Mortgage Calculator UAE
Easily estimate your monthly mortgage payments
Loan details
Enter your details below to calculate your monthly payments
Residency status
Loan tenure in years
Start date
Estimated monthly payment
AED 4,374- Loan amountAED 800,000
- Total interest paid backAED 512,296
- Total amount paid back AED 1,312,296
- Estimated monthly paymentAED 4,374
- Payoff date4/2050
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The calculations above are indicative. Actual values may vary based on additional factors not considered in the calculation.
How to Use the Mortgage Calculator UAE
Best Mortgage Rates in UAE
Finding the right mortgage is crucial for anyone looking to buy property in UAE. Mortgage rates in UAE vary depending on the type of loan, the bank, and the borrower's financial profile. Here’s an overview of the different options available
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Fixed-Rate Mortgages:
At the moment, fixed mortgage rates in UAE typically range between 3,94% and 5.99%, depending on the bank and the length of the fixed-rate period. Some banks may offer slightly lower or higher rates based on specific customer profiles or promotions. Generally, shorter fixed-rate terms like 1-2 years have lower rates, while longer terms of 3-5 years tend to come with higher rates.
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Variable-Rate Mortgages:
Variable-rate mortgages fluctuate based on the Emirates Interbank Offered Rate (EIBOR), which means your monthly payments can change. These loans often start with lower interest rates (around 0,55% to 2,99% + EIBOR) but come with the risk of increases in the future.
Summary of UAE mortgage rates over the past five years, highlighting the lowest and highest rates:
| Year | Lowest Rate | Highest Rate |
|---|---|---|
| 2024 | 3.94 % | 7.63 % |
| 2023 | 2.99 % | 6.75 % |
| 2022 | 2.49 % | 6.99 % |
| 2021 | 2.75 % | 3.85 % |
| 2020 | 2.95 % | 3.90 % |
| 2019 | 3.50 % | 4.75 % |
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Have questions or need assistance? Reach out—we’re here to help you every step of the way.
Mortgage Eligibility in UAE
When considering a mortgage in UAE, several factors determine your eligibility. Here’s what you need to know:
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Age Requirement
Applicants must typically be between 21 and 65 years old at the time of loan maturity.
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Income Stability
A stable income is crucial. Most banks prefer applicants with a regular monthly salary, and self-employed individuals may need to provide additional documentation.
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Employment Status
Being employed in UAE for a minimum period (usually 6 months to 1 year) is often required.
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Credit History
A good credit score is essential. Banks will check your credit history to assess your ability to repay the loan. A score above 650 is generally considered acceptable.
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Down Payment
The required down payment varies but is typically around 20% for expatriates, 15% for UAE nationals, and up to 40% for non-residents. Higher down payments may lead to better mortgage terms.
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Debt-to-Income Ratio
Lenders generally look for a debt-to-income ratio (DTI) of 50% meaning your total monthly debt payments should not exceed this percentage of your monthly income.
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Property Type
Eligibility may differ based on the type of property (e.g., residential, commercial, or off-plan properties). Some lenders may impose additional conditions for specific property types.
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Nationality
While UAE nationals typically have more favorable terms,s expatriates can also qualify for mortgages but may face stricter requirements.
Who Can Apply for a Mortgage in UAE?
Explore the eligibility criteria for UAE nationals, residents, and non-residents looking to secure a mortgage
UAE Resident
Citizens of UAE typically enjoy favorable mortgage terms, including lower interest rates and down payment requirements. They may also have access to special government-backed financing options
UAE National
Expatriates living and working in UAE are classified as residents. They can apply for mortgages but usually face higher down payment requirements (often around 20%) and may have varying interest rates depending on the lender. An employment with a UAE-based company is also a requirement for somebody to be qualified as a resident and credit history are essential for approval
Non resident
Individuals who do not reside in UAE can also apply for mortgages, but the process and the options could be quite limited depending on the country you are coming from. Non-residents may need to provide a larger down payment (sometimes at least 40%) and demonstrate a strong financial profile. Lenders often impose stricter criteria due to the perceived risk associated with lending to non-residents
Guide to Buying Property in UAE
Purchasing property in UAE can be an exciting venture, but it's essential to understand the process and requirements involved. Here’s a step-by-step guide to help you navigate your property-buying journey.
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Determine Your Budget
Assess your financial situation and decide how much you can afford to spend on a property, including additional costs like registration fees, maintenance, and mortgage payments.
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Research the Market
Familiarize yourself with various areas in UAE and their property market trends. You can view detailed information and property listings directly on our website to help you make an informed decision. Explore UAE property market here.
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Choose the Right Property Type
Decide whether you're interested in ready or off-plan properties. Each type has its unique considerations and investment potential. informed decision.
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Engage a Real Estate Agent
Consider reaching out to our expert real estate advisors, known for their outstanding service and market knowledge. Our team can provide valuable insights, help you find suitable properties, and guide you through the negotiation process to ensure you get the best deal possible.
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Secure Financing
If you’re not purchasing in cash, you can find everything you need to secure a mortgage right here on our platform. We offer comprehensive resources to help you compare options from various banks and financial institutions, ensuring you understand the terms and conditions before making a commitment.
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Complete Legal Procedures
Engage a lawyer to assist with the legal aspects of the transaction, including contract reviews and property registration, ensuring everything complies with local laws. For more information on choosing the right legal representation in the Emirates, check out our blog here.
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Final Inspection and Handover
Before finalizing the purchase, conduct a final inspection of the property. Once everything is satisfactory, complete the handover process.
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Enjoy Your New Property
After finalizing your purchase, settle into your new property and enjoy all that living in UAE has to offer!
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Have questions or need assistance? Reach out—we’re here to help you every step of the way.
FAQs
What's the first step in applying for a mortgage in UAE?
After submitting your application, we work to match you with potential lenders quickly. Our streamlined process helps ensure you receive multiple mortgage options without the hassle of extensive waiting periods.
How to Determine Your Ideal Home Budget in UAE?
Our platform enables you to view and compare mortgage rates from multiple banks all in one place. This streamlined approach lets you easily review different options and choose the one that best aligns with your needs, without the hassle of visiting each bank separately.
What are the necessary documents to apply for a mortgage in UAE?
When applying for a mortgage in UAE, several essential documents are expected. Along with the standard KYC documents, you are required to provide income verification, property documentation, and your credit history. Since requirements can vary between banks, it’s advisable to consult your lender for any specific documentation needed. Get ready to secure your dream home!
How long does it typically take to receive mortgage pre-approval in UAE?
In UAE, the process of obtaining mortgage pre-approval usually takes about five to seven working days. However, this timeframe may vary based on the bank and the complexity of your financial situation. Certain banks might require more time, particularly if additional documentation is needed or if your circumstances are unique. To help expedite the process, it’s recommended to gather all necessary documents in advance.
Is it possible for non-residents to apply for a mortgage in UAE?
Obtaining a mortgage loan as a non-resident in UAE is certainly feasible. However, be aware that non-residents typically face higher down payment requirements, ranging from 40% to 50% of the property's value. Additionally, banks will evaluate your income stability, making it crucial to have a solid employment history or a well-established business record, as this can enhance your chances of approval.
What are the typical expenses involved in obtaining a mortgage in UAE?
When securing a mortgage in UAE, it’s essential to consider costs beyond the down payment. Alongside the Dubai Land Department (DLD) fee of 4% for property registration, include valuation and processing fees, life and property insurance, and any potential early settlement fees. These additional costs can significantly impact your financial planning, so ensure to account for them when preparing for your mortgage.
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Why spend time going from bank to bank when you can apply for a mortgage with us in just a few minutes? Submit your application online, and our team will quickly send you the best offers from multiple banks, helping you save time and get the most competitive rates
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Kredium Technologies LLC
Single Business Tower, 14th Floor
Office 1406
Business Bay, Dubai, UAE