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Understand These Mortgage Facts – Frequently Asked Questions

As per central bank law, 75% of property value can be financed for expats whereas 80% of property value can be financed for UAE nationals. However, we suggest getting Pre-approval from the bank so that you can know exact amount you are eligible for.
Preapproval fees is nominal and varies from bank to bank.
Once all the required documents are received, it takes 3-7 working days. Its valid from 30-90 days, varies from bank to bank.

The following are indicative costs associated with property purchase.

  • Real Estate Broker Commission - 2% of property purchase price (indicative).
  • Land Department Transfer Charge - 4% of property purchase price
  • Land Department Mortgage Registration - 0.25% of the Finance Value+290
  • Real estate Trustee fees – AED 4200
  • Developer NOC Cost - varies from Developer to Developer
  • Banks Processing Fee – Nil to 1% of Finance Value (varies from bank to bank)
  • Property Valuation Fee – AED 2500 to AED 3150 (varies from bank to bank)
  • Life Insurance Cost - To be indicated by the insurance provider
  • Property Insurance - To be indicated by the insurance provider

5% VAT is applicable on above costs.

Yes, a few banks finance property purchase costs.
Reduce or close credit cards, especially those you do not use. Contact us for more information.
As per Central bank guidelines, maximum tenure is 25 years where age not exceeding, 65 years for salaried and 70 years for self-employed.
As per Central bank guidelines, early payment attracts 1% of prepayment amount not exceeding AED 10000. However, a few banks offer free early settlement up to 50% of outstanding amount.
At the time of signing mortgage, Life insurance covering death and PTD (permanent total disability) is charged by the banks. to cover outstanding loan amount.
From signing of MOU to property transfer at Dubai Land Department, the mortgage process takes from 30 – 60 days depending on the complexity of transaction.