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In terms of the deposit, for an expat the minimum deposit is 20% for a first time buyer, and a second mortgage will require 40% down as a deposit. There are fees associated with purchasing property such as the real estate agency fee and Dubai Land Department fees. These total to around 7% of the purchase price, so the total cash required is 27%. You may qualify for a mortgage product that includes a portion of these fees into the mortgage to minimize your cash required upfront to around 22-23%, so speak to one of our brokers to check eligibility. Why you don’t check out our MORTGAGE CALCULATOR to give you an idea of how much it will be to set up a mortgage!
After your full set of documents are received, pre-approvals take 3 to 5 working days for employed persons and 10 working days for self-employed applicants (depeding on the bank). From there that is your chance to find a property within your budget. Once the MOU has been signed the valuation is instructed, and that should take around 3 to 4 working days. The final offer letter takes 4 to 5 working days. As long as the seller does not owe any mortgage, the agent will then apply for the NOC from the developer and we will then transfer. All in all you are looking around 6-8 weeks as a buyer from MOU signing to transfer.
Applying for a pre-approval is completely free of charge, and it is valid for 60 days. Extending a pre-approval is simple, as banks will only ask for the past 2 months documents to ensure your work and financial situation has not changed.
If you are serious about buying, you should secure your pre-approval as soon as possible before you sign on a property. This will help you be stronger in negotiations with the sellers, save time on the transfer process after signing, and most importantly you’ll confidently know exactly what property you are eligible for. Pre-approvals are completely free, and they protect you from stress, problems, and potential financial loss. Government regulated MOU sales contracts require you to have pre-approval within 10 days of signing, or you risk losing 10% of the purchase price as a penalty. Don’t risk any delays and penalties and talk to a broker today!
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