Mortgage in Dubai

for An Off-Plan Property

Buying or refinancing of property in Dubai and the UAE can be a challenging task. We can to provide you with the best mortgage and ongoing protection for your interests

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The Popularity of Mortgages in Dubai

According to the latest data revealed by Mortgage Finder, the mortgage market in Dubai has grown by 68% in the first 3 quarters of 2021 and 71% more than in 2019. One of the driving forces behind this boost in demand is low mortgage rates, which, in fact were reduced to 3.7% compared to 5.2% in 2019.

As well as that, LTV was reduced by the Central Bank for first-time buyers by 5% just last year. In order to attract more investors, the DLD announced in September that the minimum amount required to apply for a 3-year residence visa through investment was reduced to AED 750,000 ($204,100) from AED 1,000,000 ($272,000).

How to Obtain A Mortgage in Dubai

In order to meet the eligibility criteria of obtaining a mortgage in Dubai, you have to be a UAE national/resident and be above the age restriction as set by the lenders. In terms of the required monthly income amount, it is recommended that you contact the chosen bank beforehand, as this is most likely subject to the bank lending policy.

As well as that, LTV was reduced by the Central Bank for first-time buyers by 5% just last year. In order to attract more investors, the DLD announced in September that the minimum amount required to apply for a 3-year residence visa through investment was reduced to AED 750,000 ($204,100) from AED 1,000,000 ($272,000).

For non-residents, the mortgage options are quite limited, since the banks prefer to deal with applicants who have a residence in the emirate. After collecting all the required documents and applying to bank, the process is pretty straight-forward:

  • First, you are supposed to receive a pre-approval letter from the bank. Its issuance takes an average of 3-5 working days

  • Upon obtaining a mortgage pre-approval, you will be mailed a list of the best options which will be based on your maximum borrowing limit

  • Next, the loan agreement needs to be finalized, and then you will need to make the down payment. You will also obtain the repayment schedule for servicing the loan

  • On the final day of the transfer, the bank will release your loan amount to the seller

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