Mortgages in Dubai


General Requirements:     
Under Dubai law, mortgages can be obtained by both residents and     
non-residents of the UAE, for a period of up to 25 years until the age of 65. This means,     
that if a client is 55 years old, they can get a mortgage for a maximum of 10 years. However     
there is an exception for residents who are private entrepreneurs and     
Gold visa holders, for them it is possible to obtain a mortgage up to the age of 70.     
For residents, the first mortgage is granted up to 80% of the value of the property, while the second and all the following are covered by banks up to 60% of the value of the property.     
For non-residents, the maximum mortgage is from 50 to 60%.     
The period of obtaining a mortgage can take from 1 to 2 months.     
Under projects in the stage of "off plan" under construction is impossible to get a mortgage, the exception may be at the stage of pre-delivery, when before the delivery of your object is a few months.     
When the project stage "handover payment"     
(when the last payment is left), then the client can get a mortgage to     
to cover that last installment. For example, if the payment plan was     
divided into two equal parts (50/50), then a mortgage loan could be taken out for the remaining 50%.

The mortgage process consists of several steps:

STEP 1:     
First, you need to determine the category of mortgage purchaser. Find out if you are eligible to apply for a mortgage, by identifying your eligibility.     
mortgage, to do this you need to identify 2 key points:     
1. Whether you are a resident or non-resident.     
2. Whether you are an employee or a private entrepreneur.


Then depending on the answer we check the following criteria:     
For salaried employees:

Residents - minimum salary of at least AED 10,000.   
Non-residents - minimum salary of at least AED 15,000.   
At least 6 months of work experience in the company  


For private entrepreneurs:

Residents - minimum company turnover of at least AED 1 million.   
Non-residents - minimum turnover of the company is not less than 1 million dirhams.     
(after taxes).   
Duration of existence of own company - at least 1 year.      
STEP 2:     
Collect the required documents to submit for "pre-approval" to the bank.     
 

Documents required to obtain a mortgage in Dubai if you are a non resident with salary:

1. Copy of passport     
2. Extract from the credit bureau in English     
3. Statement of personal account from the bank for the last 6 months in English     
(notarized translation)     
4. Salary certificate from the employer in English - pay slip for accrued salaries for the last 6 months in English     
payroll statement for accrued salaries for the last 6 months in English     
5. Tax payment certificate in English  

For non resident self-employed:     
1. Copy of passport     
2. Bank statement of personal account for the last 6 months in English (notarized translation)     
Last 6 months in English (notarized translation)     
3. Company bank account statement for the last year in English.     
(notarized translation)     
4. trade license - VAT certificate     
5. VAT payment for the last year     
6. List of employees     
7. Memorandum of association     
8. Extract from the credit bureau for the company in English     
9. Credit bureau statement from personal account in English     
10. Tax payment report


For residents with salary:     
1. Copy of passport     
2. emirates ID card (emirates ID). 3.     
3. Residence visa     
4. Bank statement for the last 6 months or from the date of opening a bank account (if less than 6 months).     
bank account (if less than 6 months)

5. Salary certificate from employer (salary certificate)     
6. A pay slip for all wages earned (pay slips).     
7. Credit bureau statement (AECB report)     
 

For resident self-employed:

 

1. Copy of passport     
2. Copy of Emirates ID card (emirates ID). 3.     
3. Residence visa     
4. Trade license     
5. VAT certificate     
6. VAT payment for the last year     
7. List of employees     
8. Memorandum of Association     
9. Personal account statement from the bank for the last 6 months     
10. Company bank statement for the last year     
11. Credit bureau statement for the company (AECB Report)     
12. Credit bureau statement from a personal account (AECB Report)

STEP 3:     
Once the bank has provided confirmation for a mortgage in Dubai, you need to     
Sign a MOU (Memorandum of Understanding), which is a document that is an agreement or understanding between the bank and the applicant.     
is an agreement or understanding between two or more     
parties. The MOU sets out the basic principles, objectives and intentions on which the cooperation or agreement between the parties is based.     
on which the cooperation or agreement between the parties is based, in simple words a contract with all the details.

STEP 4:     
Filing the real estate documents with the bank:


For secondary properties:     
● MOU     
● Title Deed / Search Certificate     
● Liability letter     
● Floor Plan     
 

For primary:     
● SPA     
Completion Certificate     
Handover Notice     
SOA     
● Floor Plan


STEP 5:     
Once all documents have been verified, the appraisal company conducts an appraisal of the apartment's     
the value of the apartment, a process that involves conducting a real estate appraisal     
to determine its current market value. Appraisers take into account     
various factors, including the size, location, condition, and other     
characteristics of the apartment, as well as market trends, and compare it to similar properties on the real estate market.     
similar properties in the Dubai real estate market. The valuation of an apartment helps to     
Determine the maximum mortgage amount that a client can obtain.




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