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Mortgage Brokers in Dubai – GPG Global Real Estate Brokerage LLC

Frequently Asked Questions

Typically, a common guideline is to determine the limit as seven times the applicant’s annual salary, but this can vary based on the specific policies of the bank. The existing loans, credit cards, and other financial obligations of the customer also play a crucial role in determining the maximum borrowing amount.
Interest rates can vary significantly from one bank to another and are contingent upon the individual profiling of the customer, including whether they are salaried or self-employed.
Certainly, non-residents can avail financing in the UAE, with specific terms based on individual client profiling. The maximum loan-to-value for non-residents is typically capped at 60%, and interest rates at this level may start from 4.99% for a 3-year fixed rate.
For expat residents (first-time buyer): 20%
For UAE nationals (first-time buyer): 15%
For expat residents (second-time buyer): 40%
For UAE nationals (second-time buyer): 35%
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% LTV.
For salaried applicants: ID documents, salary certificate, 6 months’ payslips, 6 months’ bank statements and details of existing liabilities.

For self-employed: ID documents, company documents (trade licence, incorporation documents, memorandum of association, shareholders certificate, company profile, etc), audited accounts and/or 12 months business bank statements, 6 months’ personal bank statements and details of existing liabilities.
The duration for pre-approval can differ among banks, but typically, banks provide initial observations and requests within 2 working days. Upon the submission of additional documents or addressing further inquiries, the usual turnaround time to receive a pre-approval is between 5-7 working days.
AED

5%

1%

5%

AED 1421

Monthly Payment

Principal & Interest AED 1421

Monthly Taxes AED 1421

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