1. How do I get a mortgage in Dubai as an expat?
To get a mortgage in Dubai as an expat, you typically need to be employed or self-employed with a stable income. Most banks require a valid UAE residence visa, a minimum monthly income, and a clean credit history. Neon Mortgage can help guide you through the full process.
2. What is the minimum down payment for a mortgage in Dubai?
For UAE Nationals, the minimum down payment of 15% is required of the Property Value. For the residents of UAE, the minimum down payment is 20% of the property value for properties under AED 5 million. For non-residents, it’s typically 25%. This can vary by bank and mortgage type.
3. Can non-residents get a mortgage in the UAE?
Yes, non-residents can apply for a mortgage in the UAE. However, the available loan-to-value (LTV) ratio is lower (usually 75%), and fewer banks offer mortgages to non-residents. We help non-resident investors find the best deals.
4. What is the current mortgage interest rate in Dubai?
Mortgage interest rates in Dubai typically range between 3.5% to 5.5%, depending on the bank, loan type (fixed or variable), and applicant profile. Use our mortgage calculator to get an estimate based on today’s rates.
5. What documents are required to apply for a mortgage in Dubai?
Securing a mortgage in Dubai? Whether you receive a monthly paycheck or run your own business, having the right paperwork ready will make the process smoother. Here's exactly what you'll need:
For Employees:
Business Owners Should Also Prepare:
Smart Tip: Getting pre-approved gives you bargaining power when making offers and shows sellers you're a serious buyer.
Next Steps:
Having trouble locating any documents? Most banks can guide you through alternatives if you're missing certain paperwork.
6. What is the maximum mortgage tenure in the UAE?
The maximum mortgage tenure in the UAE is 25 years, and the loan must be fully repaid before the borrower reaches 65 years of age (salaried) or 70 years (self-employed).
7. Can I get a mortgage in Dubai for an off-plan property?
Yes, many banks in the UAE offer mortgages for off-plan properties, but they usually require a higher down payment and only apply once a certain percentage of the project is completed.
8. What are the types of mortgage interest rates in Dubai?
"You can choose between:
Fixed rate mortgages: Stable monthly payments for a fixed term.
Variable / floating rate mortgages: Rates change based on EIBOR and market conditions."
9. Can we refinance our Mortgage in Dubai?
Absolutely. Refinancing lets you switch to a lender offering a lower rate or better terms. Neon Mortgage can help you compare refinancing options to save on interest and secure a longer tenure to reduce your monthly payments.
10. How much can I borrow for a mortgage in Dubai?
Your borrowing limit depends on your income, existing liabilities, credit score, and the value of the property. Typically, banks allow monthly repayments not to exceed 50% of your income.
