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Frequently Asked Questions:

As a general guideline, banks often calculate the borrowing limit at around 7 times the annual salary of the applicant. However, this can vary significantly depending on the specific policies of the bank. The total amount a customer can borrow is also influenced by existing financial commitments such as loans, credit card balances, and other liabilities. These factors collectively determine the maximum loan amount available to an individual.

Interest rates can vary significantly from one bank to another and are heavily influenced by the customer’s individual profile. Factors such as whether the customer is salaried or self-employed play a crucial role in determining the rates offered. Banks assess each borrower’s creditworthiness, income stability, credit history, and overall financial situation before determining the interest rate. Therefore, it’s essential for borrowers to compare offers from different banks to find the most favorable rates and terms based on their specific circumstances.

For non-residents seeking financing, the maximum loan-to-value (LTV) available typically caps at 60%. Interest rates start from 3.89% for a 3-year fixed term. These rates are subject to individual client profiling, including factors such as credit history and financial stability. It’s advisable for potential borrowers to consult with lenders directly to obtain precise terms and conditions tailored to their specific situation.

For first-time buyers:

Expat residents typically require a 20% deposit.
UAE nationals usually need a 15% deposit.

For second-time buyers:

Expat residents typically need a 40% deposit.
UAE nationals typically need a 35% deposit.

Exceptions apply:

Some banks allow second-time buyers to qualify for a lower deposit (20% for expats and 15% for UAE nationals) if their existing mortgage is under 60% Loan-to-Value (LTV).

For Salaried Applicants:

ID Documents: Valid identification documents (passport, Emirates ID, etc.).
Salary Certificate: Document from employer confirming monthly salary and other benefits.
6 Months’ Payslips: Recent payslips showing income received over the past six months.
6 Months’ Bank Statements: Personal bank statements for the last six months to verify regular income and financial transactions.
Details of Existing Liabilities: Information on any current loans, credit cards, or other financial obligations.

For Self-Employed Applicants:

ID Documents: Valid identification documents (passport, Emirates ID, etc.).
Company Documents: Includes trade license, incorporation documents, memorandum of association, shareholders’ certificate, and company profile to verify business ownership and legal standing.
Audited Accounts and/or 12 Months Business Bank Statements: Audited financial statements or 12 months’ business bank statements to demonstrate business income and financial health.
6 Months’ Personal Bank Statements: Personal bank statements for the last six months to assess personal finances and income stability.
Details of Existing Liabilities: Information on any existing loans, credit facilities, or liabilities held by the applicant personally or by the business.

Typically, the process for mortgage or loan applications varies among banks, but here’s a general timeline:

Initial Observations and Requests: Banks usually respond with initial feedback or requests for additional documents within 2 working days of receiving the application.
Submission of Additional Documents or Clarifications: Once any additional documents are provided or questions addressed, the turnaround time to receive a pre-approval is typically between 5-7 working days.

It’s important to note that these timelines can vary depending on the complexity of the application, the responsiveness of the applicant in providing required documents, and the specific processes of the bank involved. Applicants should be prepared to promptly provide all requested information to expedite the approval process.