Salaried Employees: Minimum monthly income of AED 10,000 required.
Self Employed Applicants: Minimum monthly income of AED 25,000 required.
UAE Nationals: 15% for first (active) mortgage and 35% for every mortgage thereafter.
UAE Residents (expats): 20% for first (active) mortgage and 40% for every mortgage thereafter.
Non-UAE Residents: 40% of the property value.
Borrowers have to pay a fees, ranging from AED 2,500 to AED 3,150, to the banks at the time of evaluation of the property. Also, a processing fee ranging from 0 to 1.25% of the loan value (+VAT) may be charged by the banks (depending on bank and type of transaction) at the time of final approval to process the loan.
Some Banks may charge a pre-approval approval fee of up to AED 5,000, which may or may not be adjusted towards other aforementioned fees at the time of loan disbursal, depending on the bank.
It is to be noted that in most cases, the pre-approval is free and the processing fees does not exceed 0.5% (+VAT) of the loan amount.
Salaried employees can borrow up to the age of 65 years and self-employed individuals can borrow up to 70 years of age, with the constraint that no mortgage loan tenure can exceed 25 years in length.
The borrower can choose to do so by paying the balance loan amount, exclusive of future interest, and in addition to a minimal early settlement fee, as mentioned in the final offer letter from the bank.
Most banks allow early settlement of a percentage of the balance loan amount every year without additional charges. These percentages may be different for different banks.
While this is not required in most cases, some banks incentivize borrowers with cash back schemes, lower rates, fee waivers, etc. if they agree to moving their salary transfers to the bank they are getting their mortgage from.
No, this is not required in most cases, however, banks may refuse to lend to you if you work for a high risk or restricted company/ industry.
No, you do not, as long as you are able to make your regular monthly installments without having to default to a point that the bank has no choice but to foreclose your property.
If your UAE residence status changes, you will be required to notify the bank so your mortgage can be converted from a resident plan to a non-resident facility, or vice-versa.
It does not affect your mortgage, as long as it does not affect your ability to furnish your regular monthly installments.
Yes you can, and we can help you with it.
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