When it comes to taking out a mortgage, you need to consider every aspect before making a commitment.Thankfully, we have a handy tool designed to help you assess your eligibility for a mortgage in the UAE: our mortgage eligibility calculator. This tool can give you an idea of what kind of loan you are eligible for, as well as how much money you’ll need as down payment.

We understand that applying for a mortgage can be overwhelming—so let us help make the process easier. On this page, we’ll discuss in detail how our calculator works and how it can help make your dream of real estate ownership into a reality. Read on to learn more about our mortgage eligibility calculator for UAE!

Use our mortgage eligibility calculator

Know About mortgage Eligibility

If you’re looking to buy a real estate in the UAE, securing a mortgage is an important part of the process. But before you apply for a loan, it’s important to understand what kind of mortgage eligibility requirements UAE lenders will require from you.

Mortgage eligibility criteria differ from lender to lender, but some basic requirements are pretty universal. The most important are:

Your employment status: Most lenders require that you hold a full-time job that pays a regular salary in order to be eligible for a mortgage. Some lenders may also consider part-time or freelance work, depending on the circumstances.

Your total debt-to-income ratio: Your total debt payments should not be more than 45% of your monthly income, taking into account all other loans and liabilities such as car loans, credit card payments and personal loans.

Your credit score: You’ll need to have an adequate credit score—typically around 750—in order to qualify for a mortgage.

With this information in mind, you can get an idea of how likely it is that you’ll be approved for a mortgage with any given lender before you even apply. A good way to do this is by using our mortgage Eligibility Calculator – it’ll give you an idea of your chances of success so you can make sure that applying for a mortgage makes sense for your particular situation.

Your down payment: Most banks will require at least 20% of the purchase price as a down payment in order to secure your mortgage.

Factors for mortgage Eligibility

When considering a mortgage in UAE, there are a few key factors to consider. These include your credit score, income and debt-to-income ratio, the size of your down payment, the type of real estate and its location, and your overall financial history.

Let’s start with your credit score. Generally speaking, you need a good credit score of 650 and above to qualify for a mortgage here in the UAE. The lower it is, the more difficult it may be to get approved for a loan. So make sure to check your credit report before you apply for a loan. Next is income and debt-to-income ratio (DTI). Your lender wants to see evidence that you can afford to live in the UAE on an ongoing basis—so be prepared to show documentary proof of regular income from salaried or investment accounts. To determine if you meet their requirements, lenders will consider both DTI ratio and your disposable income after other expenses are calculated.

Thirdly, you’ll need to consider how much money you can pay upfront as a down payment on your mortgage. Generally speaking, most lenders in the UAE require at least 20% down payment—but depending on the size of the loan being applied for, this number could be higher or lower.

Lastly is the type of real estate being bought and its location. Different parts of UAE have different market values for real estate—so it’s important to do some research before starting this process and find out what kind of numbers you should be expecting when considering your options.

How to Use a mortgage Eligibility Calculator?

Knowing the rules surrounding mortgage eligibility can be a bit tricky, so a calculator is a great way to get an idea of what you can expect. Here’s how to use it:

Input your salary and employment and other factors like, age and nationality – this helps the calculator determine your loan eligibility.

Enter the total amount of loan you would like to take and the repayment period.

Depending on the calculator, you’ll be asked to input any other additional information that may help it assess your eligibility better.

The calculator will then be able to give you an idea of what you all lenders for you are eligible and how much will be your current rate of interest, based on all variables entered previously. Using a mortgage eligibility calculator for UAE can help make decisions far easier without having to consult with financial professionals who often charge fees for their services. It’s also way faster than doing manual calculations from scratch, meaning you get results in real time and can make quick decisions accordingly.

Benefits of Using a Mortgage Eligibility Calculator

If you’re thinking of applying for a mortgage in UAE, then the first step is to calculate your eligibility. Using a mortgage calculator is the easiest and most accurate way to do this it’s made with a lot of research and you don’t have to roam around banks or brokers for the eligibility.

Mortgage calculators can help you find out in seconds if you qualify for a loan, and what type of loan you’re eligible for. They can even help you come up with a budget so that you know how much you can comfortably afford to pay each month. Here are some of the top benefits of using a mortgage calculator in UAE:-

Accurate Calculations:- Mortgage calculators provide quick and accurate calculations, so that you don’t have to guess or risk making assumptions about what your monthly payments may be.

Easy To Use:- Mortgage calculators are incredibly easy to use; all you need to do is input the relevant information and click ‘calculate’. It’s quick, easy and straightforward – without any complex calculations!

Comparison System:- Using a mortgage calculator in UAE makes it easy to compare different lenders, helping you find the best deal that suits your budget and needs. This could potentially save you time, money and hassle! Plus, they make it easier to understand the various terms of each lender so that there are no surprises when it comes time to sign on the dotted line. With a mortgage calculator, it’s never been easier to get started on your journey towards real estate ownership in UAE! If you are still struggling than try contacting Mortgagemarket for further guidance 👍