Mortgages in Dubai: A Guide for Expats and Residents

Who Can Get a Mortgage in Dubai?\n\nBoth UAE residents and non-residents can obtain mortgages from Dubai banks. The terms differ:\n\n- UAE residents: Up to 80% LTV for properties under AED 5M (first property), 70% above AED 5M.\n- Non-residents: Typically 50-65% LTV, depending on the bank and property type.\n\n## Maximum Loan-to-Value (LTV)\n\n| Buyer Type | Property < AED 5M | Property > AED 5M |\n|------------|-----------------|-------------------|\n| UAE Resident (1st property) | 80% | 70% |\n| UAE Resident (2nd+ property) | 60% | 60% |\n| Non-Resident | 50-65% | 50% |\n\n## Interest Rates (2024)\n\n- Fixed: 4.5% - 6.5% for 1-5 years, then variable\n- Variable: EIBOR + 1.5% - 3% margin (currently 5.5% - 7%)\n- Discounted: Some banks offer introductory rates 1-2% below standard for the first year.\n\n## Maximum Tenure\n\n- 25 years or age 70 at maturity (whichever is shorter) for residents\n- 15-25 years for non-residents\n\n## Required Documents\n\n- Passport and visa copy\n- Salary certificate (for employed) or audited financials (for self-employed)\n- Bank statements (3-6 months)\n- Property valuation report\n- NOC from developer (for ready properties)\n\n## Pre-Approval\n\nGetting pre-approved before viewing properties is recommended. It takes 5-7 days and gives you a clear budget. Most banks issue pre-approval valid for 60 days.