Our Services
Our Services
Whether you’re a first-time homebuyer or looking to refinance, we offer a range of mortgage solutions to help you achieve your homeownership goals.
Residential Mortgages
We will find you the mortgage to finance your home which will suit all your requirements using our extensive knowledge and experience of UAE’s residential mortgage offerings.
Non-Resident Mortgages
If you live or work outside of the UAE but are looking to buy a property here, we can secure a mortgage for you with minimal
documentation.
Commercial Mortgages
Rent Only Mortgages
Mortgage in the United Arab Emirates are readily available to expat borrowers looking to buy or invest in property. Our helpful guide explains what you need to do to get on the property ladder there.
Offset Mortgages
An offset mortgage is a rather new concept in the UAE, under which, loan holders can link their savings account , current account, credit card account, and the loan account.
Interest Only Mortgages
An interest-only mortgage is a type of mortgage in which the mortgagor (the borrower) is required to pay only the interest on the loan for a certain period.
Land / Construction
Looking to purchase land? Financing options are available. Additionally, if you’re planning to construct your dream home on the land you own, we can assist you with arranging the necessary funds. Use our handy calculator to estimate your financing needs.
Eligibility on Home loan In Dubai
- Time spent in the UAE (typically 6 months to a year)
- Length of employment in UAE (typically a minimum of 6 months)
- A business period in UAE (typically 2 to 3 years)
- Credit history
Home Loans In Dubai : Pre-Requisites
As you would expect, home loans or mortgage are common in Dubai and clear rules are laid out by the UAE Central Bank. Home loans in Dubai for expats are given out on certain conditions (along with the ones mentioned above).
The first step of this process is to find out how much money you would need to pay upfront. This is usually done by obtaining a pre-approval from the bank.
Second, you would want to know the duration of the mortgage. You can evaluate the pros and cons of reducing vs fixed interest rates to make a wise decision. All these are key considerations for any expat looking for Dubai mortgage. Moreover, there are a few other things one should keep in mind when applying for a home loan in Dubai for expats.
Upfront Costs
- 20% of the purchase price as a down payment (properties less than AED 5M)
- 4% transfer fee
- 0.25% mortgage registration fee
- Valuation fee – ranges from AED 2,500 + VAT to AED 3,000 + VAT
- 2% real estate commission (can vary)
There are some banks in Dubai which allow mortgage takers to add three-quarters of the total purchase fee to their home loan.
Mortgage Pre-Approval
Before you start house hunting, you should obtain a mortgage pre-approval. It gives you a clear confirmation about their budget. This is crucial as you can narrow down your search as per your budget. Moreover, when you sign a sales agreement, you have to give a cheque for 10% of the purchase price. If you don’t have financial approval and are refused bank finance later, you will lose the deposit money to the bank.
Valuation Clause In The Sales Agreement
Ensure your agreement has a property valuation clause. Before the bank offers a loan, it will conduct a property evaluation. In case the valuation shows that the property is overpriced, the bank will refuse to lend you money. In this case, the valuation clause protects the buyer’s deposit. Alternatively, the valuation could be done before the signing of the sale agreement.
Upfront Costs
The maximum loan period allowed in the UAE is twenty-five years, with an age limit of 65 years for salaried people and 70 years for self-employed. Naturally, a longer-term loan cuts down your monthly payment but increases the total interest amount. Borrowing capacity also goes up with a longer-term mortgage in Dubai.
You can also opt for a longer-term loan and cut down the years by paying extra each year. You can repay an extra 10% of the principal amount each year facing no penalty. Before making any decision based on your home loan Dubai searches, it is best to seek professional advice.
Repayment Value
Typically the bank’s repayment plan is based on your monthly income. In most cases, repayment value is no more than 50% of your monthly income. If you have other loans (car loans or any other repayments to the banks), that amount is also deducted from the calculations.
Banks calculate borrowing capacity (total money offered) with their individual, unique formulas.
Get Mortgage Quote
If you’re looking for a trusted advisor to help you navigate the complex world of mortgage in the UAE, look no further than YOUAE Mortgages. Connect with us today to learn more about how we can help you achieve your financial goals.
