Explained in 5 Steps: Apply for Mortgage in Dubai
28 January 2021
Did you know that you can apply for a mortgage in Dubai in five simple and easy steps? Read more to find out what they are.
Step 1 of Applying for a Mortgage in Dubai
The Mortgage Consultant: Visit a reliable mortgage consultant, who will give you an overall understanding of the basics and help you set your expectations. The consultation should only take around 20 minutes.
Step 2 of Applying for a Mortgage in Dubai
Documents Needed: To proceed with your application, you will have to submit:
• Copies of your passport along with the visa page
• Copies of your emirates ID with both front and back views
• Your salary certificate in its original format
• Payslips for the last six months (if applicable)
• Bank statements for the latest six months
• All the latest credit card statements
• Details of your existing liabilities
Step 3 of Applying for a Mortgage in Dubai
Mortgage Pre-Approval: After submitting your documents to your mortgage consultants, they will liaise with a bank on your behalf. The bank will go through the documents you submitted and address any queries they may have. Once everything is clear, the bank will issue your mortgage pre-approval. It could take up to five business days.
Step 4 of Applying for a Mortgage in Dubai
Final Offer Letter: Once you’ve found your dream home, your mortgage advisor will arrange for a property valuation. They will need some property documents, including the title deed, seller’s passport, floor plan of the property, and the valuation fee and cheque. It could take around five business days to complete the final approval.
Step 5 of Applying for a Mortgage in Dubai
Transfer of Property: If the seller of your property has any remaining liability, your bank will pay this off. The bank will then await the release of the original property documents. Your real estate broker or sales progression team will closely oversee this entire process. After this, you can apply for a No Objection Certificate (NOC) from the developer. After you receive the NOC, you can legally transfer the property from the seller to the buyer.