How to Get a Mortgage in Dubai - Expert Advice from Al Ahdaf

Introduction

Dubai’s real estate market is one of the most attractive in the world, offering luxury properties, high rental yields, and long-term investment opportunities, But how to get a mortgage in Du a?. Whether you’re a resident or an expatriate, owning property in Dubai is a great way to secure your future. However, with high property prices, most buyers rely on mortgage loans to finance their purchases.

In this guide of Al Ahdaf, we’ll cover everything you need to know on how to get a mortgage in Dubai, including eligibility, required documents, types of mortgage loans, interest rates, and the step-by-step application process.

How to Get a Mortgage in Dubai - Expert Advice

What is a Mortgage?

A mortgage loan is a financial product where a bank or lender provides a loan to purchase property. The borrower repays the loan in monthly installments over an agreed period, usually with interest. The lender holds a legal claim on the property until the loan is fully repaid.

Who Can Get a Mortgage in Dubai?

Mortgages in Dubai are available for:
✔️ UAE nationals
✔️ Residents with a valid UAE visa
✔️ Non-residents (expats) looking to invest in Dubai’s property market

Eligibility Criteria for a Mortgage in Dubai

Before applying for a mortgage, it’s important to check whether you meet the bank’s criteria. Here are the basic requirements:

1. Minimum Salary Requirement

Salaried individuals: AED 15,000 – AED 25,000 per month (varies by bank). It varies from lender to lender and in certain scenario the minimum required salary would be even lesser.
Self-employed individuals: Higher income threshold due to variable income.

2. Down Payment Requirements

UAE Nationals: 15% down payment (for properties under AED 5M)
Expatriates: 20% down payment (for properties under AED 5M)
Properties above AED 5M: Higher down payment is required (30% for expats, 25% for UAE nationals)

3. Credit Score & Financial History

A good credit score (above 650) is necessary for mortgage approval. You can check your credit score here
Banks reviews your debt-to-income ratio (monthly income vs. liabilities).

4. Employment & Business Stability

Salaried individuals: Must be employed for at least 6 months to 1 year.
Self-employed individuals: Must show at least 2-3 years of business financials.

5. Age Limit

Minimum age: 21 years
Maximum age at loan maturity: 65 years for salaried / 70 years for self-employed

Types of Mortgage Loans in Dubai

1. Fixed-Rate Mortgage

The interest rate remains fixed for a certain period (1-5 years).
Predictable monthly payments.
Good for long-term financial planning.

2. Variable-Rate Mortgage

Interest rates fluctuate based on EIBOR (Emirates Interbank Offered Rate).
Lower initial interest but can increase later.
Suitable for those willing to take some risk for potentially lower rates.

3. Islamic Mortgage (Sharia-Compliant Financing)

Based on Murabaha (cost-plus financing) or Ijarah (lease-to-own) models.
No interest is charged, but the bank makes a profit through rent or mark-up.
Ideal for individuals seeking Sharia-compliant financing.

4. Offset Mortgage

Links a savings account to the mortgage balance.
The more money in your account, the less interest you pay.
Ideal for high-income individuals with substantial savings.

Required Documents for a Mortgage in Dubai

To apply for a mortgage in Dubai, you need to provide the following documents:

For Salaried Employees

✅ Passport copy with residence visa
✅ Emirates ID copy
✅ Salary certificate from employer
✅ Bank statements (last 6 months)
✅ Payslips (last 3 months)
✅ Credit report from Al Etihad Credit Bureau (AECB)
✅ Property documents (once you choose a property)

For Self-Employed Individuals

✅ Passport copy with residence visa
✅ Emirates ID copy
✅ Trade license
✅ Audited financial statements (last 2-3 years)
✅ Business bank statements (last 6-12 months)
✅ Memorandum of Association (MOA)
✅ Credit report from AECB
✅ Property documents

For Non-Residents (Expats Without a UAE Residency Visa)

✅ Passport copy
✅ Bank statements (last 6-12 months)
✅ Proof of income (salary certificate or business financials)
✅ International credit report
✅ Property documents

Step-by-Step Process to Get a Mortgage in Dubai

Step 1: Check Your Eligibility

Before applying, ensure you meet the bank’s income, employment, and credit score requirements.

Step 2: Compare Mortgage Offers

Different banks offer different mortgage terms. Compare interest rates, fees, and repayment terms before choosing a lender.

Step 3: Get a Mortgage Pre-Approval

A pre-approval letter from the bank confirms how much you can borrow. This helps you know your budget before property hunting.

Step 4: Choose Your Property

Once pre-approved, select a property that fits your budget and loan amount.

Step 5: Submit a Mortgage Application

Provide all required documents and apply for the mortgage through your chosen bank.

Step 6: Bank’s Property Valuation

The bank will assess the property’s market value before approving the loan.

Step 7: Loan Approval & Offer Letter

If approved, the bank issues an offer letter detailing the mortgage terms.

Step 8: Sign the Agreement & Transfer Ownership

Sign the mortgage agreement with the bank.
Finalize the property transfer at the Dubai Land Department.

Step 9: Start Loan Repayments

Once the process is complete, monthly payments begin according to your mortgage terms.

Did You Know: Al Ahdaf Mortgage Consultants are one of the leading Mortgage consultant in the UAE Market with over 15+ Years of Experience in the UAE. We have helped over 7800+ Businesses and Individuals get the best loans and mortgage and attain there financial dream.

Call Us Now and Get a Free Consultation with our Expert Consultant

Top Banks and Financial Institutions Offering Business Loans Online in UAE

Some leading banks and financial institutions that provide mortgage in the UAE include:

FAQs About Getting a Mortgage in Dubai

1. Can non-residents get a mortgage in Dubai?

Yes, non-residents can get a mortgage in Dubai, but with stricter conditions, higher down payments, and limited loan options. But with Al Ahdaf we can help you get loans with your Non Resident Status as well.

2. What is the maximum mortgage tenure in Dubai?

The maximum mortgage tenure is 25 years, but it varies based on age and loan amount. For Example, If someone in their Late 40s will be getting lesser tenure to repay the loan back compared to someone in their late 20s.

3. What are the mortgage interest rates in Dubai?

Interest rates range between 3% to 5%, depending on the bank, loan type, and borrower profile.

4. Can I switch my mortgage to another bank?

Yes, you can transfer your mortgage to another bank to get better rates (called a mortgage buyout).

5. What happens if I fail to pay my mortgage?

Missing payments can lead to penalties, repossession of the property, and legal action by the bank.

Get Expert Assistance with Al Ahdaf!

Buying property and securing a mortgage in Dubai can be a complex process. At Al Ahdaf, we help you find the best mortgage deals, guide you through the application, and ensure a hassle-free approval process. From Initiating the process to getting it approved, We have you covered.

👉 Contact Al Ahdaf today to get expert mortgage advice and secure your dream home in Dubai!

How to Get a Mortgage in Dubai: A Complete Guide for Expats & Residents