- In order to get a mortgage in UAE, you’ll generally need to follow these steps:
- ♦ Decide if you want to use a mortgage broker to explore your options for a mortgage or deal with the banks directly – Mortgage Brokers usually deal with a variety of banks and can provide more options with respect to the mortgage repayment and in some cases, obtain a better rate for the client as part of a promotional offer.
- ♦ Choose a mortgage option provided by the bank or the mortgage broker that suits your needs
- ♦ Hand over the paperwork requested to get a finance pre-approval, which is sometimes called a mortgage offer in principle. Your bank will give you a letter confirming what they will lend you
- ♦ Find a property within your budget and agree on a purchase price with the seller
- ♦ Pay your deposit to secure the sale and agree on a completion date
- ♦ Provide any additional documentation needed to confirm your mortgage, including searches on the specific property you have chosen
- ♦ Ensure that there are enough funds in the account to cover the additional costs such as the bank and land department fees and charges.
- ♦ Once the Sale is processed, obtain the title deed and other relevant documents to the property and proceed to enjoy your new property.
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