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What is a Mortgage Loan?

A mortgage loan is secured against a residential property granted for the purpose of building, purchasing, or renovating a home for the resident owner or for investment purposes. It also includes loans granted to purchase or develop lands for these purposes.

The mortgage is legally binding and a warrant is guaranteed in giving the lender the right to file a legal case against the borrower’s home if the borrower defaults on payment as per the terms of the bond. Basically, the borrower owns the property or home, but the lender owns it until it is paid in full.

Mortgage payments are usually made in the form of monthly payments consisting of interest and principal. The principal is to pay off the principal amount borrowed, which reduces the balance. Interest, on the other hand, is the cost of borrowing the principal amount for the last month.

Mortgage Loan in UAE

While applying for a Mortgage Loan in UAE, the most important factors is to look out for are the initial price, follow-up rate, initial costs, and any prepayment partial settlement terms. Different types of mortgage loan facilities are available for UAE residents such as for new property purchase, equity release, buyout, and commercial finance. A UAE national can obtain a mortgage loan up to 80% of the value of the property whereas an Expat can obtain up to 75% of the value of the property. The minimum downpayment for a UAE National is 20% of LTV plus additional purchase cost and for Expat it is 25% of LTV plus additional purchase cost.

Documents Required for Mortgage Loan in UAE

For Salaried Applicants

  • Passport and Visa Copy
  • Khulasat Al Qaid (UAE Nationals)
  • Emirates ID
  • Salary Certificate
  • Six Month Salary Bank Statement
  • Latest Credit Card Statements
  • Proof of your current address – a copy of DEWA bill or tenancy contract

For Self Employed Applicants

  • Passport and Visa Copy
  • Khulasat Al Qaid (UAE Nationals)
  • Emirates ID
  • Salary Certificate
  • Six Month Salary Bank Statement
  • Latest Credit Card Statements
  • Proof of your current address – a copy of DEWA bill or tenancy contract
  • Company profile
  • Copies of the original 2 years audited financial accounts
  • 2 years most recent tax assessments if not audited
  • Copy of Trade License, MOA & Article of Association

Top Mortgage Loan providers in UAE

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