we’re dedicated to simplifying the world of financing for your dream home.
Mortgage Services
At Elan Real Estate, we take pride in providing the best mortgage advice and unrivalled service to our customers. Our team deals with mortgage specialists & we have team members who have a financial services background and worked in UAE banks for many years. They specialize in mortgages for residents and non-residents purchasing properties in Dubai. We strive to make the frustrating and complicated process of buying property in Dubai or refinancing your home hassle-free.
Our team deals with mortgage brokers, keeps themselves updated, and is in partnership with a wide range of banks. Whether you are a first-time buyer or refinancing your existing loan, our experts can help you find the best mortgage offer from our banking partners. We will provide you with advice and information on the suitable mortgage property for your needs. We explain all the costs and charges to avoid unnecessary penalties later. Why not see what we can do for you!
Our Mortgage Advisory Service Process
In the UAE, mortgage financing offers flexibility for primary residences, second homes, and buying properties. You can choose from a range of mortgage products, including fixed-rate, adjustable-rate, and interest-only options, with different term lengths to suit your needs – be it short-term, medium-term, or long-term loans.
Understanding your needs
Listening to your situation and finding the best solution to help address your specific needs.
Coordinate your application
Taking care of everything, from scouting the mortgage market to securing your pre-approval and handling all document coordination and bank applications.
Your Mortgage, Our Guarantee
Handling all bank interactions and seamlessly co-coordinating property valuation and mandatory life insurance, we’ll be there with you every step of the way, providing continuous support throughout the entire process.
Ongoing Support
After securing your mortgage, we’ll skillfully coordinate the property transfer process, and our commitment doesn’t end there. We’re here to provide valuable advice even after the settlement.
Frequently Asked Questions (FAQs)
As a general guideline, the borrowing limit is typically calculated as seven times the applicant’s annual salary. However, the specific amount can vary depending on the bank’s policies. Keep in mind that existing loans, credit cards, and other liabilities can also impact the maximum borrowing capacity.
Interest rates vary significantly among different banks and are contingent upon individual customer profiles, including whether they are salaried or self-employed.
Yes, non-residents can access financing in the UAE, but eligibility is subject to individual client profiling. The maximum loan-to-value for non-residents is typically 50%, with interest rates for this category starting at 4.99% + Eibor for a 3-year fixed rate*. (Depending on bank policies)
- Expat residents typically require a minimum share of 20% of a loan amount.
- UAE nationals generally need a minimum share of 15%.
- For expat residents going for the second time, a deposit of around 40% is typical.
- UAE nationals making their second property mortgage typically require a deposit of approximately 35%.However, it’s important to note that some banks offer exceptions to these rules. For first time home buyers, second-time buyers, both expats and locals, may be eligible for lower deposits of 20% and 15%, respectively, if their existing mortgage is under 60% loan-to-value (LTV).
For Salaried Applicants:
- Identification documents
- Salary certificate
- 6 months’ pay slips
- 6 to 12 months’ bank statements
- Details of existing liabilities
For Self-Employed Applicants:
- Identification documents
- Company documents (trade license, incorporation documents, memorandum of association, shareholder’s certificate, company profile, etc.)
- Audited accounts
- 12 months of business bank statements
- Six months of personal bank statements
- Details of existing liabilities* (AECB Report)
The timeframe for obtaining a pre-approval varies among banks, but typically, banks provide initial observations and requests within 2 working days. After submitting additional documents or addressing any further inquiries, the usual turnaround time to receive a pre-approval is approximately 5-7 working days.