EXPLAINED! All About Property Mortgage in Dubai

Property Mortgage is very popular in Dubai and it’s very easy to apply. In this video I explain main principles related to Property Mortgage in Dubai. What’s mortgage tenure? 5 Years Minimum 25 Years Maximum It completely depends on your age. If you’re 50 years old, unfortunately, bank will not finance the property for 25 years. How much bank can finance you? If you’re the expatriate, bank will give you up to 80% and if you’re local or GCC national you can get up to 85% from the property value. However, it doesn’t mean that bank will give you 80% from ANY property value. It will depend on your monthly income. What’s the Interest Rate in Dubai? Usually it’s 3-5% during the complete mortgage tenure. However, some banks do promotion offering 2% or 2.5% or 3% fixed for the first few years. Afterwards, it fluctuates. Documents Required (if employed): 1) Passport 2) Visa 3) Emirates ID 4) Salary Certificate 5) Last 6 Months Bank Statement Bear in mind, that from bank to bank requirement can vary. Documents Required (if self-employed / Business Owner): 1) Passport 2) Visa 3) Emirates ID 4) Last 1 Year Bank Statement 6) Last 2 Years Company (Business) Audit How banks calculate how much to give? Formula is: Annual Salary x (multiplied by) 7 = Potential Mortgage Why 7? - It’s just a number banks usually take. However, if you have monthly liabilities like credit card or car loan, it will be deducted from your monthly salary. From another side, if you have assets or spouse’s income, it can be considered in giving you potentially higher amount of financing. Additionally, if you work for a well-known or well-trusted organization, banks can increase a cap of provided finance and you can get more, but not exceeding 80% if your an expat and 85% if you’re local. Few Tips: Almost all banks are the same. Muslim people go with Islamic banks and others go with conventional banks. Interest rate is more or less the same in every bank. You can always try to negotiate fees charges by the banks but not the government. In addition to 80% or 85% of home finance, bank might cover your 4% + 2% fees paid to the Dubai Land Department and Real Estate Agency. My Social Media: Instagram: www.Instagram.com/idigow Facebook: www.Facebook.com/idigowa Twitter: www.Twitter.com/idigow LinkedIn: www.LinkedIn.com/in/idigow My Contacts: akhmed@idigovs.com akhmedidigov@gmail.com