Mortgages in Dubai: Everything Buyers Need to Know

If someone wants to take a mortgage tomorrow, what will be the first thing that they should be looking at before even looking at the property?

See, the best and the first advice I give to my clients is, if you're looking to buy a property here in the UAE using a bank finance, get a pre-approval first.

Just don't go into the market and start searching for a property.

Get a pre-approval from a bank.

Talk to a, your own bank or maybe speak to a mortgage consultant.

They can help you to find the best mortgage solution, and then go and get into the property.

So what is the main things that they need to have? Tell us, like, who is eligible to be getting a mortgage, first of all?

See, it's like b- uh, getting a money from a bank to buy a property in UAE.

So bank wants to know that if you're borrowing a money, how are you going to pay them back? It can be, you can be either salaried, you can be self-employed, or you can be owner of multiple properties here in the UAE.

Uh, based on that rental, you can apply for a mortgage and get a loan to buy a property here in the UAE.

Yeah.

So guide us one by one.

Tell us, let's say if you are a salaried person, what will be your bare minimum salary?

So it's very easy.

If you're a salaried customer, you have been employed in the, in the UAE or even outside UAE for more than six months, a minimum salary for a UAE residence is 10,000 dirham only.

And for 10,000 dirhams, how much is a person eligible for?

So if for a, for a salary of 10,000, you can get a mortgage of up to 700 to 750,000 dirham loan.

So that means if you're targeting a property of 1 million dirham or 900,000, you can get a loan of 700, 750, which is like 80 percentage of the property value.

Okay.

That's-

So this is what? Like, this is times 60 approximately?

Yeah, I mean-

70?

... yeah, this is something closer to that, yeah.

Yeah.