Dubai is the dream destination for many expats, offering an attractive combination of career opportunities and a high quality of life. It is undoubtedly a great place to live and work, but buying a property in Dubai is not going to be cheap. So, if you are looking to buy a property in Dubai, here is our handy guide on getting a property mortgage:
1. Understand the different types of mortgages available in Dubai.
There are two main types of mortgages available in Dubai – fixed-rate and variable rate. A fixed-rate mortgage means that your monthly payments won’t change for the duration of the loan period, whereas a variable-rate mortgage means that your monthly payments can go up or down depending on market fluctuations.
You should also make sure to understand any restrictions that come with the loan, such as how long you can take out the loan and whether there are any penalties if you decide to pay off the loan early.
2. Check your eligibility criteria
Before applying for a mortgage in Dubai, make sure you check all of the necessary eligibility criteria. This includes (but is not limited to) age, nationality, income, and credit score. The requirements may differ from lender to lender; so it’s important to check with each one before you apply.
An easy way to do this is by using an online eligibility calculator, which will give you a better overall understanding of your chances. It’s also important to note that getting a mortgage in Dubai as an expat might be more difficult than for a local resident.
3. Compare different lenders
Once you have established what type of loan and eligibility criteria you need, it’s time to compare different lenders in Dubai. There are a variety of banks and other financial institutions that offer mortgages in Dubai, so make sure to do your research and compare their interest rates, fees, and repayment terms.
Emortgage has partnered with the best banks in Dubai to offer the most competitive mortgage rates. With Emortgage, you get access to exclusive loan offers and can easily compare different options – all in one place!
4. Start gathering documents
It does not matter where you are from, when you apply for a mortgage in Dubai, you will need to provide the same documents as anyone else. This includes proof of income and employment, bank statements, passport copy, and visa copy (if applicable).
In addition, some lenders may ask for additional documents such as references or guarantors. Make sure to check with your lender before you apply to find out what documents they need.
5. Get pre-approval
Even if you think you meet the eligibility criteria for a mortgage in Dubai, it’s still advisable to get pre-approved before you start house hunting. This will give you an idea of how much money the bank is willing to lend you, as well as an assurance that you will be able to get the loan if you find a property.
A good idea is to check with a few different banks and compare the offers before deciding on one. You should also make sure to read the fine print carefully and understand all of the important details such as repayment terms and additional fees.
6. Start the application process
Once you have completed all of the necessary steps, it’s time to start the application process. This can be done online or in person, depending on your lender. Make sure to read through all of the documents thoroughly and ask any questions if something is unclear before signing anything.
Congratulations! You are now ready to start house hunting and enjoy the process of being a homeowner in Dubai.
More About Emortgage
We are here to help you find the best mortgage in Dubai. Our team of experts will guide you through the often complex process of getting a mortgage and finding the right deal.
Whether you are looking for a fixed-rate or variable-rate loan, we can help you compare different options and make sure that you get the best deal possible.
Contact us today to learn more about how we can help you make the mortgage application process as smooth and stress-free as possible. We look forward to working with you!
