What makes EquityFinders different than applying to a bank or a lender?

We’re on a mission to save people time, money, and hassle with the world’s most professional lending service. Today, mortgage origination is a drawn out, painful experience for customers, that we think should be done differently. By applying to EquityFinders, you will receive a completely personalized service. Instead of wasting your time applying to different banks and lenders, you can be in control, have more visibility into most of the available financing options on the market, and have an EquityFinders broker with your best interest at heart offer you the advice you need. We are fully accredited mortgage brokers on a mission to make the mortgage process not only quicker and less costly, but also less stressful. To secure the best loan terms on the market, contact us now.

Can EquityFinders help me find a mortgage as a non-resident?

If you are a non-resident and interested in investment in UAE or a holiday house we can source the best rate for you with a very straight-forward process. Start your process here.

What documents do I need to apply for a mortgage?

Listed below are the initial documents you need to start the mortgage application process: If you are an employee:

  • Salary Certificate
  • Bank Statement of the most recent 6 months
  • KYC documents: passport and proof of residence (if you are a resident)
If you are self employed:
  • Bank Statement of the most recent 2 years
  • KYC documents: passport and proof of residence (if you are a resident)
Once you have your documents ready, schedule an appointment with one of our mortgage advisors here.

Can EquityFinders help me secure financing to cover my mortgage fees and closing costs?

Transfer, processing, registration and commission fees should never stop you from owning your dream home. At EquityFinders, we will help you find creative ways of financing to cope with your expenses and own your property. To get a free consultation, fill out our contact form and we will get back to you shortly.

What happens during my appointment with an EquityFinders mortgage advisor?

We will go through your documentation and

  • Calculate your exact borrowings & repayments
  • Explain all the fees, charges and terms for all the available mortgage products
  • Show you ways to save money
  • Discuss your Insurance needs
  • Answer any of your questions
Schedule your appointment here to get started.

What is the maximum percentage of a loan I can borrow when buying a property in the UAE?

The maximum percentage of loan to value (LTV) that can be achieved after the new Central Bank ruling as of January 2014 is now restricted to 75% LTV for expats and 80% LTV for nationals for purchasing a primary residence considering the property price is less than 5 million AED. For any second or subsequent property purchases, loan to value ratios are capped at 60% - meaning you will have to place a 40% down-payment to finance your property investments. When it comes to off-plan properties (under construction), the maximum loan to value ratio is 50%. To get more detailed advice, schedule your first appointment with an EquityFinders expert here.

What are the costs involved in taking a mortgage?

There are many fees associated with buying a property in the UAE, although they can be exacerbated slightly more when taking a mortgage. Primary costs involved while taking a loan are: Processing Fee (Calculated as % of the loan): Most lenders will charge up to 1% of the loan amount as a processing fee, some may add an arrangement fee separately for this also. Insurance Fee (Buildings + Life of the loan applicant) Property Valuation Fee : A separate valuation fee is required to appraise the property value for the Bank’s security normally AED 2,500 – AED 3,000. Mortgage registration fee: which is 0.25% of the loan amount + AED 290 admin fee. and of course the monthly mortgage payment.

When does my first monthly mortgage payment start?

The first Monthly Payment will be due on the 30th day from the loan disbursement date. When you make a monthly mortgage payment, the interest accrued and the outstanding portion of the capital is repaid. Gradually, over the term of the mortgage the balance is reduced and the mortgage is fully paid at the expiry of the mortgage term.

How do I calculate how much money I can borrow?

There are multiple factors to consider when calculating how much you are eligible to borrow and there are different categories that people fall under. Categories such as Salaried, Self-Employed, Non-Resident etc. As a salaried borrower, it is assumed that you have a salary from a company and you are employed on a permanent basis. Lenders will generally set a minimum acceptable salary level, and will check to see what your current debt to burden (DBR) ratio is and on that basis offer you a pre-approval for a monthly mortgage payment that when added to your current monthly debt payments won't exceed a DBR ratio of 50% according to the UAE Central bank specifications. A similair DBR calculation works for Self Employed clients except for in this case you have to provide audited financial reports to show how much money you have earned in the previous 2 years. The banks will normally calculate an industry factor based on the gross turnover or a more detailed calculation can be determined from the NET profits. This calculation will be divided into a monthly figure and the same DBR calculation will apply. Another factor to consider is the amount of deposit you have in a cash value. This amount will need to cover all of the required deposit and any associated fees with buying a property. Even if your DBR calculation says you can afford AED 3 million your deposit should be able to support the transaction otherwise the deposit will be the limiting factor. Lastly, your age plays a very important role; the older you are, the less time you have to pay and the higher your monthly payment will become; this in turn means you are limited by your income/age ratio not to mention that your life insurance premiums will naturally be higher also. To calculate how much own you can offer head over to our affordability calculator.

I have an existing mortgage can I refinance my property for a better deal?

You will need to assess all the costs involved in moving to a new lender, sometimes it is worth re-negotiating with your current lender for a more favorable rate. It all depends on how far you are into your current mortgage, the early-repayment charges involved and other hidden fees. Refinancing your current mortgage could be a giant opportunity to save you a lot of money, but only if done right. We highly recommend you contact an EquityFinders expert to get a free consultation.

How can I calculate what my montly mortgage payment will be?

To estimate your monthly mortgage payment, go to our mortgage calculator, input your property price, loan to value ratio, loan interest rate and loan term and you will instantly get an estimate of your monthly mortgage payment.

Frequently Asked Questions