{"id":597,"date":"2020-06-22T14:33:18","date_gmt":"2020-06-22T10:33:18","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=597"},"modified":"2020-06-22T14:33:18","modified_gmt":"2020-06-22T10:33:18","slug":"how-to-apply-for-a-mortgage-in-uae","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/how-to-apply-for-a-mortgage-in-uae\/","title":{"rendered":"How To Apply For A Mortgage In UAE?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Whatever your reasons might be for looking for a <a href=\"https:\/\/moneymall.ae\/credit-blog\/a-beginners-guide-to-mortgages-in-uae\/\"><strong>property in UAE<\/strong><\/a>, understanding the type of mortgages available and the steps needed to get one set up is highly important, therefore, below mentioned is a beginner&#8217;s guide of how to <strong><a href=\"https:\/\/moneymall.ae\/\">apply for a mortgage in UAE<\/a><\/strong>? This handy guide covers the banks that offer <a href=\"https:\/\/moneymall.ae\/credit-blog\/a-mortgage-broker-or-bank\/\"><strong>mortgages and home loans in UAE<\/strong><\/a> to non-residents, the paperwork you&#8217;ll need to get your loan, the legal ins and outs, and what it might cost. Continue reading to find out more&#8230;<\/span><\/p>\n\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/a-mortgage-broker-or-bank\/\">A Mortgage Broker or Bank: Which one to choose and Why?<\/a><\/strong><\/em><\/p>\n<h2><b>What are the required documents to get a mortgage in UAE?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To apply for a mortgage loan in Dubai or any of the other Emirates of the UAE, you would be required to submit the following documents:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><b>Application Form:<\/b><span style=\"font-weight: 400;\"> The first required document is the application form for the personal loan.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>ID Proof:<\/b><span style=\"font-weight: 400;\"> Applicants are mandatory to have valid ID proof, that is, a passport, visa, and an Emirates ID.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Residency Proof:<\/b><span style=\"font-weight: 400;\"> To avail a personal loan in the UAE, you will also be required to present valid proof that you are a resident of the UAE.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Bank Statement:<\/b><span style=\"font-weight: 400;\"> Lenders usually ask for a bank statement of the last 3-6 months to track your earning potential.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Salary Certificate: <\/b><span style=\"font-weight: 400;\">A salary certificate needs to be presented as it lets the lender know of the current financial status of the borrower before the loan is granted.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Trade License &#8211; <span style=\"font-weight: 400;\">If you are self-employed, you will also require a trade license to apply for a mortgage loan in UAE.<\/span><\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The documents required for a mortgage is almost the same for nationals and expatriates, other than some identity proofs. Expatriates are supposed to provide their passport and the UAE resident visa for verification and a photocopy of each along with the other required documents like Emirates ID, salary certificate, trade license, bank statement, and some more additional documents according to the applicant\u2019s profile.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/types-of-mortgages-available-in-uae\/\">What Are The Types Of Mortgages Available in UAE?<\/a><\/strong><\/em><\/p>\n<h2><b>What is the procedure that needs to be followed to get a mortgage in UAE?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Given below is a step-by-step guide explaining the process of applying for and getting a <strong>mortgage in UAE<\/strong>. The main steps are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Decide whether to approach the bank directly or use a broker.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do your research to find the right type of mortgage for your circumstances.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Obtain an agreement in principle from the bank and ask for a letter providing evidence of the same.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Find a suitable property within your budget and make an offer.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Once you have agreed on a price, pay your deposit to confirm your purchase and agree on a completion date.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Provide any additional documentation needed to confirm your mortgage, including searches on the specific property you have chosen.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finally, on the completion date, the mortgage lender will release its funds.<\/span><\/li>\n<\/ul>\n<h2><b>What should be the minimum wage of an individual to apply for a mortgage in UAE?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Each bank in the UAE has a minimum monthly income\/salary criterion. The criterion is different for expatriates and nationals. At some banks, the criteria are different for self-employed and salaried individuals as well. Most banks approve adding the spouse as the co-applicant. If the co-applicant is a salaried individual, your application can meet the eligibility criteria easily and improves the chances of loan approval as well.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/personal-loan-vs-business-loan-in-uae\/\">Personal Loans VS Business Loans in UAE<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400;\">There are more than 30 lenders in Dubai, however, some won\u2019t offer a loan to expats or non-residents. Foreign lenders are only allowed to do business in the UAE if they are recognized by the central bank. Those who aren\u2019t recognized cannot place an application for a mortgage. However, there are a few expat-friendly lenders in the UAE, some of which are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>HSBC &#8211; <\/b><span style=\"font-weight: 400;\">HSBC is a global banking giant that offers mortgages to buyers with minimum earnings of at least <strong>AED 15,000<\/strong>\u00a0 a month. Mortgages are only available on selected developments.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Mashreq &#8211; <\/b><span style=\"font-weight: 400;\">Mashreq is a UAE-based bank offering loans to residents and expatriates. Home loans are available to both employed and self-employed expat residents earning at least <strong>AED 15,000 a month<\/strong> at a value of up to AED 10 million.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Emirates NBD &#8211;<\/b><span style=\"font-weight: 400;\"> Emirates NBD is a lender owned by the Dubai Government that offers mortgages of up to a maximum of AED 15 million. Mortgages are offered up to 75% loan-to-value, and a pre-approval facility is available.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Buying a new place of residence for yourself or for your family can be a big step. It can be even more daunting if you are an expatriate and are looking to buy a place in a new country. But as long as you are in a decent financial position, you should be able to easily get a mortgage that suits your needs. Keep in mind, though, that you will need a large cash amount upfront to pay a deposit. It is key to do your research well so that you do not struggle to get a deal that works for your circumstances.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whatever your reasons might be for looking for a property in UAE, understanding the type of mortgages available and the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[146,149,145,147,148],"class_list":["post-597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-apply-for-a-mortgage-in-uae","tag-individual-to-apply-for-a-mortgage-in-uae","tag-mortgage-in-uae","tag-mortgages-and-home-loans-in-uae","tag-property-in-uae"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=597"}],"version-history":[{"count":3,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/597\/revisions"}],"predecessor-version":[{"id":648,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/597\/revisions\/648"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/598"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}