Yes, the UAE Central Bank regulations are clear on this. Banks cannot finance buyer deposits or down payments; however, there is no restriction on financing fees (providing the applicant is eligible).
Once your full set of documents have been received, your mortgage pre-approval will take 3 to 5 working days for employed persons, and 10 working days for self-employed applicants to come through.
Usually, low entry fees result in a more expensive mortgage or higher fees on the way out.
Your mortgage pre-approval is valid for 60 days.
The valuation cost of a property is between AED 1,950 to AED 3,150, depending on your bank.
Typically, you are advised to set aside 7% of your purchase price to cover bank, real estate and Land Department fees.
Yes, the maximum you can borrow as an expat is 80% of your property value. In addition to that we can also help you fund 80% DLD and brokerage fee (Only for resale transactions)
This should be done before searching for a property as it helps when you are negotiating terms with the seller. It tells them that you can purchase the property and have already started the process with the bank.
Typically, it takes between 6-8 weeks. As a non-Muslim, you should get advice on DIFC Wills to fully secure your investments. Contact us for more information.
Yes, the banks do use the Al Etihad Credit Bureau, which provides details of all car loans, personal loans, mortgages and credit card facilities leveraged by you.
No, not if you see yourself living and working here for the next 3-5 years or more.
The process is extremely simple and quick. You have to start by creating an account with us and sharing a few personal details and your real estate requirement. We will crunch some numbers and offer you personalised mortgage options in just a few minutes. You can study all your options and choose one that works best for you. We have in-house experts who can guide you the make an informed decision. After this, you will have to share standard documents such as proof of income, address, current bank statements and your passport. Once the bank has all the documents it needs, it issues a pre-approval letter within 3-5 working days. After this, our mortgage experts come into play to ensure you get favourable terms and finalise the mortgage quickly. The end-to-end process takes 2-3 weeks.
Not really. When you do this process by yourself, you are limited to the 2-3 lenders that you approach. They may give you fixed rates, which means your financing options are limited. My Mortgage, on the other hand, leverages its strong relationship with vendors to get you the best offers available. We evaluate multiple lenders and interest rate options to offer you a mortgage that is cost-effective and best suits your needs. Our intelligent and trustworthy technology systems ensure the process is transparent, swift and without any bias.
In the UAE, a mortgage applicant has to have a minimum age of 21 years. In terms of maximum age, the Central Bank has stipulated that those employed by a company should make the last repayment by the age of 65 and those who are self-employed should do the same by the age of 70.
Adding a co-borrower is not a pre-requisite for getting a mortgage. However, you can add a borrower if you wish. Having a co-borrower with good financial standing can help you increase the financing amount you are eligible for. It is important to note here that the co-borrower has to be a direct family member. Their name has to be on the property title, which means they are joint owners of the property and equally responsible for mortgage payments.
A security cheque is essentially a guarantee that every bank or financial lending partner demands in UAE. Not just mortgage, it is required for all types of loans such as personal, business, car, etc. You will have to present an undated cheque for the full amount of credit you are seeking when applying for a mortgage.
In case you fail to fulfil the repayment obligation for the mortgage as previously agreed with the bank, it will deposit the cheque to secure the funds. And if the cheque bounces, the bank will then take legal action to repossess the property.
Yes, mortgage is available for buying off-plan properties. However, it is not available for any and every real estate project. Often times, mortgage for off-plan properties are only limited to projects by well-known and established developers as they are trusted by financial lenders.
If housing allowance is specifically mentioned in your contract or salary slip, then it can be factored into your mortgage. It can help make your repayments affordable and maybe increase the eligibility amount of your mortgage. However, it is important to note here that you will still have to come up with the down payment.
Yes, you can get mortgage to finance your handover payment. This facility is available to both residents and non-residents.
Yes, residents are allowed to release cash or equity from their property. You can release up to 60% of your property value that you can use for other purposes such as growing your business, tending to an emergency, funding a wedding, etc. It is quite simple to release cash from your property as it requires minimal documentation.