FAQ

FAQ

Frequently Asked Questions

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How much Mortgage can I borrow?

Expats:Up to 80% of the Property Value UAE Nationals:Up to 85% of the Property Value Overseas Customers:Up to 75% of the Property Value
Who can purchase a property in UAE?

UAE Nationals, Expats living in UAE and Overseas Customers who would like to purchase a property in UAE.
What type of properties can I get a mortgage for?

Properties that are free hold can be mortgaged.
What is the difference between a fixed-rate and variable-rate mortgage?

If the interest rates remain constant throughout your loan period regardless of the market changes, then it is a FIXED interest rate. If there is a fluctuation in your interest rates depending on the market changes, then it is called VARIABLE interest rates (also known as “floating” or “reducing” rates).
What is a pre-approval for a mortgage?

A pre-approval is a process where a lender reviews a borrower’s financial information and credit history to determine how much they can borrow for a mortgage. It is not a guaranteed loan but can give a borrower a better idea of their purchasing power and help them narrow down their property search.
How long does it take to get a Pre-approval

Generally it takes 3 to 5 working days for employed and 10 working days for self-employed customers.
When should I apply for mortgage pre-approval?

It is advisable to apply for a Pre-approval before you start searching for a property. It’ll give you a clear idea on your budget and realtors will show interest in property search since you already have a pre-approval.
What is the Validity of a Pre-approval?

Mortgage pre-approval is valid for 60 days.
What is property Valuation?

Banks seek services from independent valuators to ascertain the value of the property.