Home purchase mortgage

What the banks check

Every UAE bank works inside the same Central Bank rules, then adds its own policy on top. The rules are the easy part. The policy is where one bank says no and another says yes, and that is most of what we know that a bank branch will not tell you.

• Income: most banks want about AED 15,000 a month. A few go lower for some products.
• Debt burden: all your monthly repayments, including the new mortgage, must stay under 50% of your income. Credit cards count at 5% of the limit, even if you clear them every month.
• Age: the loan has to finish by 65 for expats. That sets the longest term you can get.
• Credit history: the bank pulls your AECB report. Late payments in the last year matter more than old ones.
• Time in your job: many banks want 6 months with your current employer. Some accept less if the company is on their approved list.

How much deposit you need

For a first home under AED 5 million you need at least 20% of the price. Above AED 5 million it is 30%, and on a second property it is 40%. Budget roughly another 7% of the price for fees: the 4% DLD transfer fee, agent commission, mortgage registration and the bank valuation. Our buying costs calculator breaks this down line by line.

What we do that a single bank cannot

A bank can only offer you its own product. We put several side by side and compare them on what you will actually pay: the fixed rate, what the rate turns into after the fixed period ends, the arrangement fee, life and property insurance, and the early settlement terms.

If the seller still has a mortgage, there is an extra step: their bank has to issue a liability letter and be paid off at transfer. We coordinate that with both banks and the trustee office so the transfer date does not slip.