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Frequently Asked Questions

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Your borrowing limit is typically calculated at 7x your annual salary. However, this can vary depending on the bank’s policies and whether you have other existing loans or liabilities.
While processing times vary, you can expect initial feedback within 2 working days. After submitting any required documents, the final pre-approval is typically granted within 5-7 working days.

Yes, mortgage protection insurance is often required by lenders in the UAE, particularly for expats. This insurance typically covers the outstanding mortgage balance in case of unforeseen circumstances such as death or disability.

Yes, first-time homebuyers in the UAE can apply for a mortgage, and in fact, they may even benefit from lower down payment requirements, especially if they are UAE nationals. However, expats may face higher down payments depending on their residency status and financial profile.

Yes, you can remortgage your property in the UAE if you are looking to refinance your mortgage, switch lenders, or access additional funds. It’s essential to assess the current value of the property and ensure that the terms of the new mortgage are suitable for your financial situation.

Rates vary between banks, based on your profile, whether you’re salaried or self-employed, and the bank’s internal policies. Our team ensures you get the most competitive rates tailored to your profile.
Yes! Non-residents can access financing, though their maximum loan-to-value (LTV) is typically 60%. Rates for non-residents start from around 3.89% for a 3-year fixed rate, subject to profiling.

For first-time buyers:

  • Expat residents: 20%
  • UAE nationals: 15%
  • For second-time buyers
  • Expat residents: 40%
  • UAE nationals: 35%

Some banks offer exceptions, such as reducing deposit requirements for second-time buyers if their current mortgage is below 60% LTV.

For salaried applicants:

 

  • ID documents
  • Salary certificate
  • 6 months’ payslips
  • 6 months’ bank statements
  • Details of existing liabilities

 

For self-employed applicants:

 

  • ID documents
  • Company documents (trade license, company profile, etc.)
  • Audited accounts or 12 months of business bank statements
  • 6 months of personal bank statements
  • Details of existing liabilities
Yes, you can use a mortgage to finance a property in a freehold zone. However, it is important to ensure that the property is eligible for foreign ownership. Not all areas in the UAE allow for foreign ownership, so confirming this with your lender and Razbar Properties is important.

Yes, many banks in the UAE allow early repayment of a mortgage, but be aware that some lenders may impose early repayment penalties, especially if you pay off the loan before a certain period. Always check the terms with your bank before making early repayments.

If you miss a mortgage payment, banks in the UAE may impose late payment fees and interest. Consistent missed payments may lead to a reduction in your credit score, and the bank may take legal action to recover the amount owed, including the possibility of foreclosure.

Have a question? Our team is happy to assist you

00971 50 4022 861