Getting a mortgage involves a series of steps beginning from picking the right product to the purchase of the house. Here’s a guide on getting the right product in Dubai.

Shop around

Compare every feature of a mortgage product according to your eligibility criteria. There are various financial product comparison portals in the UAE like MyMoneySouq, Souqalmal, etc. that make the work easier. The loan amount provided on a home loan in the UAE is 75-80 per cent of the property value. Check how much finance you can avail. Also compare interest rates and the fees and charges. Some institutions may provide a discount.


Home loan applicants will have to furnish certain documents like: 3-6 months bank statements, salary certificate (for salaried employees), trade licence (for self-employed), Emirates ID, passport, UAE resident visa and proof of address. You might also have to submit additional documents based on your profile. Prepared these documents beforehand.

Get pre-approval

Visit 2-3 institutions and seek a pre-approval, which will provide the details like the loan amount, interest rate, tenure, processing fees, etc. Check whether the EMI falls into your budget. Financial institutions charge a specific amount to provide a pre-approval of the loan. Usually, these charges are compensated when you apply for the loan at the same institution. Check this aspect well. Seeking pre-approval does not impact your credit score.

Down payment

The loan applicant needs to bear 25-30 per cent of the property value. Therefore, the homebuyer must prepare for this amount to complete the purchase.

Loan approval

At this stage, you will be required to submit additional documents related to the property. After the financial institution inspects the property, verifies the documents and checks your background, your application will be processed further.


The loan amount is disbursed to purchase the house. The next phase is repaying the loan installments as per the repayment schedule.

Lakshmana Swamy is co-founder of The views expressed here are her own.