Mortages FAQ
Pre-approval typically takes 2 days to 1 week, depending on the bank. Once issued, it remains valid for 30 to 60 days, based on the lender’s policy.
Going directly to your bank may seem convenient, but it may not always get you the best deal. A mortgage broker compares multiple lenders to find the most competitive rates and terms, factoring in processing fees, valuation fees, and insurance costs—not just the interest rate. If one bank declines your application, a broker can explore other options.
Let our expert team at Luxuro Living help you secure the best mortgage solution tailored to your needs.
- UAE Nationals: Minimum 15% down payment
- Expat Residents: Minimum 20% down payment
- Non-Residents: Minimum 40% down payment
- For properties over AED 5 million: An additional 5% is required
Requirements may vary based on the lender’s policies and individual circumstances. Contact Luxuro Living for expert guidance on securing the best mortgage for your property.
Yes, non-residents can secure a mortgage in the UAE without living or working here. While interest rates and loan-to-value ratios may differ from those offered to residents and nationals, purchasing property as a non-resident is entirely possible.
For expert guidance on the best mortgage options available, contact Luxuro Living today.
A pre-approval is an initial assessment of your financial situation, resulting in a letter or email confirming your eligibility for a specified amount (subject to property valuation). A pre-approval lasts between 30 to 60 days from issuance, depending on the lender.
In the UAE, you can typically borrow up to 7 times your fixed income, with monthly repayments not exceeding 50% of your salary. However, factors like your credit profile, existing loans, credit cards, and other financial commitments can impact this amount.
For a precise assessment of your borrowing capacity, consult our expert mortgage brokers at Luxuro Living.
