When considering how to determine mortgage affordability, it’s important to note that various banks may employ slightly different calculations. As a general guideline, most banks typically consider only 50% of your monthly income in this assessment. From this 50%, they will subtract any existing credit commitments you may have, such as car loans, personal loans, and approximately 5% of all your credit card limits, to establish your maximum affordability.
A stress test is then conducted by applying an interest stress rate, which varies between 3.5% to 8% depending on the specific bank. The purpose of this stress test is to ensure that you would still be capable of meeting your mortgage repayments even if interest rates were to increase to the specified test level.

You have the option to acquire an insurance policy that provides coverage if you are unable to meet your mortgage payments due to accident, illness, or unemployment, which may include redundancy. Unlike the life insurance mandated for obtaining a mortgage in the UAE, this specific policy is not offered by your bank during the mortgage application process. To arrange this type of coverage, you’ll need to consult with an insurance advisor. If you’re interested, we can connect you with insurance advisors for further assistance.

Certainly, a property can be jointly applied for by a husband and wife, even if one of them is not currently employed. The key consideration is the ability of the applicants to demonstrate their capacity to repay the home loan.

Certainly. Life insurance is a prerequisite for any mortgage in the UAE. Typically, the bank providing the funds for your property acquisition will insist on your enrollment in their in-house life insurance policy as a condition for the mortgage approval. However, we have secured exclusive arrangements with several banks, allowing you the option to opt for an external life insurance policy. This alternative choice could potentially lead to approximately a 50% reduction in costs compared to the bank’s in-house life insurance policy.

Certainly! Without a doubt, banks exhibit varying preferences for employed and self-employed applications. With our extensive experience in assisting self-employed clients, we are well-acquainted with the banks that view these applicants favorably.

Typically, the minimum age requirement is 21, while the maximum mortgage term extends until the age of 65 for employed expatriates or 70 for UAE nationals and self-employed expatriates.

Certainly, obtaining a mortgage in the UAE as a non-resident is a relatively straightforward process. If you are a non-resident seeking a mortgage in Dubai, Abu Dhabi, or any other Emirate, we will need three months’ worth of bank statements to verify affordability, along with a copy of your passport.

Certainly! Without a doubt, as an expatriate making your initial property purchase, you can borrow up to 75% of the property value for properties below AED 5 million. However, for properties exceeding AED 5 million, expatriates have the option to borrow up to 65% of the property value

Almost anyone can secure a mortgage in the UAE, provided they can substantiate their income. Income sources may include salary, commission, and rental income. Feel free to reach out to one of our mortgage brokers to discuss your individual circumstances.

Certainly. Upon leaving the UAE, you have the option to retain the property for buy-to-let purposes. The primary concern for most banks is that you continue meeting your mortgage repayments and avoid falling into arrears.