Guide to Applying for a Mortgage in Dubai | A Handbook

18 Apr 2024

Buying property in Dubai is a dream of many because of the global stature of the Emirate. By acquiring resident status, you get access to everything from high-quality education and healthcare to world-class transportation. Moreover, the recreational opportunities in Dubai are also unparalleled on a global scale. All these aspects of the city attract foreigners to make it their permanent home.

Despite a buyer-friendly market, buying a dream home in Dubai straightaway might not be possible for everyone due to their financial constraints. A mortgage is a great option to acquire financial assistance for acquiring a property in Dubai. How to get a Mortgage? Let us look at the various steps involved in securing a mortgage in Dubai.


Eligibility Criteria:

·        Both Emiratis and expat residents are eligible for Mortgage in Dubai.

·        The individual’s age should be between 21 to 65.

·        Bank requirement is AED 15,000 for salaried and AED 25,000 for self-employed individuals.

·        Minimum employment history with approved employers.


Required Documentation:

·        Passport Copy

·        Emirates ID

·        Salary Certificate

·        Recent Salary Slip

·        Past 6-month Bank Statement

·        Credit Card Statement

·        Tenancy Contract/DEWA Bill

·        Any Other Bank Requirement (Conditional)


Step-wise Process:

1.      Explore different local banks that are offering mortgages. You can hire a mortgage broker to help you find the best option.

2.      Select fixed or variable-rate mortgages depending on different factors like the required mortgage amount, property type, amount available for down payment, income stability, etc.

3.      Get a pre-approval letter from the bank that confirms your eligibility and the maximum approved mortgage amount.

4.      After getting the pre-approval, look for the property you want to buy within 60 to 90 days and make an offer.

5.      Complete the process of property transfer by finalizing the purchase agreement with the seller and paying the required deposit. This step involves the bank sending the approved mortgage amount to the seller directly.


Important to Know:

·        Expats can get 80% of a property’s value with a 20-25% down payment required.

·        Foreigners have to follow certain property ownership rules.

·        The Dubai Land Department fee is included in the property buying cost.

·        The mortgage approval process normally takes 10 business days.


Mortgage can be a useful option for anyone who wants to buy property in Dubai with limited resources. However, it is essential to have a complete understanding of the mortgage process before opting for it.