Applying for a Mortgage in UAE? Read Our Guide to Learn How!

If you’re thinking of investing in real estate, Dubai is the best place to search for properties! Given the high rental yields and lower property prices per square foot, buying a property in Dubai is undoubtedly one of the best decisions you can ever make. 

However, to get the best value for your money, it’s crucial to choose the right type of mortgage and take the proper steps. Regardless of your reasons for investing in Dubai real estate, you must have a good understanding of applying for a mortgage in UAE, which includes the paperwork, legal conditions, and its costs.

To help you prepare for your mortgage application, we’ve compiled the most important things to remember. Read on below to learn more about applying for a mortgage in UAE:

What Are the Required Documents?

Everyone who applies for a mortgage in Dubai must submit the following documents:

Application Form

The application form is the first document required when applying for a personal loan. Make sure to read each page carefully and fill every section correctly to reduce the chances of your application getting rejected.

Proof of Identification 

Of course, applicants must provide valid ID proof, ensuring they are who they say they are. You can present your passport, visa, or Emirates ID as valid ID proof.

Proof of Residency

When availing of a mortgage in the UAE, you must also present valid proof that you are a resident.

Bank Statement

To track your earning potential and determine whether you can keep up with the mortgage payments, lending companies will ask for a bank statement of the last three to six months.

Salary Certificate

A salary certificate is also crucial to your application; it lets the lender know of your current financial status before the loan is granted and whether or not you can pay back the mortgage if your application is accepted.

Trade License

A trade license is also required if you are self-employed and wish to apply for a mortgage loan in the UAE.

The required documents for a mortgage application are almost the same for nationals and expatriates, except that the latter must provide identity proof. Expatriates are required to give their passport and the UAE resident visa and a photocopy of each along with the other documents.

What Is the Procedure I Need to Follow?

To successfully get approved for a mortgage in the UAE, you must do everything right! If you’re overwhelmed by the process of applying for and obtaining a mortgage, we’ve outlined the main steps:

1. Decide whether to hire a broker or approach the bank directly.
2. Find the correct type of mortgage.
3. Go to the bank and get an agreement principle.
4. Look for a property in Dubai and make an offer.
5. Pay your deposit to confirm your purchase once you’ve agreed on a price.
6. Provide additional documentation needed.
7. On the completion date, the lender will release its funds.

Conclusion

As with any other country, applying for a mortgage in Dubai can be confusing and overwhelming. However, you can successfully secure funding and buy your ideal property without any worries! As long as you follow our guide and reach out to a reputable property agency, you’ll be able to invest in Dubai real estate!

Are you thinking of buying a property in Dubai but are having trouble finding the right mortgage solution? Then, let our experts at Dacha Real Estate help you! Our mortgage advisors are fully qualified and specialize in mortgages for residents and non-residents in the UAE. Book an appointment today!