Question 1

Who can apply for a mortgage in the UAE?

Accepted Answer

UAE nationals, residents with valid visas, and non-residents with stable income from salary, business, or rental sources can apply. Prime Rate Hub assists first-time buyers, investors, and overseas clients in securing competitive mortgage solutions.

Question 2

What is the minimum down payment for home finance in the UAE?

Accepted Answer

Nationals: 15% (≤ AED 5M) / 20% (> AED 5M). Expats: 20% (≤ AED 5M) / 25–30% (> AED 5M). Commercial: 30–40%. Non-residents: 40–50%. Prime Rate Hub guides clients to meet UAE Central Bank regulations while securing the best offers.

Question 3

What salary do I need to qualify for a mortgage in UAE?

Accepted Answer

Most banks require AED 10,000–15,000/month for expats and AED 8,000–10,000 for nationals. Prime Rate Hub works with lenders across Abu Dhabi and Dubai to match profiles with suitable options.

Question 4

How long does mortgage approval take in the UAE?

Accepted Answer

Pre-approval takes 2–3 days and full approval takes around 2 weeks after valuation. Prime Rate Hub helps fast-track applications across the UAE.

Question 5

Can non-residents get a mortgage in the UAE?

Accepted Answer

Yes, non-residents can qualify with 6 months’ bank statements, proof of income, passport, credit report, and a utility bill. Prime Rate Hub arranges Dubai and Abu Dhabi non-resident mortgages and assists with UAE bank accounts.

Question 6

What are the age limits for getting a mortgage in the UAE?

Accepted Answer

Minimum age is 21. Maximum is 65 for employed expats and 70 for UAE nationals and self-employed expats, depending on bank policies.

Question 7

Can self-employed individuals get a mortgage?

Accepted Answer

Yes. Many banks accept self-employed applicants with strong account statements and good credit history.

Question 8

How do banks calculate mortgage affordability?

Accepted Answer

Banks use 50% of monthly income minus debts plus a stress test. Prime Rate Hub structures finances to maximize eligibility.

Question 9

Why should I use a mortgage broker?

Accepted Answer

Mortgage brokers offer access to more banks, exclusive rates, and expert guidance. Prime Rate Hub compares UAE lenders to secure the best terms.

Question 10

What is a mortgage broker?

Accepted Answer

A licensed professional who matches borrowers with lenders and negotiates terms. Prime Rate Hub handles the entire mortgage process from application to ownership.

Question 11

Can freelancers apply for a mortgage?

Accepted Answer

Yes, freelancers can qualify with 6–12 months of bank statements and a valid trade license. Some Abu Dhabi and Dubai banks accept freelance income.

Question 12

Can I finance the down payment?

Accepted Answer

No. UAE law requires down payments to come from your own funds. Prime Rate Hub helps manage associated fees and costs.

Question 13

Do down payment rules differ for commercial properties?

Accepted Answer

Yes, commercial financing typically requires 30–40% down payment. Prime Rate Hub connects buyers with lenders for commercial projects.

Question 14

What property types are eligible for home finance?

Accepted Answer

Eligible properties include apartments, villas, townhouses, approved off-plan units, commercial buildings, and land with construction plans.

Question 15

Can I get Islamic home finance?

Accepted Answer

Yes. Shariah-compliant Murabaha and Ijara products are available for residents and non-residents. Prime Rate Hub specializes in Islamic mortgage solutions.

Question 16

Can I get a mortgage for an unfinished property?

Accepted Answer

Yes, for approved off-plan projects only. Prime Rate Hub works closely with Abu Dhabi and Dubai banks offering such financing.

Question 17

Is a UAE credit report required?

Accepted Answer

Yes, AECB for residents and home-country credit reports for non-residents. Prime Rate Hub guides clients in preparing required reports.

Question 18

Can overseas income be used for qualification?

Accepted Answer

Yes, although some banks cap overseas income at 50%. Prime Rate Hub works with lenders offering non-resident mortgages.

Question 19

Can I buy jointly with a non-spouse?

Accepted Answer

Yes, up to four co-buyers can apply jointly. Prime Rate Hub structures joint mortgages for families and business partners.

Question 20

Does Golden Visa eligibility include mortgaged properties?

Accepted Answer

Yes. Buyers qualify if at least AED 2 million equity is paid from their own funds. Prime Rate Hub assists with structuring mortgages and documentation for Golden Visa applications.

Question 21

When should I consider refinancing?

Accepted Answer

Refinancing is ideal when rates drop by 0.75% or more, or if you want to extend the term. Prime Rate Hub advises clients on optimal refinancing timing.

Question 22

Are early repayment penalties allowed?

Accepted Answer

Yes, but capped at 1% (max AED 10,000). Prime Rate Hub guides clients on the best repayment strategies.

Question 23

Can I rent out a mortgaged property?

Accepted Answer

Yes, provided payments remain up to date. Prime Rate Hub advises UAE investors on maximizing rental income.

Question 24

What’s the difference between flat rate and reducing rate?

Accepted Answer

Flat rate applies interest on the original loan, while reducing rate applies interest on the outstanding balance.

Question 25

Why do UAE banks require a security cheque?

Accepted Answer

Banks require a security cheque as a legal guarantee in case of default. Prime Rate Hub explains all legal requirements before signing.

Question 26

Can my housing allowance help my mortgage eligibility?

Accepted Answer

Yes. If listed in your employment contract, housing allowance can be added to your income.

Question 27

What is a title deed?

Accepted Answer

It is the official document that proves property ownership. Prime Rate Hub assists with the title deed process from purchase to registration.

Question 28

Can my spouse and I co-apply for a UAE home loan?

Accepted Answer

Yes. Joint applications are allowed and help maximize eligibility.

Question 29

Is life insurance mandatory for UAE mortgages?

Accepted Answer

Yes. External policies may be accepted and can be cheaper. Prime Rate Hub connects clients with lenders accepting external life insurance.

Question 30

What is an NOC in UAE property purchase?

Accepted Answer

An NOC confirms the developer has no outstanding dues. It is required before property transfer.

Question 31

What is an MOU and why do I need it?

Accepted Answer

An MOU is an agreement confirming the sale price, deposit, and terms between buyer and seller.

Question 32

What are the property purchase fees in the UAE?

Accepted Answer

Dubai: 4% transfer + 0.25% mortgage fee. Abu Dhabi: 2% transfer + 0.1% mortgage fee. Other emirates: 2–4%.

Question 33

What happens during my consultation?

Accepted Answer

Prime Rate Hub reviews eligibility, payment schedules, and documents to ensure a smooth approval process.

Question 34

Can I get a mortgage to finance my handover payment?

Accepted Answer

Yes. Prime Rate Hub arranges handover payment mortgages for residents and non-residents.

Question 35

Can my bonus be taken into account for my mortgage?

Accepted Answer

Yes. Guaranteed bonuses are usually accepted, while discretionary bonuses may also be considered.

Question 36

Can I release equity from my property as a non-resident?

Accepted Answer

Yes, non-residents can release up to 55% of the property's value. Prime Rate Hub arranges non-resident equity release mortgages.

Question 37

What documents are needed for a mortgage in the UAE?

Accepted Answer

Required documents include passport, visa, Emirates ID, salary certificate, payslips, 6 months’ bank statements, and proof of address.

Question 38

How does salary transfer vs non-salary transfer impact my mortgage?

Accepted Answer

Salary transfer mortgages may offer lower rates due to increased bank security, while non-salary transfer mortgages may have slightly higher rates.

Question 39

What is EIBOR and how can I check these rates?

Accepted Answer

EIBOR is the Emirates Interbank Offered Rate, updated daily by the UAE Central Bank. It influences variable mortgage rates.

Question 40

Why should I get pre-approved for a mortgage before looking for a property?

Accepted Answer

Yes, as long as mortgage payments remain up to date. Many overseas clients continue to hold UAE properties while living abroad.

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