There are a number of factors that come into play when it comes to getting a mortgage in Dubai, including your nationality and the type of visa you have and because the rules and regulations surrounding mortgages can change quickly, it’s always best to talk to an expert to see what your options are.

So if you’re thinking of buying a property in Dubai, don’t hesitate to get in touch with our team at Gulf Connexions. We’ll help you figure out what you need to do to get the mortgage you need to buy your dream home.

What Do You Need to Know About Mortgages in Dubai?

Mortgages in Dubai are a little different than what you may be used to back home. Here are the basics you need to know before you apply:

You will need a good credit score. Most banks in Dubai require a credit score of 700 or above to qualify for a mortgage.

You will need to be employed in Dubai. Most banks require that you have been employed in Dubai for at least two years to qualify for a mortgage.

You will need to provide proof of income. Most banks require that you provide at least three months of recent bank statements as proof of income.

You will need to provide proof of residency. Most banks require that you provide a copy of your UAE residency visa as proof of residency.

Is It Possible to Get a Mortgage as an Expat Living in Dubai?

Yes, it is possible to get a mortgage as an expat living in Dubai. In fact, there are a number of lenders who offer mortgages to expats. However, there are some things you need to know before you apply.

For starters, most lenders require that you have been living in Dubai for at least two years. You will also need to provide proof of income and a valid residency visa. And, as with any mortgage application, you will need to provide detailed financial information.

So, while getting a mortgage as an expat is possible, it’s not always easy. You will need to meet the requirements of the lender, and you may need to provide additional documentation. But if you are eligible and have the financials to support your application, then a mortgage in Dubai is definitely an option worth exploring.

What Are the Steps Involved in Getting a Mortgage in Dubai?

So you want to buy a property in Dubai, but you’re not sure if you can get a mortgage as an expat? The good news is that, as long as you meet the right criteria, getting a mortgage in Dubai is definitely possible.

There are a few steps involved in the process, but we’ll take you through them one by one.

The first step is to find a mortgage broker who can help you assess your eligibility and find the best deal for you. Once you’ve found the right broker, they’ll ask you for some basic information about yourself and the property you want to buy.

They’ll also need to see some documentation, such as your passport, work permit, salary slips and bank statements. This is so they can verify your income and make sure you can afford the monthly mortgage payments.

Assuming everything looks good, your broker will then submit a loan application to the bank on your behalf. If the bank approves your application, you’ll have to attend an interview with them to finalize things.

At this point, it’s all down to paperwork and waiting for the bank’s decision. But if everything goes smoothly, you could be homeowners in Dubai before you know it!

What Are the Costs Associated With Getting a Mortgage in Dubai?

The cost of getting a mortgage in Dubai will vary depending on your lender. Banks in the UAE typically require a minimum deposit of 20% and financial institutions may have different interest rates or provisions for expats.

Before you start hunting for a mortgage, you should research the fees associated with getting a loan. You’ll most likely be charged an appraisal fee, processing fee, administrative fee, legal fee and other related fees in addition to the cost of the loan itself. Be sure to factor all these costs into your budget when determining what you can afford.

You’ll also want to make sure you have enough money set aside to cover moving expenses and any additional costs associated with living overseas. While the real estate market in Dubai is booming, it’s still important to be aware of all associated expenses before applying for a loan so that you can avoid any surprises down the line.

If you are still confused regarding mortgages than consider contacting Mortgagemarket for your financial assistant which work as your helping hands!

Conclusion:-There are a number of specialist lenders who offer mortgages to expats in Dubai, so it’s definitely worth looking into this option if you’re interested in buying property in the city. Be sure to speak to a qualified financial advisor to get tailored advice specific to your situation like Mortgagemarket can assist you.