FAQ

A mortgage is a loan given to enable you to purchase a property for residential, investment or commercial purposes. The loan is  secured by the lender against the property you purchase. A mortgage is repaid in monthly installments to the lender, which normally includes a rate of interest/profit  and an amount towards the original amount borrowed.

In the UAE there are many types of mortgage products available, below are some of the main types:

• Residential mortgages
• Investment mortgages
• Non-resident mortgages
• Commercial mortgages
• Rent only mortgages
• Fixed and floating rate mortgages
• Offset mortgages
• Interest only mortgages
• Fixed payment mortgages
• Land and construction mortgages

All of these are available as conventional or Islamic finance. When considering buying property on cash vs mortgage, it is important to keep in mind how a mortgage works in the UAE. According to UAE mortgage law, expats can get a home loan of up to 80% of the property purchase value, which means expats have to manage an initial deposit of 20% to buy property worth less than AED 5M in Dubai, for properties worth more than AED 5M you will need a deposit of atleast 30% of the property purchase price and for UAE Nationals they can get a home loan of up to 85% of the property purchase value, which means they need an initial deposit of only 15% to buy a property worth less than AED 5M in Dubai, for properties worth more than AED 5M they will need a deposit of atleast 25% of the property purchase price Just to summarize this once again MINIMUM DOWN PAYMENT FOR PROPERTIES WORTH UP TO AED 5M

• 15% for UAE nationals
• 20% for Expat residents

MINIMUM DOWN PAYMENT FOR PROPERTIES WORTH UP TO AED 5M

• 25% for UAE nationals
• 30% for Expat residents

Please note, the stated deposits apply on first time mortgage. If you already own a mortgaged property, the minimum down payment required goes up to 35% for UAE nationals and 40% for expats.  There are some banks who can even include your additional charges like land department fees & brokrerage fees into the mortgage helping you to reduce the down payment of your property. It usually takes around two weeks (around 10 working days) to obtain the final offer mortgage letter. This includes the time it takes to secure a pre-approval on the mortgage application. There are different types of mortgage in Dubai. They mostly fall into the categories of fixed-rate and variable-rate mortgage. There are several factors you need to consider when deciding what type of home loan is right for your circumstances. These factors include, but aren’t limited to:

• Your lifestyle
• The type of property you want to buy
• The loan amount you need 
• The cash deposit amount you can manage to pay

We will send you a calculator that will allow you to input loan requirements so that you can get an idea of your monthly installments under the applicable home loan interest rates.

YOUAE Mortgages allows you to be confident of your mortgage decisions while providing insightful expert advice along the way.

We’re available 7 days a week which means we’re there when you need a fast approval or simply a quick response to your questions. If you want a quick, convenient way to get a mortgage while ensuring you’re receiving the best advice as a UAE expat or overseas resident, you should give YOUAE Mortgages a go.

When you apply with YOUAE Mortgages, we give you a comprehensive assessment with practical advice and real numbers – not estimates.

We take the protection of your personal information very seriously. We use 256-bit SSL/TLS encryption for storing and accessing your documents. i.e. it’s locked down like the prison of Azkaban.

We also won’t sell your data or use it for anything other than what’s stated in our Privacy Policy.

You can start the process to purchase a property here, or you can start here if it’s a refinance.

We are also available for in-person appointments or video calls, book a meeting online to arrange one. Otherwise, feel free to give us a call on 058-59-YOUAE (96823) during office hours or strike up a conversation with our chatbot 24 hours 7 days a week.

Yes ! You can use YOUAE Mortgages to get a loan in UAE regardless of where you are in the world (contingent on the lender’s risk appetite).