mortgage loan in Dubai

How to get a Mortgage in Dubai

Buying a new home in Dubai can be done with cash or through a mortgage. And even though, lots of buyers prefer paying in cash to avoid paying interest, mortgages in Dubai give the purchaser lots of flexibility when it comes to managing finances, planning payments and choosing the right home.

So, if you want to get a mortgage in Dubai, read below to find all you need to know about mortgages in Dubai; eligibility, documents and the process of getting one.

Mortgages in Dubai

  1. Eligibility Criteria for a Mortgage Loan

It is essential that you check whether you meet the eligibility criteria for getting a mortgage in Dubai. These criteria include:

  1. Being a UAE national or resident.
  2. Aged between 21 and 65.
  3. Have a monthly income of at least AED 15K if salaried or AED 25k if self-employed.

It is important to note that you need to meet other criteria set by banks, they differ and vary from one bank to the other, and they may include a minimum period served at a current job or working for certain employers.

In addition, the minimum salary required for you to receive varies from one bank to the other according to the bank’s policies.

If you are not residing in UAE, you have some options regarding loans to buy property, even though they are limited.

2. Documents Required for a Mortgage Loan

The following points will clarify the mandatory documents required for getting a mortgage in Dubai:

  1. A copy of the valid visa and passport.
  2. A copy of the valid Emirates ID.
  3. A salary certificate for proof of employment.
  4. Proof of residence such as a copy of tenancy contract or DEWA bill.
  5. Payslips and bank statements for the past six months.
  6. Your credit cards’ latest statements.

These required documents may differ from one bank to another, but the documents mentioned above are the most commonly required.

If you are a non-resident, you will only need to provide the lender/bank with a copy of your passport and your bank account statement for the past three months. However, it is worth checking if your specific bank requires any additional documents based on its policy.

3. The process of getting a Mortgage

Getting a loan to buy a property in Dubai comprises many steps as outlined below:

  1. Finding a Lender

This is an essential step in the process. First, you need to find a bank to borrow money since mortgages in Dubai are sourced through banks and must be registered with the Dubai Land Department (DLD) to be legally valid.

Depending on the types of mortgages and offers that banks provide, you can either search for one or simply hire a mortgage broker to find the best banks for your needs.

  1. Choosing the Right Mortgage

Generally speaking, mortgages in Dubai are either fixed-rate or variable-rate mortgages, which means that the interest rate stays fixed for the entire borrowing period or changes over the same period.

Additionally, there are many factors to consider when choosing the right mortgage. Here are some of them:

  1. Your lifestyle.
  2. The type of property you want to buy.
  3. The loan amount you need.
  4. The cash deposit amount you can manage to pay.

3. Getting a Pre-Approval Letter

A pre-approval letter is an official document issued by the bank that is financing your home purchase, in which it states that you – as a purchaser – is eligible to obtain a loan to buy property in Dubai. 

The letter also outlines the maximum amount allowed for you to borrow.

4. Finding Your New Home 

You would look for a residential property before applying for a home mortgage, but you may face the challenge of not being able to secure enough financing for the home you chose through the chosen bank.

However, some people look for the property only after getting the pre-approval letter. In this case, it is crucial to keep in mind that the letter is valid for 60 to 90 days, which is the time, the purchaser needs to find a new property, so you can also consider doing the same.

  1. Finalizing Property Purchase

When finalizing the property purchase, the bank financing your purchase may assign a property evaluator to gauge the value of your property, so to help you make a reasonable offer on it.

Following the agreement on the price, you would pay a deposit, and decide on a date of completion for the purchase transaction. On the final day of the property transfer, the bank will release your loan amount to the seller.


Getting a mortgage in Dubai to buy a residential property is an ideal option for many. If you want to get a loan to purchase property in Dubai, make sure you meet the eligibility criteria, provide the correct documents, and find a bank, mortgage and property that are right for you, so the process goes smoothly and efficiently. Also, remember that getting a loan is a commitment, so make sure you consider all aspects of your life and monthly budget.

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