Mortgage guide: Dubai MORTGAGES
54 | DUBAI
With Dubai’s property market fi nally stabilising, many investors are turning their eyes back to the emirate. So, what does it take to get a mortgage?
What is the lending criteria?
This depends on the individual mortgage provider, however typical lender requirements for Dubai mortgages can be found below:
Affordability requirements:
50% of your net monthly income must be able to support any existing lending commitments and the proposed mortgage. Income from future rents cannot be taken into account.
Employment history: Minimum 6 months required.
Self employed history: Minimum 2 years audited accounts required.
Country/regions accepted: Dubai, Abu Dhabi and Ras Al Khaimer.
Property types accepted: Fully built apartments and villas. Applicants accepted: individuals only. All nationalities considered except those affected by international sanctions.
Further information
Currency options for mortgage payments: AED only. Some lenders will require you to take out a life cover policy or open up a bank account with them in order to make the mortgage payments. Securing a mortgage offer can typically take between 2-3 months.
The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 diff erent countries around the world. See
www.connectoverseas.co.uk. They can be contacted by email at
info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.
What evidence does a buyer need to provide?
This depends on the individual mortgage provider, however document requirements for Dubai mortgages usually include: • Copy of passport • Copy of utility bill • Copy of last 6 months’ payslips and last two years’ tax returns • Copy of last 6 months’ bank statements • Copy of loan statements for last 12 months • Evidence of deposit used to buy the property • Copy of full credit report • Copy of last year’s mortgage statement on all properties owned • Copy of tenancy agreements for buy to let properties, as well as bank statements to provide evidence any rental income • Employer’s reference
Editor’s note:
This guide was produced on 23/11/2012 The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/infozone/mortgages
www.opp-connect.com | DEC 2012/JAN 2013
View from the top of the world| The top view over Dubai from the highest tower in the world, Burj Khalifa (828 metres) is certainly an eye-opener
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