Mortgage
Empowering You with the Right Mortgage for Your Future
Welcome to Your Gateway to Dubai's Real Estate
Navigating the Dubai real estate market can be an exciting journey, especially when it comes to financing your dream property. Whether you're a resident or a non-resident, understanding the mortgage landscape is crucial to making informed decisions. At Infinite Inspire Real Estate LLC, we're here to guide you every step of the way.
Welcome to Your Gateway to Dubai's Real Estate
Navigating the Dubai real estate market can be an exciting journey, especially when it comes to financing your dream property. Whether you're a resident or a non-resident, understanding the mortgage landscape is crucial to making informed decisions. At Infinite Inspire Real Estate LLC, we're here to guide you every step of the way.
Who Can Purchase Property in Dubai?
Dubai’s real estate market is vibrant and growing, but buying property can be challenging without adequate resources. Whether you’re looking for a personal residence, vacation home, or investment property, obtaining a home loan in Dubai can be a practical solution.
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For UAE residents, whether expatriates or Emirati citizens, meeting certain prerequisites can help streamline the process. Key criteria include being between 21 and 65 years old and having a monthly salary of AED 10,000-15,000 for employees or AED 25,000 for self-employed individuals.
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Eligibility requirements can vary between lenders, so it’s crucial to understand these before applying. Familiarize yourself with the necessary documentation, including identification, bank statements, salary certificates, and property-related documents, to facilitate a smoother application process.
What is the Maximum Loan and Down Payment Amount?
As an expat purchasing property in Dubai for the first time, you can secure a loan covering up to 80% of the property’s value if it is priced under AED 5 million. For UAE nationals, the loan amount can be up to 85% for properties under AED 5 million. If the property’s value exceeds AED 5 million, the maximum loan amount decreases to 65% for expats and 70% for UAE nationals.
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For first-time buyers of properties valued under AED 5 million, the down payment required is the portion of the property value not covered by the loan—20% for UAE residents and 15% for UAE nationals. For properties valued above AED 5 million, the down payment increases to 35% for residents and 30% for UAE nationals.
What are the required documents?
As a Dubai resident, you will need the following:
Valid Passport
Valid Residency and Emirates ID
Salary certificate for at least the last six months
DEWA bills or Ejari contract as proof of address
Bank Account Statement
For UAE nationals, the following will be needed:
Salary certificate for at least the last six months
Bank Account Statement
Emirates ID
DEWA bills or Ejari contract as proof of address
What is the process?
- Visit a bank directly or consult a mortgage broker. Home loans in Dubai must be registered with the Dubai Land Department (DLD).
- Review available mortgage plans and submit required documents. Use online calculators from banks to estimate your monthly payments.
- Obtain a pre-approval letter, which confirms your loan eligibility and maximum borrowing limit. This typically takes 3-5 business days and is valid for 60-90 days.
- Pay the down payment and set up your repayment schedule. On the property transfer day, the bank will release the loan amount to the seller, making you the new owner.
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