Mortgage Services

As a general rule of thumb, the limit is calculated at 7x the annual salary of the applicant but it also depends on the bank. If the customer already has loans, credit cards and existing liabilities, then this ultimately affects the maximum amount they can borrow.

Rates differ greatly between bank to bank and will all depend on the customer’s individual profiling and whether they’re salaried or self-employed.

Yes subject to individual client profiling as always. Maximum loan-to-value available for non-residents would be 60% funding with rates at this level starting 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.

This varies from bank to bank but normally banks will reply with initial observations and requests within 2 working days. Once additional documents have been provided, or additional questions have been addressed, the turnaround time to receive a pre-approval is usually between 5-7 working days.