- Home
- Credit cards
- Bank accounts
- Loans
- Investments
Resources - Calculator
- Knowledge Centre
Rizni - Profile
- Logout
How to get a mortgage in UAE
Sep 30, 2022
Purchasing a home and obtaining a mortgage can be a time-consuming and stressful process for first-time buyers. Even though many buyers prefer to pay in cash to avoid paying interest, mortgages in the UAE provide the buyer with a great deal of flexibility when it comes to managing money, budgeting payments, and selecting the ideal property.
We compiled the best tips to help you stay ahead of the competition. Here are five pointers to help you acquire the mortgage you desire.
Get your documents ready
Obtaining a mortgage requires a lot of paperwork. So stay organized and make sure you have got them all ready. It includes:
-
An application for a mortgage
-
A copy of your passport
-
Visa
-
Emirates ID
-
Salary certificate
-
A copy of the residence permit
-
Bank statement copies for the previous 6 months
Other supporting documents are required to verify employment, income sources, and liabilities. If you're a non-resident of the UAE looking for a property loan, you'll just need a certified copy of your passport and your bank statements copy for the last 3 months.
Secure your down payment
Obtaining a mortgage in the UAE normally requires a 20% down payment. Before you start looking for houses, make a plan on how you will finance the 20% down payment.
Get a copy of your credit report
Because credit history records are not transferable between nations, it is critical to maintain a strong credit history in the UAE to demonstrate your credit repayment dependability. Therefore, it is helpful to know your credit score ahead of time so that there are no unpleasant surprises afterwards. Also, you may order this report online, which will allow you to fix or enhance your score before submitting your mortgage application.
Contact a mortgage broker
Home mortgages in Dubai must be registered with the Dubai Land Department (DLD). It is ideal to contact a professional mortgage broker early in the process, especially if you are an expat who's new to the purchasing process. You may inquire directly with your bank about possible mortgage options. You may also engage a mortgage broker to help you find a mortgage loan.
Obtain a pre-approval
Getting a pre-approval is possibly the most significant stage in the process of applying for a mortgage in the UAE. A pre-approval letter for a home loan is an official document provided by a bank as proof of your ability to get housing financing, which specifies your maximum borrowing limit, and it also increases your chances of securing a house loan.
Select the best mortgage for you
In Dubai, mortgages are classified as fixed-rate and variable-rate mortgages. There are various factors to be kept in mind while choosing the right mortgage and they include your lifestyle, the sort of property you'd want to purchase, the amount of money that you need as a loan and the amount that you can afford to put down as a deposit.
Obtaining a mortgage in the UAE to purchase a residential home is an excellent alternative for many people. If you want to secure a loan to buy a home in Dubai, make sure you fulfil the eligibility requirements, produce the necessary documentation, and choose the most suitable bank, mortgage, and property for you so the process goes easily and effectively. At BanqMart, you can get control of your finances with competitive loans and receive financial insights as well.
Read more blogs
Unlocking the Mystery: How to Achieve and Maintain an Excellent Credit Score in the UAE
Having a good credit score is essential for obtaining financial services in the UAE. It is a three-digit value assigned to individuals based on their financial activities, such as debt repayment schedule, number of active loans, and on-time or delayed bill payments. A good credit score can help you get loans and credit cards at reasonable interest rates and with a higher credit limit.
Mar 27, 2023
5 Financial Empowerment Tips for Women on International Women's Day 2023
To mark International Women's Day, here are five financial empowerment tips for women, as well as some credit card offers available in the UAE that can help them reach their financial goals.
Mar 9, 2023
Best Cashback Credit Cards in UAE 2023
Are you tired of spending money without getting anything in return? With the right credit card, you can start earning cashback on all of your purchases. Cashback credit cards are all the rage in UAE and have become a budgeting essential for UAE customers. These credit cards not only offer you money back on every purchase, but they also provide additional benefits such as loyalty points, discounts, coupons, etc.
Feb 28, 2023
What is Debt-To-Burden Ratio & Know How to Calculate It in UAE?
The debt-to-burden ratio assesses the proportion of your monthly income that goes towards paying your expenses (including loans and credit card installments). Banks use this measure to determine your loan and credit card eligibility based on your current obligations and ability to repay them.
Feb 23, 2023
Your complete guide to Valentine’s Day in Dubai
There's no better place to celebrate Valentine's Day than in Dubai, where you can express your love in some of the most romantic and unique ways.
Feb 13, 2023
Your Quick Guide to Getting a Car Loan in UAE
UAE is a bustling country that never sleeps, and having a car can be a game-changer when it comes to getting around. With the high cost of living in UAE, not everyone can afford to purchase a car outright, and this is where car loans come in handy. Car loans are a popular option in UAE as they provide an easy and convenient way to finance your dream car. In this comprehensive guide, we'll take a closer look at car loans in the UAE, including the types, processes, and tips for choosing the right one for you.
May 24, 2023
Unlocking Your Financial Potential: Benefits of the Best Personal Loans in 2023
A personal loan in the UAE is a type of unsecured loan that can be obtained without any collateral or guarantor requirement. It is a popular financing option for individuals who need funds for various personal reasons such as weddings, higher education, international trips, starting a new business, and debt consolidation.
May 11, 2023
The Pros and Cons of Renting vs. Buying: Which Path is Right for Your Financial Future?
Are you struggling to decide between renting and buying a property in the UAE? Do you find it challenging to determine which path is right for your financial future? Well, you're not alone! Many people face the same problem when it comes to making this decision. The UAE is an expensive country, and property prices can be sky-high. Moreover, the rental market is incredibly competitive, making it tough to find affordable housing. As a result, many people find themselves in a bind, unable to determine which path is best for them.
May 5, 2023
Why It's Important to Learn How to Manage Expenses in the UAE
Have you ever wondered why some people always seem to have enough money while others struggle to make ends meet? The answer lies in how they manage their expenses. Learning how to manage expenses is crucial, especially if you are living in the UAE, one of the most expensive countries in the world. In this blog post, we will discuss why it is important to learn how to manage expenses in the UAE and how you can do it.
Apr 28, 2023
Your Complete Guide to Successfully Applying for a Credit Card and Receiving Approval in UAE
Credit cards have become an integral part of our daily lives, especially in the UAE, where cashless transactions are widely accepted. They offer various benefits, including reward points, cashback offers, discounts on shopping, and easy access to credit. However, applying for a credit card can be a daunting task, especially for first-time users. In this blog post, we will provide a complete guide to successfully applying for a credit card and receiving approval in the UAE.
Mar 30, 2023Unlocking the Mystery: How to Achieve and Maintain an Excellent Credit Score in the UAE
Having a good credit score is essential for obtaining financial services in the UAE. It is a three-digit value assigned to individuals based on their financial activities, such as debt repayment schedule, number of active loans, and on-time or delayed bill payments. A good credit score can help you get loans and credit cards at reasonable interest rates and with a higher credit limit.
Mar 27, 20235 Financial Empowerment Tips for Women on International Women's Day 2023
To mark International Women's Day, here are five financial empowerment tips for women, as well as some credit card offers available in the UAE that can help them reach their financial goals.
Mar 9, 2023Best Cashback Credit Cards in UAE 2023
Are you tired of spending money without getting anything in return? With the right credit card, you can start earning cashback on all of your purchases. Cashback credit cards are all the rage in UAE and have become a budgeting essential for UAE customers. These credit cards not only offer you money back on every purchase, but they also provide additional benefits such as loyalty points, discounts, coupons, etc.
Feb 28, 2023What is Debt-To-Burden Ratio & Know How to Calculate It in UAE?
The debt-to-burden ratio assesses the proportion of your monthly income that goes towards paying your expenses (including loans and credit card installments). Banks use this measure to determine your loan and credit card eligibility based on your current obligations and ability to repay them.
Feb 23, 2023Your complete guide to Valentine’s Day in Dubai
There's no better place to celebrate Valentine's Day than in Dubai, where you can express your love in some of the most romantic and unique ways.
Feb 13, 2023Your Quick Guide to Getting a Car Loan in UAE
UAE is a bustling country that never sleeps, and having a car can be a game-changer when it comes to getting around. With the high cost of living in UAE, not everyone can afford to purchase a car outright, and this is where car loans come in handy. Car loans are a popular option in UAE as they provide an easy and convenient way to finance your dream car. In this comprehensive guide, we'll take a closer look at car loans in the UAE, including the types, processes, and tips for choosing the right one for you.
May 24, 2023Unlocking Your Financial Potential: Benefits of the Best Personal Loans in 2023
A personal loan in the UAE is a type of unsecured loan that can be obtained without any collateral or guarantor requirement. It is a popular financing option for individuals who need funds for various personal reasons such as weddings, higher education, international trips, starting a new business, and debt consolidation.
May 11, 2023The Pros and Cons of Renting vs. Buying: Which Path is Right for Your Financial Future?
Are you struggling to decide between renting and buying a property in the UAE? Do you find it challenging to determine which path is right for your financial future? Well, you're not alone! Many people face the same problem when it comes to making this decision. The UAE is an expensive country, and property prices can be sky-high. Moreover, the rental market is incredibly competitive, making it tough to find affordable housing. As a result, many people find themselves in a bind, unable to determine which path is best for them.
May 5, 2023Why It's Important to Learn How to Manage Expenses in the UAE
Have you ever wondered why some people always seem to have enough money while others struggle to make ends meet? The answer lies in how they manage their expenses. Learning how to manage expenses is crucial, especially if you are living in the UAE, one of the most expensive countries in the world. In this blog post, we will discuss why it is important to learn how to manage expenses in the UAE and how you can do it.
Apr 28, 2023Your Complete Guide to Successfully Applying for a Credit Card and Receiving Approval in UAE
Credit cards have become an integral part of our daily lives, especially in the UAE, where cashless transactions are widely accepted. They offer various benefits, including reward points, cashback offers, discounts on shopping, and easy access to credit. However, applying for a credit card can be a daunting task, especially for first-time users. In this blog post, we will provide a complete guide to successfully applying for a credit card and receiving approval in the UAE.
Mar 30, 2023
