Buying a home in the UAE is a dream for many expatriates living in Dubai and across the Emirates. Fortunately, the UAE offers mortgage options that make homeownership accessible even for non-citizens. However, the process can seem complex if you’re unfamiliar with local rules and banking practices. At Money Maestro, we specialise in helping expats realise their dream of owning property.
Here’s a step-by-step guide to help you secure a mortgage in the UAE smoothly:
Step 1: Check Your Eligibility
Before you start shopping for property, you must confirm your mortgage eligibility. Most banks in the UAE offer mortgages to expats, but the requirements can vary. Key factors include:
- Minimum salary (usually AED 10,000 or higher)
- Age (typically between 21 to 65 years)
- Employment status (permanent employees are preferred)
- Credit history (strong UAE or international credit record)
At Money Maestro, we help expats assess their eligibility quickly and match them with the right banks. Feel free to call us at +971-8008-7778 to get started.
Step 2: Understand Your Financing Options
Expats in the UAE can typically borrow up to 75%-80% of the property's value for a first home. The remaining 20%-25% must be paid as a down payment. Mortgage types available include:
- Fixed-rate mortgages (rate remains the same for a set period)
- Variable-rate mortgages (rate changes based on EIBOR)
- Hybrid mortgages (a combination of both)
Choosing the right mortgage depends on your long-term plans and risk tolerance. Our experts at Money Maestro can explain the pros and cons of each, helping you make the right decision.
Step 3: Get Pre-Approval
Mortgage pre-approval gives you a clear idea of how much you can borrow, allowing you to shop for properties within your budget. Pre-approval typically requires:
- Passport copy
- Visa copy
- Emirates ID
- Salary certificate
- Bank statements (last 6 months)
- Payslips (last 3 months)
Pre-approval is usually valid for 60 to 90 days. Working with Money Maestro can significantly speed up this step and ensure you’re dealing with reputable lenders.
Step 4: Find Your Property
Once pre-approved, you can start looking for properties. Focus on freehold areas where expats are allowed to buy, such as Dubai Marina, Downtown Dubai, Palm Jumeirah, and Arabian Ranches.
Choose a property that matches your lifestyle, investment goals, and budget. Always verify the property’s legal status and ensure the seller is authorised.
Step 5: Finalise the Mortgage
After selecting your property:
- Sign the Sales Agreement: Usually accompanied by a 10% deposit.
- Final Mortgage Application: Submit the signed agreement and final documents to the bank.
- Property Valuation: The bank will arrange for an independent valuation.
- Mortgage Offer Letter: Upon approval, the bank will issue a final offer.
- Registration: Mortgage and property ownership must be registered with the Dubai Land Department.
At Money Maestro, we simplify all these steps, ensuring you avoid common pitfalls and delays.
Step 6: Complete the Property Transfer
Once the mortgage is finalised, the final step is transferring ownership. You’ll sign the official documents at the Dubai Land Department office, pay applicable fees, and receive your title deed.
Congratulations — you are now a property owner in the UAE!
Why Choose Money Maestro?
Securing a mortgage as an expat can be complex, but you don't have to do it alone. Money Maestro offers expert mortgage advisory services tailored specifically for expatriates in Dubai and the wider UAE. We help you:
- Find the best mortgage rates
- Complete paperwork correctly
- Speed up bank approvals
- Navigate legal requirements smoothly
For a personalised consultation and to start your journey towards homeownership, call Money Maestro at +971-8008-7778 today!
