A Comprehensive Guide for mortgages
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Step by step guide to Mortgages In Dubai
Understand Your Eligibility
Before applying for a mortgage, check your eligibility based on income, employment status, and credit history. Most banks in Dubai offer mortgages to both residents and non-residents with specific criteria.
Set Your Budget and Loan Type
Decide how much you can afford to borrow and repay monthly. Choose between a fixed-rate mortgage (stable payments) or a variable-rate mortgage (fluctuates with market rates).
Get Mortgage Pre-Approval
Apply for pre-approval from your preferred bank to know your borrowing limit. This helps you plan your purchase confidently and shows sellers that you are a serious buyer.
Choose the Right Property
Once pre-approved, find a property that meets the bank’s requirements. Ensure the developer and project are approved by your lender before finalizing the deal.
Submit the Required Documents
Provide necessary documents such as your passport, Emirates ID, salary certificate, bank statements, and property details. The bank will review your application before issuing the final approval.
Finalize the Loan and Transfer Ownership
After approval, the bank issues a final offer letter. The loan amount is paid directly to the seller or developer during the property transfer at the Dubai Land Department, completing your mortgage process.
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