- Home
- Credit cards
- Bank accounts
- Loans
- Investments
Resources - Calculator
- Knowledge Centre
User - 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
How to get a mortgage in UAE
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.
Sep 30, 2022
Why do you need a credit card?
When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Sep 30, 2022
UAE’s Best Travel Credit Cards
Travel expenses, from plane tickets to hotel stays, can be extremely pricey at times. Some banks and financial organisations provide credit cards for travel purposes. If you travel frequently you should surely get the finest travel credit card that can save you a large amount of money on your travel bookings while also making your trip enjoyable. Travel cards are specifically created for travellers to receive a variety of rewards such as Skywards miles, Air miles, and free taxi rides.
Sep 16, 2022
How to invest in UAE
When you have some savings, the first thing that should come to mind is to invest them and make a profit. But how to invest is a question that remains in mind. Good investment plans are crucial for the development and sustainability of any business and individual. The UAE, with its diverse economy and strategic location, offers potential investors a thriving financial environment. Evolved into one of the most sought-after luxury tourist destinations in the world, the UAE offers a promising venue for international trade and business.
Sep 16, 2022
Best credit card in UAE for 2022
Having a credit card makes life much easier, especially now that internet transactions and cashless payments are the norms. As a result, banks in the UAE have introduced relevant credit cards to meet a variety of needs. The ideal credit card for you is determined by your circumstances, credit score, spending habits, lifestyle, and financial objectives. With an array of alternatives available and the incredible perks they all provide, deciding on the best credit card in the UAE might be difficult.
Sep 16, 2022
Living in the UAE: 10 Things to Know Before You Move
The UAE is home to some of the world's most lavish locations and masterpieces, including the Burj Khalifa, Palm Jumeirah, and others. Except for five months in the summer, the UAE offers great weather.
Jan 11, 2023
Why is Budget Planning So Important
Do you ever wonder where your monthly money goes while you still have bills to pay? Almost 70% of the population has difficulty keeping their expenses within their income. If you have been facing this issue, budgeting is the one-stop answer to your troubles. Budgeting is one of the most important financial habits you can develop. You can assess in advance if you will have enough money to do the things you need or want to do by developing this spending plan.
Jan 6, 2023
5 Things To Do During Dubai Shopping Festival
Yet again, it's that time of the year! The holiday season is around the corner, and so is the Dubai shopping festival. This is when shopaholics' dreams will come true, with unbelievable prices on anything they want, from fashion to jewellery, gadgets, vehicles, and accessories. But it's not only about looking for bargains. The world's largest shopping event features endless thrills and entertainment. There will be fireworks, fashion shows, live concerts, and much more.
Jan 6, 2023
5 Simple Tips to Save Money for a Holiday
There's a reason why the holiday season is called the most joyous time of the year. It truly is wonderful to spend time with loved ones, attend holiday parties, and enjoy good cuisine! Unfortunately, this time of year may also bring on stress, which prevents many people from enjoying the season's delights. Much of that stress is typically due to the high costs. With the holidays coming around the corner, now is an excellent time to prepare ahead so that stress does not interfere with your holiday happiness.
Jan 17, 2023
Dubai’s Expo 2020 venue to reopen in October
With ‘Connecting Minds and Creating the Future' as the theme, the end of six magnificent months of Expo 2020 Dubai saw millions of tourists from all over the world rush to Dubai to experience the 6-month mega event. Visitors were captivated by Expo 2020's world-class music, athletic events, breathtaking pavilions, and family-friendly activities. But, now that the Expo is over, what is the future of the international fair? Well, we have got some wonderful news for you. Expo 2020 Dubai will soon be renovated and reopened to the public as Expo City Dubai.
Sep 30, 2022How to get a mortgage in UAE
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.
Sep 30, 2022Why do you need a credit card?
When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Sep 30, 2022UAE’s Best Travel Credit Cards
Travel expenses, from plane tickets to hotel stays, can be extremely pricey at times. Some banks and financial organisations provide credit cards for travel purposes. If you travel frequently you should surely get the finest travel credit card that can save you a large amount of money on your travel bookings while also making your trip enjoyable. Travel cards are specifically created for travellers to receive a variety of rewards such as Skywards miles, Air miles, and free taxi rides.
Sep 16, 2022How to invest in UAE
When you have some savings, the first thing that should come to mind is to invest them and make a profit. But how to invest is a question that remains in mind. Good investment plans are crucial for the development and sustainability of any business and individual. The UAE, with its diverse economy and strategic location, offers potential investors a thriving financial environment. Evolved into one of the most sought-after luxury tourist destinations in the world, the UAE offers a promising venue for international trade and business.
Sep 16, 2022Best credit card in UAE for 2022
Having a credit card makes life much easier, especially now that internet transactions and cashless payments are the norms. As a result, banks in the UAE have introduced relevant credit cards to meet a variety of needs. The ideal credit card for you is determined by your circumstances, credit score, spending habits, lifestyle, and financial objectives. With an array of alternatives available and the incredible perks they all provide, deciding on the best credit card in the UAE might be difficult.
Sep 16, 2022Living in the UAE: 10 Things to Know Before You Move
The UAE is home to some of the world's most lavish locations and masterpieces, including the Burj Khalifa, Palm Jumeirah, and others. Except for five months in the summer, the UAE offers great weather.
Jan 11, 2023Why is Budget Planning So Important
Do you ever wonder where your monthly money goes while you still have bills to pay? Almost 70% of the population has difficulty keeping their expenses within their income. If you have been facing this issue, budgeting is the one-stop answer to your troubles. Budgeting is one of the most important financial habits you can develop. You can assess in advance if you will have enough money to do the things you need or want to do by developing this spending plan.
Jan 6, 20235 Things To Do During Dubai Shopping Festival
Yet again, it's that time of the year! The holiday season is around the corner, and so is the Dubai shopping festival. This is when shopaholics' dreams will come true, with unbelievable prices on anything they want, from fashion to jewellery, gadgets, vehicles, and accessories. But it's not only about looking for bargains. The world's largest shopping event features endless thrills and entertainment. There will be fireworks, fashion shows, live concerts, and much more.
Jan 6, 20235 Simple Tips to Save Money for a Holiday
There's a reason why the holiday season is called the most joyous time of the year. It truly is wonderful to spend time with loved ones, attend holiday parties, and enjoy good cuisine! Unfortunately, this time of year may also bring on stress, which prevents many people from enjoying the season's delights. Much of that stress is typically due to the high costs. With the holidays coming around the corner, now is an excellent time to prepare ahead so that stress does not interfere with your holiday happiness.
Jan 17, 2023Dubai’s Expo 2020 venue to reopen in October
With ‘Connecting Minds and Creating the Future' as the theme, the end of six magnificent months of Expo 2020 Dubai saw millions of tourists from all over the world rush to Dubai to experience the 6-month mega event. Visitors were captivated by Expo 2020's world-class music, athletic events, breathtaking pavilions, and family-friendly activities. But, now that the Expo is over, what is the future of the international fair? Well, we have got some wonderful news for you. Expo 2020 Dubai will soon be renovated and reopened to the public as Expo City Dubai.
Sep 30, 2022
