Home & Mortgage Loan Eligibility in UAE - Check Eligibility Criteria for home loan & mortgage loan in UAE If you want to apply for home & mortgage loan in UAE.
Best Home Loans to buy your dream home
T&C Apply
Get Home & Mortgage loan at Lowest Interest Rate
A home loan or mortgage loan is a type of loan provided by a financial institution or a recognised lender to help you finance your purchase or renovation of your home. Also referred to as home finance, home loans in UAE have become popular choices for house financing as they allow customers to make affordable repayments and live without compromising other expenditures.
Whether you are an ex-pat or a local, a home loan can be advantageous while purchasing any property or residential place in the UAE. And while you will be aware of the concepts like interest rate, monthly installments, and so on, several other factors come into play when availing of a loan from any financial institution. This is especially the case for ex-pats, who can discover various mortgage loans in the UAE along with numerous distinct conditions.
As mentioned earlier, there are multiple types of mortgage loans or home loans in UAE that are highlighted in detail below.
Listed below are the key features of home loans offered to ex-pats and non-residents in UAE:
For an ex-pat, banks have laid down exclusive criteria for availing of a home loan in UAE. The criteria, while depending on the bank, generally include:
Besides the above-mentioned list, ex-pats may also need to pay approximately 20-25% of the total purchase value as a down payment to avail of the mortgage loan in UAE. Similarly, some other fees that may be levied on ex-pat applicants include 25% of the mortgage registration fee, 4% transfer fee, valuation fee, 2% commission for the property, and so on.
Affordability is a critical determining element for loan qualification all around the world. In various nations around the world, you must demonstrate that your total debt instalments do not exceed 35% of your entire income.
Residents in the UAE have the choice of obtaining loans for their properties through a variety of methods. While one can always enquire with a commercial bank to verify their specified terms and required documents for granting a mortgage or loan, given below are some commonly requested documents while applying for the loan.
Following are some home loans offered by the leading banks in UAE:
Bank Name |
Minimum Salary |
Monthly Payment |
Down Payment |
Flat Rate |
---|---|---|---|---|
ADIB - Home Finance for Expats |
AED 15,000 |
AED 7,631 |
25% |
2.06% |
Dubai Islamic Bank - Al Islami Home Finance for Expats |
AED 12,000 |
AED 7,440 |
25% |
1.79% |
Emirates NBD Mortagage - Expatriates |
AED 10,000 |
AED 8,044 |
25% |
2.63% |
FAB - Islamic Home Finance |
AED 15,000 |
Not Availanle |
10% |
N/A |
Emirates Islamic |
AED 15,000 |
Not Available |
25% |
N/A |
Features of ADIB Home Finance for Expats
Features of DIB Al Islami Home Finance for Expats
Features of Emirates NBD Mortagege - Expatriates
Features of FAB Islamic Home Finance
Features of Emirates Islamic Home Finance
In the UAE, you can register for a home loan both offline and online. Here are the steps to be followed to get a home loan in the UAE as an ex-pat.
Apply Online for Home Loan for Expats
Apply Offline for Home Loan for Expats
As an expatriate, you can easily obtain a home or mortgage loan from the several types of home mortgages available in the UAE like fixed-rate mortgage loans, variable-rate mortgages, offset loans, capped rate mortgages, etc. A high principal amount, transfer facility, and others are among the top advantages of a property loan in the UAE.
If you discover a home loan of your liking, you can easily apply for it on our website, the provider’s website, or at the nearest bank branch. Just make sure that you enter all the required information correctly and have your documents ready while applying for the mortgage loan, as any incorrect details may result in a rejection.
With a co-borrower, fulfilling the home loan qualifying criteria is easier. When it comes to home loans, age is a major factor. If you have a co-borrower on board, the lending institution could be more lenient with the age requirement.
Generally, the larger the loan amount, the more the down payment. Non-residents in the UAE are usually asked to pay at least a 20% down payment for houses worth less than AED 5 million, while a 30% can be asked if the amount is above AED 5 million.
Expats in Dubai can get approximately AED 10 million in housing loans. However, the actual amount approved can depend on other factors like your age, financial and occupational status, nationality, etc. You can always contact your bank to know more about the actual home loan amount you can avail of.
The fixed-rate traditional mortgage is one of the most popular housing loans in the UAE.