mortgage facts & faqs

Understand These Mortgage Facts – Frequently Asked Questions

Yes and yes. The UAE Central Bank regulations are clear in that banks cannot finance buyer deposits or down payments. However, there are no such restrictions on financing fees, provided the applicant is eligible.
After your full set of documents are received, 3 to 5 working days for employed persons and 10 working days for self-employed applicants.
Usually, low entry fees result in a more expensive mortgage or higher fees on the way out.
Between 30 to 90 days, depending on the bank.
From AED 2,500 to AED 3,000, again, depending on your bank.
Typically, set aside 7% of your purchase price to cover bank, real estate and Land Department fees.
If your mortgage advisor is telling you to inflate your property purchase price to get a higher LTV, this is illegal and unethical. It could result in heartbreak if the property valuation is lower – avoid this and advisors suggesting this route at all costs.
This should be done before searching for a property as it helpswhen you’re negotiating terms with the seller. Why? Because the seller knows you can purchase the property and have already started the process with the bank.
6-8 weeks. As a non-Muslim, how do I avoid Sharia succession laws applying to my property assets in Dubai on my demise?Get advice on DIFC Wills to fully secure your investments.Contact us for more information.
There is no credit rating agency in the UAE as such. However, the banks are now using the Al Etihad Credit Bureau, which provides details of all car Loans, personal Loans, mortgages and credit card facilities.
Reduce or close credit cards, especially those you do not use. Will a conveyance person from the real estate company I am buying from, offer impartial advice on my property purchase contract? This is unlikely and many real estate companies offering in-house conveyance will not explain potential pitfalls of your contract. Therefore it is recommended that you use a third, impartial party for your conveyancing. Contact us for more information.
This is unlikely and many real estate companies offering in-house conveyance will not explain potential pitfalls of your contract. Therefore it is recommended that you use a third, impartial party for your conveyance Contact us for more information.
No, not if you see yourself living and working here for the next 3-5 years.