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Mortgage Refinancing in the UAE
By refinancing mortgages in the UAE, property owners can move their mortgage from one bank to another to take advantage of low interest rates and other benefits.
Homeowners often face higher interest rates once their fixed rate expires. Refinancing gives you a chance to lower the monthly payment or modify the loan based on current conditions.
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Eligibility
Check Your Eligibility
If your mortgage rate is going to a variable rate or you are paying more interest compared to market rates, then you can benefit from mortgage refinancing.
The eligibility assessment will give a determination of whether moving banks could benefit you.
What is Mortgage Refinancing
Mortgage refinancing, otherwise called a buyout, involves moving your mortgage from one bank to another. In essence, the new bank takes care of your outstanding balance, issuing a new mortgage with new terms. With mortgage refinancing, you can:
- Lower your interest rates
- Decrease your monthly payments
- Modify your loan structure
- Benefit from new bank offers
Mortgage financing is not available for off-plan properties during construction.
Expats' Borrowing Limit
Mortgage borrowing for expats is governed by UAE Central Bank guidelines.
for properties below
AED 5 million
80 %
Up to
for properties above
AED 5 million
70 %
Up to
Eligible Property Types
Expats can borrow for
Off-plan Properties are not eligible for mortgages.
Income and Eligibility Requirements
Banks assess:
- Salary or business income
- Employment stability
- Debt Burden Ratio (maximum 50%)
- Credit history
Higher income and lower liabilities improve approval chances.
Maximum Debt-Burden Ratio
DBR Cap
0%
OF INCOME
Documents Required
Typical documents include
Self-employed applicants require additional financial documents.
Mortgage Process for Expats
The Mortgage borrowing process usually includes the following steps
Common Mistakes to avoid
Expats encounter delays in mortgages because of
Proper Planning avoids all these problems.
Why Choose Prime Rate Hub
More Choices. Structured Process. Streamlined Experience
Mortgage brokers assist expats in comparing several banks and structuring their mortgages appropriately
Single application form. Several bank options to choose from.
Assisting in structuring the correct mortgage according to income and other factors.
From pre-qualification to valuation and final offer, we will assist until property transfer.
Advising clients in handing over finances, equity release, buyout, and other tricky situations.
Get a Better Mortgage Structure
If your current mortgage is no longer competitive, refinancing may provide a more efficient solution.
Review your mortgage regularly to avoid overpaying.
We work with the top banks in UAE
Questions
Most Frequently Asked Questions
What is mortgage refinancing in the UAE?
The procedure of moving your mortgage from one bank to another to get better terms.
When should I refinance my mortgage?
When your fixed rate ends, you get a higher rate, or there are better rates in the market.
Can I refinance my mortgage before the end of the fixed period?
Yes, but early settlement charges might be applicable.
How much does mortgage refinancing cost?
Settlement costs, appraisal fees, processing fees, and mortgage registration costs.
Can I lower my monthly payments using mortgage refinancing?
Yes, depending on the new rate and the mortgage setup.
Can I withdraw cash from mortgage refinancing?
Yes, if done as a combined refinancing and equity release.
How long does mortgage refinancing take?
It normally takes 3 to 6 weeks depending on the case.
Do I need to change banks to refinance my mortgage?
Yes, since mortgage refinancing requires transferring the mortgage to another bank.