Before applying for a mortgage, ensure you meet the eligibility requirements:
Age: Must be between 21 and 65 years old.
Income: Salaried individuals need a minimum monthly income of AED 15,000, while self-employed individuals require AED 25,000.
Limited options available, subject to bank policies.
Gather the necessary documents for your mortgage application:
Follow these steps to secure your mortgage:
Approach banks directly or hire a mortgage broker to explore the best deals.
Decide between fixed-rate and variable-rate mortgages.
Obtain a pre-approval letter from your chosen lender.
This helps you understand your borrowing limit and strengthens your position during property negotiations.
Search for properties within your pre-approved budget.
Consider location, amenities, and future growth potential.
Complete the loan agreement with your chosen lender.
Pre-approval letters are typically valid for 60 to 90 days.
Use this time wisely to find the right property.
UAE nationals usually need a minimum down payment of 20%.
Expat residents typically require a 25% down payment.
Remember, this guide provides an overview. For personalised advice and detailed information, contact Imkura Real Estate to be introduced to reputable mortgage brokers. We’re here to make your homeownership dreams a reality!