3 weeks ago
Mortgage Guide - Overview
To get a mortgage in Dubai, you need to meet eligibility criteria, including proof of income, a good credit score, and a valid residency permit. The process involves choosing a lender, submitting required documents, and agreeing to terms such as loan amount, interest rates, and repayment period.
Step by Step Guide to Get a Mortgage in Dubai
Ensure you meet criteria like income, age, and residency status.
Compare mortgage offers from banks and financial institutions.
Gather required documents such as ID, salary proof, and bank statements
Choose between fixed or variable rate mortgages
Apply to your chosen lender with the necessary documents
Wait for the bank’s assessment and approval of your application.
Once approved, sign the mortgage contract and proceed with the loan disbursement.
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Frequently Asked Questions (FAQs) - MORTGAGE GUIDE
You must be a UAE resident, typically between 21 and 65 years old, with a stable income and a good credit score.
For expats, a minimum deposit of 20% is typically required, while UAE nationals may need 15%.
Yes, but self-employed individuals may need to provide additional documentation like business records and financial statements.
The maximum loan term is usually 25 years, depending on your age and the bank's policies.
Mortgage approval can take anywhere from a few days to a few weeks, depending on the bank's processing time and documentation completeness.
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