Start the mortgage process by talking to a qualified mortgage advisor from a reputable firm. This will help you choose the right mortgage with consideration for factors like life insurance, property insurance, and Loan to Value. Working with a large mortgage brokerage firm that partners with many banks in UAE will save you time and money.
After choosing a bank, submit your documents to your advisor/bank for pre-approval. A pre-approval is a bank statement of your creditworthiness and outlines the basic mortgage terms like loan amount, LTV, interest rates, etc. Obtain pre-approval before buying property to know your budget and have a smoother process. Pre-approvals are valid for 60 days.
After signing the MOU, the bank will have the property valued by a third-party valuer to determine its fair market value. The valuation report will help the bank determine the loan amount, and if the valuation is lower than the MOU price, the buyer must cover the difference. Valuations are valid for 45 days.
The bank will issue a final approval letter outlining the formal terms of financing. Your mortgage advisor will help review this document.
After signing the final approval letter, deposit your funds into the bank account set up in your name. The bank will then issue manager’s checks to relevant parties (seller, developer, etc.).
When all manager’s checks are issued, the bank will schedule the transfer of the property at Dubai Land Department (DLD).
After completing all formalities and payments at the DLD, a new title deed will be issued, making you a property owner! Our mortgage advisors are ready to help you find the best mortgage solution with the best rates. Get a pre-approval from a bank within days.