Who can apply for a mortgage?
Mortgage Services are open to all eligible UAE residents (Nationals and Expatriates) and non-residents.
What is the minimum salary requirement?
Subject to each bank's terms & conditions
Do I need to transfer my salary to the bank providing me the mortgage?
No, you don't need to transfer your salary to the bank issuing you a mortgage.
How do I apply for mortgage?
It's very easy, all you have to do is visit Property Shop and we will do all the needful to connect you with a bank that provides you with mortgage as per your requirements.
Is there a minimum age prerequisite?
The minimum age criterion for UAE residents (Nationals/Expatriates) is 21 years or older whereas for Non-residents it is 25 years or more.
What is the interest rate?
Each bank has a different rate; Property Shop is responsible of putting you in connection with the most convenient banks. Apply Now.
Do I require any insurance when applying to a mortgage?
Yes, life and property insurance are required when applying to a mortgage.
How much would my down payment need to be?
Depending on the financial profile of the applicant, a minimum down payment of 10% of the total value is generally required.
When do I start my monthly payments?
Its generally depending on the status of the property, if a handed over property then you can start immediately, if an under construction property, you can start on handing over.
Can I apply jointly?
Yes, but you need to provide proof of first blood relation.
What are the differences between: Borrower, Applicant, Co-borrower and co-applicant?
Borrower: someone who attains or receives a loan with undertaking to return it and its equivalent.
Applicant: a person whom is seeking admission or assistance for mortgage
Co-borrower: a second borrower who signs the promissory note for a mortgage loan along with the primary borrower.
Can I apply with my friends?
No, you can't if you don't have legal documents to proof the first blood relation or marriage.
If the co-applicant is not working, can he/she apply with me for a mortgage?
Yes, subject to the borrower s principal financials.
Can I register the property under my company name based on my personal financials?
No, this is not possible.
Under which name the property and mortgage should be registered if the person is self employed?
It should be under the person s name.