Guide to Obtaining a Mortgage in Dubai

Unlocking Your Dream Home

At Imkura Real Estate, we don’t just sell properties; we curate lifestyles. Our commitment to providing bespoke services is unwavering, whether it’s finding the perfect home for a family, the ideal office space for a burgeoning business, or the investment opportunity of a lifetime.

Why Choose Imkura’s Mortgage Partners?

Our experienced mortgage brokers work closely with you to understand your financial situation, preferences, and goals. Whether you’re a first-time buyer or a seasoned investor, our partners tailor mortgage solutions to fit your unique needs.

Imkura’s mortgage partners stay abreast of market trends and affordability. They guide you through the mortgage landscape, ensuring you make informed decisions.

1. Eligibility Criteria

   Before applying for a mortgage, ensure you meet the eligibility requirements:

   UAE Nationals or Residents:

   • Age: Must be between 21 and 65 years old.
   • Income: Salaried individuals need a minimum monthly income of AED 15,000, while self-employed individuals require AED 25,000.

   Non-Residents:

   Limited options available, subject to bank policies.

2. Required Documents

   Gather the necessary documents for your mortgage application:

   Residents:

   • Visa
   • Emirates ID
   • Salary certificate
   • Proof of residence
   • Recent pay slips
   • Bank statements
   • Credit card statements

   Non-Residents:

   • Passport
   • Recent bank statements
3. Mortgage Process

   Follow these steps to secure your mortgage:

   Find a Lender:

   • Approach banks directly or hire a mortgage broker to explore the best deals.
   • Compare interest rates, fees, and terms.

   Choose the Right Mortgage:

   • Decide between fixed-rate and variable-rate mortgages.
   • Consider your financial situation and risk tolerance.

   Get Pre-Approval:

   • Obtain a pre-approval letter from your chosen lender.
   • This helps you understand your borrowing limit and strengthens your position during property negotiations.

   Find Your Dream Home:

   • Search for properties within your pre-approved budget.
   • Consider location, amenities, and future growth potential.

   Finalise the Purchase:

   • Complete the loan agreement with your chosen lender.
   • Conduct a property valuation to ensure its worth.
4. Additional Points

   Pre-Approval Validity:

   • Pre-approval letters are typically valid for 60 to 90 days.
   • Use this time wisely to find the right property.

   Deposit Requirements:

   • UAE nationals usually need a minimum down payment of 20%.
   • Expat residents typically require a 25% down payment.

Remember, this guide provides an overview. For personalised advice and detailed information, contact Imkura Real Estate to be introduced to reputable mortgage brokers. We’re here to make your homeownership dreams a reality!

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