FAQ (Frequently Asked Questions)
How much down payment do I need to buy a property in the UAE and obtain a mortgage?
Generally a minimum down payment of 20% of the purchase price is required for expatriates and 15% for UAE Nationals. These percentages can sometimes vary depending on individual circumstances and lenders guidelines.
For purchase of an “Off Plan” property lenders will generally loan 50% of the purchase price for both expatriates and UAE Nationals.
What documents am I going to need to apply for a mortgage?
The majority of lenders in the UAE will generally require the same information although their policies often differ for both salaried employees and self-employed people. The usual requirements include;
Salaried Employees:
- Passport copy
- Residents visa copy
- Emirates ID copy
- Salary certificate
- Latest 6 months bank statements
- Past 6 salary slips
- Latest statements for any current UAE loans or credit cards
Self-Employed:
- Passport copy
- Residents visa copy
- Emirates ID copy
- Salary certificate
- Copy of the trade licence
- Copy of Company MOA
- Last 2 years audited financials
- Latest 6 months bank statements (company & personal)
- Statements for any UAE loans (company & personal)
What will the term of my mortgage be?
Generally mortgages can be for a maximum term of 25 years or till the applicant turns 65 whichever is the earlier date
What are the benefits of getting a pre-approval
This is a good idea as it provides clients certainty and peace of mind when looking for a property knowing they have their mortgage arranged. It can also often help in negotiations with sellers.
How much can I borrow?
Expatriates can borrow up to 80% of a purchase price below 5 million AED and up to 70% of a purchase price above 5 million AED subject to the lenders servicing guidelines.
UAE Nationals can borrow up to 85% of a purchase price below 5 million AED and up to 75% of a purchase price above 5 million AED subject to the lenders servicing guidelines.
Can I make increased monthly repayments above my required minimum amount?
This will depend on the terms and conditions of your mortgage. Some lenders allow for increased monthly repayments so we recommend this be established at time of initial application of the mortgage.