<h1>HOW TO GET A MORTGAGE IN DUBAI</h1><p>Securing a mortgage in Dubai is accessible to both residents and non-residents, although the terms are notably more favorable for Emirates ID holders.</p><p>✔️ For residents, the loan amount can reach up to 80% of the housing cost, whereas non-residents might find banks financing a maximum of 50%.</p><p>❗️ Non-residents may face mortgage denial if they belong to a country not approved by the bank's list.</p><p><img src="https://pat.dubaioffplans.ae/storage/news/how-to-get-a-mortgage-in-dubai-1.jpeg" alt="HOW TO GET A MORTGAGE IN DUBAI (1)" loading="lazy"><br>&nbsp;</p><h2><span style="font-size:21px;">➤ DOWN PAYMENT</span></h2><p><br>✔️ Typically, it begins at 20% for residents and at a higher 50% threshold for non-residents.</p><h2><span style="font-size:21px;">➤ INTEREST RATES</span></h2><p><br>✔️ Fixed: Averaging at 5.2-5.3% annually for 1 to 5 years, subject to revisions based on market conditions.<br>✔️ Floating: Dependent on EIBOR (interbank lending rate) + bank margin.</p><h2><span style="font-size:21px;">➤ INCOME REQUIREMENT</span></h2><p><br>✔️ Monthly income should ideally range between $3,300 and $4,100. The monthly payment must not exceed 50% of the borrower's income.</p><h2><span style="font-size:21px;">➤ MAXIMUM LOAN TERM</span></h2><p><br>✔️ Extended to 25 years or until the applicant hits 65 (for employees) or 70 years (for entrepreneurs).</p><h2><span style="font-size:21px;">➤ MORTGAGE APPLICATION DOCUMENTS</span></h2><p><br>✔️ Application form (varies among banks)<br>✔️ For employees: Employer details + 6-month income certificate<br>✔️ For entrepreneurs: Annual audit reports + 6-month bank statement</p><h2><span style="font-size:21px;">➤ &nbsp;MORTGAGE-RELATED COSTS</span></h2><p><br>✔️ Bank application consideration fee: 0.5-1% of property value (refundable if declined)<br>✔️ Property valuation: Approximately $1,000<br>✔️ Property insurance: Ranging from 0.5% to 1% of property value<br>✔️ Borrower's life insurance: 0.3% of the loan amount<br>✔️ DLD mortgage registration: 0.25% of the loan amount</p><h2><span style="font-size:21px;">➤ PYMENT PLANS AND MORTGAGES</span></h2><p><br>✔️ Securing a mortgage for off-plan properties in Dubai can be challenging. Instead, utilizing a developer's payment plan during construction and later opting for a mortgage for the remaining amount upon property completion is a viable strategy.</p><p>➤ For instance, MAG developer offers the Keturah Reserve project with a 40/60 payment plan:</p><p>✔️ 10% - Down Payment<br>✔️ 30% - During Construction<br>✔️ 60% - Upon Completion<br>✔️ Buyers can consider a mortgage for the 60% portion, allowing them to make regular smaller payments thereafter.</p><p>PAT&amp;Co. Real Estate - Your Dream Home, Our Commitment.</p>