Buying a property in the UAE is an exciting milestone, whether you’re a resident looking for your first home or an investor seeking long-term gains. But navigating the mortgage process can be overwhelming if you’re not familiar with how the system works here.
At Elite Service Group, we work with first-time buyers, expats, and seasoned investors to simplify every step of the mortgage journey. In this guide, we’ll break down exactly what you need to know before applying for a mortgage in the UAE, from eligibility and documents to approval and repayment terms.
Who Can Get a Mortgage in the UAE?
The UAE mortgage market is open to:
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UAE Nationals
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Expats who live and work in the UAE
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Non-resident investors (limited to select banks and higher down payments)
Your eligibility will depend on your residency status, income, age, credit history, and the type of property you’re buying.
Types of Mortgages Available
There are two main types of mortgages available in the UAE:
Fixed-Rate Mortgage
You pay a fixed interest rate for a set period (usually 1 to 5 years). This provides stability in your monthly payments, which is great for budgeting. However, after the fixed period ends, the rate often shifts to a variable rate.
Variable-Rate Mortgage
Your interest rate is tied to the Emirates Interbank Offered Rate (EIBOR), which can rise or fall. While this option can offer lower starting rates, it comes with more risk due to potential fluctuations.
Elite Service Group helps you compare the best fixed and variable mortgage products across leading banks in the UAE to find one that matches your risk appetite and goals.
Mortgage Eligibility Criteria
Before you apply, it’s good to know what banks typically look for:
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Age: Must be between 21 and 65 (some banks allow 70 for final payment age)
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Minimum Monthly Income: Usually AED 10,000 for residents and AED 25,000 for non-residents
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Employment: Minimum 1-6 months of employment or one year of business activity for self-employed
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Credit Score: A healthy credit report from Al Etihad Credit Bureau (AECB) is essential
Your debt burden ratio (DBR) should not exceed 50%. That means your existing loan or credit card payments plus your new mortgage repayment cannot be more than half your monthly income.
Required Down Payments
The UAE Central Bank mandates minimum down payments based on the property value and residency status:
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UAE Residents:
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20% for properties under AED 5 million
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30% for properties above AED 5 million
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Non-Residents:
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Minimum 40% down payment
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Down payments must be paid from your own funds and cannot be financed through loans or credit.
Documents You’ll Need
To apply for a mortgage in the UAE, prepare the following:
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Passport copy
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Visa copy (If resident)
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Emirates ID (If resident)
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Salary certificate or proof of income
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Bank Statements (Usually Last 6 Months)
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Payslips (Usually Last 6 Months)
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Self-employed individuals may also need trade licences, audited financials, and tenancy contracts.
The Mortgage Pre-Approval Process
Getting pre-approved is a smart first step. It tells you exactly how much you can borrow before you go house hunting. This not only saves time but makes you a stronger buyer in the eyes of sellers.
A pre-approval typically lasts 60 to 90 days and involves a soft credit check, income verification, and evaluation of your financials. Elite Service Group can help you fast-track this process by managing the paperwork and liaising directly with lenders.
Mortgage Term and Repayment Options
Mortgage tenures in the UAE typically range from 5 to 25 years.
Repayments are made monthly and include both principal and interest. Some mortgages also include life or property insurance, which can be bundled into your monthly instalments.
Early settlement or partial payment is possible but often comes with a 1% fee of the outstanding balance. Always check the terms before signing.
Can You Get a Mortgage for Off-Plan Property?
Yes, but it depends on the developer and whether the bank is financing that specific project. Typically, off-plan property buyers pay the developer in stages, and the mortgage kicks in closer to handover.
Some banks offer post-handover payment plans, while others require you to start paying immediately after the property is ready.
At Elite Service Group, we liaise with developers and banks to secure pre-approvals for off-plan projects, ensuring you stay financially prepared throughout the construction timeline.
Refinancing Your Existing Mortgage
If you already have a mortgage but want to take advantage of better rates or free up capital, refinancing is an option.
This involves switching your loan to another bank or renegotiating terms with your current lender. Reasons to refinance include:
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Lower interest rates
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Better repayment terms
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Releasing equity from the property
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Switching from variable to fixed rates (or vice versa)
Refinancing can come with processing fees and early settlement charges, so it’s important to weigh the costs and benefits.
Choosing the Right Mortgage Partner
With dozens of lenders and hundreds of mortgage products on the market, choosing the right one can feel overwhelming. That’s where working with a mortgage advisor makes a real difference.
At ESG, we:
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Compare the best rates across major UAE banks
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Handle all paperwork, applications, and follow-ups
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Advise you on repayment strategies and financial planning
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Support you through pre-approval to property handover
Whether you’re buying your first home, investing in a rental property, or looking to refinance, we ensure your mortgage process is smooth, transparent, and fully compliant.
Ready to Get Started?
Take the first step towards owning your dream home or securing your next investment—without the stress. At Elite Service Group, our mortgage experts are ready to guide you through every stage, from pre-approval to final handover. Get in touch today for a free consultation and discover how simple the process can be.