Your borrowing capacity is influenced by factors such as your income, credit history, and the policies of various banks. This can vary depending on the lender.

For expatriates and non-UAE citizens, the deposit generally ranges from 25% to 35% of the property’s value, increasing to 50% for off-plan properties. For purchasing a second or third property, a minimum down payment of 40% is required.

The monthly cost of a mortgage depends on several factors, including the property’s value, interest rates, deposit amount, and repayment term. Interest rates in Dubai typically range from 3.49% to 7%. A mortgage calculator can help provide a clearer estimate of your monthly payments.

Yes, transferring a mortgage is an option. However, it’s advisable to first discuss potential rate reductions with your current lender, as they may offer competitive terms to retain you as a customer.

Yes, you can repay your mortgage early, though the terms can differ between lenders. It’s important to review your mortgage agreement for specific conditions related to early repayment.

When buying a property directly from developers, you’ll incur costs such as the Title Deed issuance fee (AED 520), an administration fee (AED 4,200), and 4% of the property’s value payable to the Dubai Land Department. If financing the property, you’ll also face a Mortgage Registration Fee (0.25% of the mortgage amount plus AED 290 in administrative fees). Additionally, maintenance service fees and utility setup costs (DEWA) will apply, ranging from AED 2,300 for apartments to AED 4,000 for villas.

Repayment mortgages involve paying both the principal and interest in equal monthly installments over a fixed period, typically up to 25 years or until the borrower reaches age 65 (70 for UAE nationals and self-employed expatriates). Interest-only mortgages, often used for off-plan properties, involve paying only the interest for up to five years, providing flexibility with fixed or variable rates.

In Dubai, life insurance is typically required when taking out a mortgage. Lenders often require that you purchase their own life insurance policy to secure the mortgage funds.

For tailored mortgage advice and support through the financing process, contact Smooth Real Estate today. Let us help you navigate the mortgage journey and achieve your property goals with confidence.