Being prolific financial consultants, we always suggest our clients get pre-approval from the respective banks based on their eligibility criteria, apart from that, a UAE national can get up to 80% of the finance, and a non-UAE national will get up to 75%.

There is no fixed cost for pre-approvals, and it varies from bank to bank.

It usually takes 3-7 working days for any bank to issue a pre-approval by verifying the submitted documents, and the average validity period is 30-90 days (since every bank has its validity period).

There are various costs associated with a property purchase in Dubai, and we have listed everything here for our clients’ clarity:

• First comes the real estate broker commission, which incurs 2% of the property’s price.
• 4% of the property’s price needs to get paid as Land Department Transfer charge.
• A 0.25% of the purchase value-added with 290 should be for Land Department Mortgage Registration.
• An AED 4200 will get collected for real estate trustee fees.
• There is a separate NOC cost for developers, and it is variable according to the involved developer.
• A maximum of 1% charge will get imposed over the property price as a bank processing fee, and it again varies according to the bank.
• Around 2500 to 3150 Dirhams need to get paid as property valuation fee to the bank (value ranges based on the bank).
• Life insurance costs and property insurance will get indicated by the insurance provider.
• Above all, 5% of VAT needs to be paid based on the property’s price.

There are few banks in UAE that provide finance for property purchase costs.

There are various methods to improve your chances to get more loan amount, and it can be finalized based on your profile, one common approach is to close your non-usable credit cards.

The maximum tenure will be 25 years (central bank guidelines), and in terms of age, it is 65 years for salaried individuals and 70 for self-employed professionals.

According to the guidelines of the central bank, one per cent will get attracted for early payment, which is not more than 10000 AED, and few other banks offer a free settlement of 50% of the outstanding amount.

The outstanding loan amount will be covered when death occurs and also during the case of disability under the term PTD (Permanent Total Disability).

The duration purely depends on the complexity of the transaction involved in the mortgage process and it takes an average of 30-60 days.