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In Dubai, your borrowing limit for a mortgage is usually determined by two main factors: your annual income and your total liabilities. The maximum mortgage amount can be up to seven times your annual income depending on your case, and your total monthly liability repayments, including the mortgage, should not exceed 50% of your monthly income.

As of 2024 mortgage interest rates in the UAE generally range from 2.5% to 4.5%, depending on the type of mortgage, the borrower’s financial profile, and the lender or bank. The rates can vary significantly between fixed-rate and variable-rate mortgages - you can learn more about these two terms in our mortgage guide. 

To apply for a mortgage in Dubai you’ll need a few documents, including a copy of your passport, visa, and Emirates ID, a salary certificate, proof of residence (such as a tenancy contract or DEWA bill), and bank statements for the past six months. Additional documents like credit card statements may also be required.

Pre-approval is a bank's pledge that they are happy to lend to you based on certain criteria. The amount of time it takes to get pre-approved varies from a couple of days to a few weeks (usually if you’re self employed). Documents like wage slips, bank statements, and letters from employers are usually submitted and background checks are undertaken by the bank.

The time it takes to get pre-approval typically ranges from 3 to 5 working days for salaried individuals and up to 7 to 10 working days for business owners. Keep in mind the timeframe can vary depending on the lender and whether or not your documentation is complete.

That’s not a problem. If you find your ideal property before getting a mortgage, we can work on the financial applications quickly so that you don’t miss out on the opportunity.