance, whether the object of interest to you is approved for mortgage financing.

The following types of mortgage solutions are distinguished:

With a fixed rate throughout the term of the loan. This option is the most common.
With a variable rate, when initially offered extremely pleasant interest rates. However, it is possible for the rate to fluctuate significantly afterwards, which can be an extremely risky investment in the long run.
Shariah compliant in accordance with the principles of Islamic finance. That is, the payment of interest is replaced by a profit sharing agreement between the bank and the borrower.
For off-plan projects when real estate construction is not yet complete. Loans are disbursed in stages.
With debt relief. Here it is supposed to issue funds on the security of already existing property.

Before you start registration of a mortgage, it is important to independently study the proposals of financial organizations or contact a mortgage broker. Having chosen a suitable condition, you need to make a request to the bank and wait for approval. Positive decision of the financial organization allows you to choose a property for your purposes and make sure that it is suitable for the mortgage. An equally important step that will give you confidence in your purchase is to have the property appraised by an independent expert. Take into account the additional costs of application, property valuation and legal fees.

One of the reasons for the popularity of real estate in the UAE — the possibility of obtaining a resident visa for 2 years or 10 years, depending on the value of the object. Makebiz specialists will provide you with more details on how to apply for such a visa during a free consultation.

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