Mortgage Approval Timeline
Getting a mortgage pre-approval in the UAE is a crucial first step in securing your dream home. The process typically takes 2 days to 1 week, depending on the bank. Once approved, the pre-approval remains valid for 30 to 60 days, depending on the lender’s policy.
Why is mortgage pre-approval important?
- Helps determine your budget before house hunting.
- Gives you an advantage in negotiations.
- Speeds up the final approval process.
Need assistance with your mortgage pre-approval? Luxuro Living can help you secure the best rates with minimal hassle.
Why Choose a Mortgage Broker Over Your Bank?
While going directly to your bank might seem like an easy option, it may not always be the most cost-effective. A mortgage broker:
- Compares multiple banks and lenders to find the best mortgage rates.
- Saves you money by factoring in processing fees, valuation fees, and insurance costs, not just the interest rate.
- Offers flexible options if one bank declines your application.
At Luxora Living, our expert mortgage advisors analyse multiple lenders to secure the best deal for you. Contact us today for tailored mortgage solutions in Dubai and across the UAE.
Minimum Down Payment for a Mortgage in the UAE
The down payment required depends on your residency status:
- UAE Nationals: Minimum 15% down payment
- Expat Residents: Minimum 20% down payment
- Non-Residents: Minimum 40% down payment
- Luxury Properties (Over AED 5 Million): Additional 5% required
Did you know? Some lenders offer lower down payment options for specific property types. Contact Luxora Living to explore your best mortgage options.
Can Non-Residents Get a Mortgage in the UAE?
Yes! Non-residents can buy property in Dubai and other UAE cities with a mortgage. However, the loan-to-value ratio and interest rates may vary compared to resident buyers.
- No UAE residency or employment required
- Mortgage options available from selected banks
- Loan terms vary based on lender policies
Need expert advice on non-resident mortgage options? Let Luxuro Living help you secure the best deal.
What is a Mortgage Pre-Approval?
A pre-approval is an official assessment of your financial situation, confirming how much you can borrow. It remains valid for 30 to 60 days and is subject to property valuation.
Benefits of mortgage pre-approval:
- Provides a clear budget range before house hunting.
- Strengthens your position in negotiations.
- Speeds up the final mortgage approval process.
Looking for a quick mortgage pre-approval? Speak to our expert team at Luxuro Living today.
How Much Can You Borrow?
In the UAE, banks typically allow you to borrow up to 7 times your fixed salary, with monthly mortgage repayments not exceeding 50% of your income. However, your borrowing limit is influenced by:
- Credit history and profile
- Existing loans and credit cards
- Other financial commitments
Want to know exactly how much you can borrow? Luxora Living provides a personalized assessment to help you find the best mortgage options.