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Because your friend is a client of Money Matters, you must have realized how seamless and hassle-free the process of getting a mortgage loan is from us. Talking about getting better rates, you certainly can. While you can choose from fixed rates or variable rate options, the rates are uniform for each segment. However, the LTV (Loan to value) may differ depending upon your profile
If you are a salaried individual, you will need – KYC (PP, Visa, EID) documents, 6 months bank statements, and a salary certificate.
If you are a self-employed individual, you will need – KYC (PP, Visa, EID) documents, 6 months bank statements (personal and business), and a copy of your Trade License.
A pre-approval offer is valid for 45 – 60 days depending upon the lending policy of the Bank.
The down payment requirement is regulated by the Central Bank.
For completed properties, it ranges between 20% to 40% of the property value. For under-construction properties, a 50% down payment is required.
It is difficult to navigate the mortgage market individually and deal with different kinds of lenders. Working with a mortgage broker, you are relieved of all the hassles and heavy lifting, while the mortgage broker analyses the best products for you owing to their long-term relationships with different lenders in the market.
We, at Money Matters, work by your side, saving you precious time and energy in ascertaining the best-suited mortgage plan. We handhold you through the entire journey and take care of all the requirements till the transfer is completed
Yes, certain banks in the UAE offer mortgages to non-residents. However, terms will differ for non-residents – they may have to pay a higher down-payment and rates are also usually high
If all documents are received and in the right order, a mortgage approval can be obtained within 2 business days for salaried individuals, and within 5 business days for self-employed individuals.
- Bank charges are as follows –
Bank processing fee – up to 1% of the loan amount,
Valuation fee – between AED 2,500 to AED 3,000.
- DLD charges are as follows –
Property registration fee – 4% of the property value (can be split between buyer and seller). + AED 580
Trustee fees – AED 4000
Mortgage registration fee – 0.25% of the mortgage amount + AED 290
RE broker fees – 2% of property value
The maximum tenure of a mortgage is 25 years. This may be less depending on your age.
The minimum age requirement is 21 years. The maximum age for salaried and Self-Employed is 65 years and 70 years respectively, at the time of maturity of the mortgage. This depends on the borrower being a UAE national or expatriate and salaried or self-employed.
Banks offer mortgage loans to UAE residents – nationals and expatriates. Certain banks in UAE also offer loans to non-residents, albeit with different terms and conditions.
Mortgage Life Insurance is an excellent product to ensure that your family/dependents are not financially burdened and would not have to pay the remaining mortgage installments in the unfortunate situation of your untimely demise.
The amount that you can borrow depends mainly on your income and liabilities.
For a property purchase price under AED 5 million, the maximum loan-to-value (LTV) for an expat is 80% and for a UAE national is 85%. For properties over AED 5 million, this decreases to 70% LTV for expats and to 75% for UAE nationals.
With a roster of every kind of mortgage, our team outlines the various options on the market so that you can make an informed decision.
Yes, in certain cases, lenders may offer associated financing for non-UAE residents, however, the average loan-to-values are reduced. Rates also vary for non-residents. You may pay a higher interest rate than a UAE resident.
Yes. Life insurance is mandatory for getting any kind of mortgage in the UAE. Most Banks have their in-house life insurance policy. However, we have a number of exclusive deals with banks where we can assign an external life insurance policy that can save you about 50% on the bank’s in-house life insurance policy.
Most banks will calculate affordability slightly differently, but a general rule of thumb is that they will take only 50% of your monthly income into account when calculating this.
From this 50%, they will then deduct any other credit commitments you have (e.g., car loans, personal loans, etc., and approximately 5% of all your credit card limits), to work out your maximum affordability.
They will then carry out a stress test by applying a stress rate of interest which varies between 3.5% to 8% depending on the bank. The aim of this is to confirm that you will still be able to afford your mortgage repayments if the interest rates were to increase to the test level.
Yes, absolutely! Banks have different preferences when it comes to employed and self-employed applications. We have a lot of experience working with self-employed clients and we are quite familiar with the banks that look favorably at these applicants.
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