Guide to Securing a Mortgage in UAE

Navigating the Mortgage Process

Looking to buy property in the UAE? Here’s a guide to obtaining a mortgage, offering insights into documents required and steps to follow:

Required Documents: When applying for a mortgage, prepare the following documents, which may vary by bank:

• Passport copy
• Proof of UAE residence and current address (for residents)
• Financial documents: salary proof, bank statements, tax returns

For non-residents:

• Passport copy
• Bank statements for the past three months

Steps to Obtain a Mortgage in UAE:

1. Decide whether to approach the bank directly or use a broker.
2. Research available mortgage types and choose one suitable for your circumstances.
3. Obtain an agreement in principle from the bank and request a supporting letter.
4. Search for a property within your budget and make an offer.
5. Pay the deposit upon agreeing on a price and confirm the completion date.
6. On the completion date, the lender will release funds to the seller.

Refinancing in the UAE: With a competitive mortgage market, homeowners can explore switching deals for better terms. Here’s how:

• Start with your current bank, as they may offer flexibility or discounts.
• While some banks offer fee-free remortgaging, others may charge for switching deals.