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Calculate Mortgage Repayments
23 years
3.89%
Monthly repayment (AED): 4,391
* Estimated initial monthly payments based on a AED 1000000 purchase price with a 3.89% fixed interest rate.
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First Dubai helping You Find the Perfect Mortgage
Your home-buying journey deserves to be smooth and stress-free. Connect with our in-house mortgage team today, and let us help you secure the best rates available in the UAE.
Is mortgage in Dubai for foreigners possible?
- Mortgage in Dubai for Foreigners is a great way to become a property owner, even if you don’t have the full amount for the purchase. However, mortgage terms differ for residents and non-residents, making it important to understand the nuances for successful approval.
- Foreigners can buy property with a mortgage only in freehold zones.
Purchasing property worth AED 2 million can qualify for a 5-year residency visa. - Obtaining a mortgage in the UAE is a more complex and intricate process than it may initially appear, especially for foreign nationals.
What Are the Bank Requirements for Borrowers in the UAE?
- Age: 21 to 65 years.
- High income level – credit obligations should not exceed 50% of monthly income.
- Positive credit history – developed within 6 months from the date of obtaining a resident visa.
- Proof of legal income.
What Are the Current Mortgage Rates in the UAE?
- Starting rate: from 2.35%.
- Typical rate for foreigners in 2024: 3.8%.
- Maximum loan: 50%-80% of the property value.
- Loan term: up to 25 years.
What kind of documentation is required?
- Copy of the passport.
- Copy of resident visa (if available).
Emirates ID. - Documents proving income and financial solvency.
- Sales contract.
How long will it take to get a pre-approval?
This varies from bank to bank, but typically, banks will respond with initial observations and requests within 2 working days. Once the required additional documents are submitted or queries are addressed, the turnaround time to receive a pre-approval is usually between 5 to 7 working days.
What is the minimum deposit?
For expat residents (first-time buyer): 20%
For expat residents (second-time buyer): 40%
There are exceptions to the rules though, some of the banks allow 2nd-time buyers, 20% and 15% deposits for expats and locals, respectively, if their existing mortgage is under 60%.
