Nu Mortgage

At Nu Mortgage, we believe in providing our clients with all the information they need to make informed decisions about their mortgage options. That's why we have compiled a list of frequently asked questions (FAQs) about our services and the mortgage process in Dubai. Our FAQs cover a range of topics, from the types of mortgages available to the documentation required for mortgage applications.

We update our FAQs regularly to ensure they are accurate and up-to-date. Our aim is to make the mortgage process as transparent and straightforward as possible for our clients, and our FAQs are just one way we achieve this.

I'm looking for a mortgage in Dubai, what should I consider?

If you're looking for a mortgage in Dubai, there are several factors to consider to ensure that you get the best deal possible:

Eligibility: Before applying for a mortgage, make sure you meet the eligibility criteria set by the lender. This may include factors such as age, income, credit score, and employment status.
Interest Rates: Compare the interest rates offered by different lenders and choose a mortgage with a competitive rate that suits your budget.
Down Payment: Be aware of the minimum down payment required by the lender, which is typically 20% of the property's value. It's important to ensure that you have enough funds to cover the down payment and other associated costs, such as registration fees and valuation fees.
Repayment Period: Choose a mortgage with a repayment period that suits your financial situation. Longer repayment periods mean lower monthly payments, but you'll end up paying more in interest over the life of the loan.
Fees and Charges: Be aware of all the fees and charges associated with the mortgage, including processing fees, prepayment penalties, and late payment fees.
Type of Mortgage: There are different types of mortgages available in Dubai, including fixed-rate, variable-rate, and Islamic mortgages. It's important to research and choose a mortgage that suits your financial goals and preferences.
Pre-Approval: Get pre-approved for a mortgage before you start looking for a property. This will give you an idea of how much you can afford and will make you a more attractive buyer to sellers.
Mortgage Broker: Consider working with a mortgage broker who can help you compare different mortgage options, negotiate with lenders, and ensure that you get the best deal possible.

Overall, getting a mortgage in Dubai can be a significant investment, so it's important to do your research and choose a mortgage that suits your financial situation and preferences. It's also crucial to work with a reliable and experienced mortgage broker or lender who can guide you through the process and provide you with comprehensive information to make informed decisions.

What are the requirements for obtaining a mortgage in the UAE?

The requirements for obtaining a mortgage in the UAE vary depending on the bank, but typically include a valid residency visa, a down payment, proof of income and employment, and a good credit score.

How much of a down payment do I need to make to obtain a mortgage in the UAE?

The down payment requirement for a mortgage in the UAE typically ranges from 20% to 25% of the property's value. However, this may vary depending on the bank and the specific property.

What is the maximum loan-to-value (LTV) ratio for a mortgage in the UAE?

The maximum LTV ratio for a mortgage in the UAE is typically 75%, although this may vary depending on the bank and the property.

How is the interest rate on my mortgage determined?

The interest rate on your mortgage is determined by a variety of factors, including the central bank's benchmark interest rate, your credit score, and the loan-to-value ratio. It is important to shop around and compare interest rates from different banks to ensure that you are getting the best deal.

What is the maximum mortgage term in the UAE?

The maximum mortgage term in the UAE is typically 25 years, although this may vary depending on the bank and the borrower's age.

What fees should I expect to pay when obtaining a mortgage in the UAE?

Fees for obtaining a mortgage in the UAE may include a processing fee, valuation fee, insurance fee, and mortgage registration fee. It is important to ask the bank for a full list of fees and to budget for these costs when applying for a mortgage.

My husband and I worked with Mike, and he was an excellent partner and advisor throughout our house search in Dubai. He was patient at the beginning when we didn't know what we wanted and executed perfectly when it came to bidding and closing on our villa on the Palm.

I am grateful to have chosen Nucassa and Nu Mortgage as my broker in Dubai, for sourcing our new apartment in Downtown. All the team were very helpful and professional and made the process of obtaining a new mortgage super-easy as well. Special thanks to Jamie.

FAQs