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SERVICES details

Home loan

Home loan

🏠 Home Loan Process

A home loan helps you finance the purchase of property by spreading the cost over monthly installments. Below is the typical process to secure a home loan:

1. Eligibility Check

  • Meet bank criteria such as minimum income, age, and credit score

  • Typical minimum income: AED 10,000/month for expats, AED 5,000/month for UAE nationals

  • Age usually between 21 and 65 years at loan maturity

2. Pre-Approval

  • Apply for pre-approval with your chosen bank

  • Bank assesses your financial situation to determine your borrowing capacity

  • Pre-approval helps set your budget for house hunting

3. Property Selection

  • Choose a property within the UAE (new or under construction) that fits your pre-approved budget

4. Submit Home Loan Application

  • Submit the official loan application with the selected property details

  • Provide required supporting documents (see below)

5. Valuation & Property Appraisal

  • Bank arranges for property valuation to assess market value

  • Ensures property meets lending criteria

6. Approval & Offer Letter

  • Bank issues a formal loan offer detailing amount, interest rate, terms, and fees

7. Sign the Agreement

  • Review and sign the loan agreement

  • Loan amount disbursed to seller or developer

8. Disbursement & Completion

  • Funds transferred to seller/developer

  • Begin monthly mortgage repayments as per agreement

đź“„ Documentation Requirements

For UAE Nationals

  1. Emirates ID (valid copy)

  2. Passport copy

  3. Residence visa copy (if applicable)

  4. Salary certificate (employment status, salary, duration)

  5. Bank statements (last 3–6 months)

  6. Title deed/property ownership documents

  7. Proof of additional income (if any)

  8. Self-employed documents (trade license, financial statements), if applicable

For Expats

  1. Emirates ID (valid copy)

  2. Passport copy with UAE visa page

  3. Valid UAE residency visa

  4. Salary certificate

  5. Bank statements (last 3–6 months)

  6. Title deed/property documents

  7. Proof of additional income (if applicable)

  8. Self-employed documents (trade license, audited financials), if applicable

Additional Documents (If Applicable)

  • Independent property appraisal report

  • Marriage certificate (for joint applications)

  • Credit report from Al Etihad Credit Bureau (AECB)

  • Proof of down payment/deposit

🔑 Key Considerations

  • Loan-to-Value (LTV) Ratio: Typically up to 80% for expats, 85% for UAE nationals

  • Interest Rates: Fixed or variable; choose based on your financial goals

  • Loan Tenure: Usually 15 to 25 years

  • Early Repayment Fees: May apply; check loan terms carefully

âť“ Frequently Asked Questions (FAQs)

  1. How much can I borrow?
    Up to 80% (expats) or 85% (UAE nationals) of the property value, depending on income and credit.

  2. Minimum income requirement?
    AED 10,000/month for expats; AED 5,000/month for UAE nationals.

  3. Can self-employed apply?
    Yes, but additional documents like trade license, financials, and tax returns are required.

  4. Are there extra fees?
    Yes, including processing fees, valuation fees, and insurance premiums—confirm before applying.