Mortgages In The United Arab Emirates

Mortgages are now widely available from most banks and some financial institutions in the UAE.

You have two options when selecting a UAE mortgage: conventional mortgages and Islamic mortgages. Interestingly enough, 70% of Islamic mortgages are granted to non-Muslims. A main benefit of the Islamic mortgage is the fact that there is no charge for early repayment of the loan. Currently HSBC interest rates are approximately 6%.

Mortgages are available to buyers of residential property as well as those interested in buying for the buy-to-let market. The lending criteria vary from one lender to another, but in general purchasers can expect to get an 80% mortgage on the value of the property if they are residents and 70% if they are non-residents. The mortgage term usually runs for 20 years, but must be paid by the borrower’s 60th birthday.

Each financial institution will require particular documents in order to apply for a mortgage. These are likely to include:

  • Application form
  • Passport
  • If you are employed:
    • copies of your last three months pay slips
    • copies of your last 5 years P60/employer’s reference
    • copies of your last 6 months personal bank statements
  • For the self-employed:
    • copies of your last 5 years audited accounts
    • copies of last 12 months’ business accounts
    • last 6 months’ personal bank statements

Equity Release

This is another popular form of raising finance for property in the UAE. If you already have property and wish to raise funds on it in an equity release scheme, we can introduce you to independent financial advisors who will assist you with raising the necessary finance.

Click here to get a quote for a mortgage in the UAE

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