How Does a Mortgage Loan Work in UAE?

Expats living in UAE never consider the country anything less than their own home; many even purchase properties here. Though majority of the deals pertaining to property buying are done through cash, mortgage loans offered by national and multi-national banks prove to be of great help in procuring the funds needed to acquire that dream corner in this amazing country.


The first step to getting a mortgage loan is to find a bank that suits your need. Once you’ve shortlisted the bank, follow the steps below for a smooth loan approval process.

Filing the application

This involves sharing the necessary personal information along with income type (salaried or self-employed), property details, funds available, etc.


You would need to give a copy of all your ID proofs, income proofs, number of dependents, asset declaration and list of liabilities.

Selecting the loan type

Based on the information and documents furnished by you, the concerned bank will offer multiple kinds of mortgage loans. It’s solely your choice, which one you would want to go for.

Applying for the loan

Once you have decided which mortgage loan you need, you will have to fill in the necessary forms and applications.


After evaluating your personal details, financial status and documents, the bank will hand over a pre-approval letter to you. This usually takes 2-5 working days from the date of application.

Final offer from bank

The bank then evaluates the property in question and finalizes a property value with the help of a third party expert.

Final transfer of money

After you accept the bank’s offer, the final transfer of the approved amount takes place. With this you reach a step closer to owning your dream home.


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