FAQs

As per the provision and submission of essential documents, the duration for employed applicants is between 3-5 working days and 10 working days for self-employed professionals.
Title Deed is a document. It is registered at the land department and tells the ownership of the plot/land. If an individual purchases land/plot through mortgaging then the information will be etched as Owning The Property. The original document remains under the possession of bank until the mortgage has been repaid.
Individuals require paying different sums of fees for buying a property in Dubai. 4% real estate, 2% Mortgage registration, and 0.25% plus trustee and title deed fee must be rendered respectively. It should be kept in mind that bank charges differentiate from bank to bank.
The borrowing amount entirely depends on factors like gross income (salary), existing liabilities, and existing personal circumstances. You can enquire more details by getting in touch with mortgage consultant.
Yes, Banks acquire professional services of Al Etihad Credit Bureau that collects the data of different kinds of loans, credit card facilities, and credit score. Which helps banks to have better idea on the credit history of person. But bank seeks approval/consent from person to go through such a checks
Before starting searching for a property, you should begin to apply for the mortgage application. This would help in concluding the final deal easily.
For gaining higher amount for mortgage, it becomes essential to reduce or close the credit cards that are not used. Rest it will be as per income eligibility criteria.
Yes! A married couple can be joint applicants on a property even if one of the partners doesn’t have a fixed source of income. They must have the capability to repay the loan.
The range of property valuation cost in the UAE differs from bank to bank. Applicants must seek consultation to prevent themselves from falling in a pit.
Yes, it is essential to have life insurance for acquiring a mortgage in UAE. Most banks try offering their in-house insurance policies. It is chargeable.