How to Get a Mortgage in Dubai

Check if you qualify based on residency status, income, and employment type. UAE residents and non-residents can both apply, but loan-to-value ratios and conditions differ. Most banks require a minimum monthly income of AED 15,000.

First-time buyers can borrow up to 80% of property value for homes under AED 5M (20% down payment). For properties above AED 5M, the maximum LTV drops to 70%. Non-residents are capped at 50% LTV.

Before you search for a property, obtain a pre-approval letter from a UAE bank or mortgage broker. This confirms your borrowing limit and strengthens your offer. Pre-approvals typically take 3-5 business days and are valid for 60-90 days.

Compare fixed vs. variable rates across lenders. Fixed rates offer certainty for 1-5 years; variable rates track EIBOR. Factor in arrangement fees, early settlement penalties, and life insurance requirements.

Provide your passport, Emirates ID, salary certificate, 6-month bank statements, and property details. Self-employed applicants will need 2 years of audited financials. Processing typically takes 5-10 working days.

The bank commissions an independent RICS-certified valuation of the property. The mortgage offer will be based on the lower of the purchase price or valuation. Valuation fees range from AED 2,500-3,500 and are paid by the buyer.

Once approved, you will receive a formal offer letter. Review the interest rate, term, monthly instalment, and all fees carefully before signing. You typically have 5-7 days to accept.

On completion day, the bank transfers funds directly to the seller or developer. The property is registered with the Dubai Land Department and a mortgage block is placed on the title deed until the loan is fully repaid.