First-Time Home Buyer’s Guide for Getting a Home Loan in Dubai

Dubai is one of the most prominent locations when it comes to investment. The city has made a remarkable place globally where people look forward to investing. One of the prime investments includes buying a property in Dubai. The cityscape offers a luxurious lifestyle with a touch of comfort. If you want to buy a property in Dubai, you can either buy it in cash or look forward to a mortgage loan in Dubai. A mortgage is cost-effective as it helps you to deal with your finances flexibly. 

In this guide, you will get a complete idea of the eligibility criteria for getting a home loan in Dubai and the documents required for the same. Also, you will get to know the process of how you are going to do it. 

Eligibility Criteria for Mortgage Loans in Dubai

Buying a home in Dubai could be a challenging task considering all the essential factors. Potential homeowners need to know all the essential criteria for getting a home loan in Dubai. Let’s learn about the eligibility criteria for the same. 

Age Criteria: The Dubai authorities allow individuals to mortgage a loan who are between the ages of 21 years to 65 years. This age criterion is prescribed because individuals tend to have a stable income and can give it back through their earnings. 

Nationality and Residency: Dubai grants permission to get a home loan to both UAE nationals 

Or residents. Therefore, it increases the diversification of people buying property in Dubai. 

Income: The minimum monthly income for people who work on a salary basis is approximately AED 15000 whereas AED 25000 is prescribed for self-employed individuals. It entirely depends on the bank’s flexibility if they can lower the minimum income. 

Non-Residents: Only some banks provide loans to non-residents, and investors, by evaluating everything with caution. 

Document Required for Mortgage Loans in Dubai

Dubai is very strict in terms of its rules and regulations. Therefore, the cruciality of documents needs to be taken seriously. A set of documents needs to be given to banks before getting a home loan in Dubai. Here is the guide of documents for the first-time buyer mortgage Dubai. 

• A copy of your Emirates ID is mandatory. 
• Identification proof such as visa and passport copy 
• Salary certificate 
• Residence proof, which includes tenancy contract or DEWA bill
• Past six months, financial behaviour 
• Latest statements of your credit card

Process To Get a Mortgage Loan in Dubai 

Indulge in stress-free property purchases with the help of a mortgage loan and get the cost-effective flexibility you want. 

Step 1: Approach a Broker 

Loan for Property in Dubai can be obtained either through a bank or directly by a broker. Commercial Broker Dubai can help you get a loan in Dubai and work on your behalf with proper attention to detail at each step. It is better to conduct proper research and find a broker who is trustworthy and has a proven record of successful services. 

The broker will guide you through the complexities of this process and will help you simplify this process. 

Step 2: Choose the Appropriate Mortgage for you 

There are several kinds of mortgages and it is advised to choose the mortgage that suits your circumstances and income stability at its best. The factors of choosing the mortgage could be as follows: 

• The specific loan amount that you need 
• Stability in your income and lifestyle 
• Property type
• The cash amount or downpayment that you can pay conveniently. 

Step 3: Get a Pre-Approval Letter 

For your pre-approval process, consider the factors such as downpayment, loan tenure, payment options, and more. This will help you know about the future expenditure and more. After completing this, you can provide the banks with the final documents and get the approval letter. 

The pre-approval letter is proof that you are eligible for getting a home loan in Dubai. Generally, it takes three to five working days to obtain the pre-approval letter. 

Step 4: Start Property Hunting

Once you get the pre-approval letter, it is time for you to commence searching for your dream home. Look for the properties that suit your budget and start shortlisting them. Check all the variables such as location, security, condition of property, and more. 

The pre-approval letter is valid for 2-3 months which gives you plenty of time to search for a home. 

Step 5: Finalize your Property Purchase 

Once you are done finding your dream home, it’s time for the final step. Have a clear conversation with your bank and ask what amount you need to pay in advance what will be the monthly installments and more. 

The bank will transfer the loan amount to the seller’s bank account after everything is done. 

Conclusion 

With the business advisory services in Dubai by your side, you can navigate all complexities and comply with all regulations set by the authorities. Taskmaster Commercial Brokers can help you save time and money in the process of obtaining a home loan in Dubai. When you opt for Taskmaster solutions, approvals are instant, helping you save both cost and effort.

Also Read: What are the Benefits of SME Loans