All You Need To Know About Mortgage Broker in UAE

The UAE has rapidly grown into a global business hub, drawing a lot of ex-pats workers from all over the world, resulting in a real estate boom. Financial institutions and mortgage brokers have cashed on this opportunity by offering international home loans to meet increasing property demand in the UAE. Mortgage Broker in UAE is more than just sales agents for various banks and financial institutions; they advise clients on every step of their borrowing the process to make sure clients do not fall victim to potentially high-interest rates of unsecured personal loans or keep you in fixed-rate home loans. It is estimated that around 1400 mortgage brokers are operating in UAE.

What is a Mortgage loan?

In a mortgage loan you can borrow money from the bank to purchase a house. A mortgage loan gives you the right to make use of a residential or commercial property until it is fully paid off. It is a long-term loan agreement between the lender, the bank, and the borrower. The amount borrowed is called the principal.

Benefits of working with a Mortgage Broker in UAE:

Access to a variety of lenders

Lenders tend to cater their offers to specific customers rather than casting as wide a net as possible. Mortgage brokers have access to multiple lenders and can help you find one whose terms are most beneficial for you.

Less paperwork

Filling out paperwork is one of the most tedious parts of the home buying process, but it’s necessary if you’re buying a home with a conventional loan. However, if you’re working with a broker, they’ll fill out most of the paperwork for you, which mean less time filling out forms and more time looking at houses.

Tighter Lending Standards

As the economy improves, banks are starting to loosen up their lending policies. This means that it has become more challenging to get approved for a home loan in recent years. But by using a Mortgage Broker in UAE, you can take advantage of these tighter lending standards put in place by banks. Banks are now requiring much larger down payments and lower credit scores than before, which is where a mortgage broker can help you out. By helping you find an alternative lender or private lender, they can help you get approved for a loan that the bank would have denied.

Personalized service

The Mortgage Broker in Dubai provides you with customized service. That is the critical factor to be noticed before selecting a Mortgage Broker in UAE. The broker should be available when required to offer the service until the process is complete.


Step 1: Choosing the Right Mortgage

If you’re planning to buy a property, then Mortgage Broker in Dubai is critical. In Dubai, there are few options to get mortgage loans.


Step 2: Finalizing the Loan Amount

In Dubai, most banks require applicants to have a minimum annual income of AED 100,000 and a deposit of 30% to 80%. In the case of some banks, they may ask for a down payment of 50% as of the cost of the house. The property price should not be more than four times your annual income.


Step 3: Eligibility Documents Required

Some banks may ask for your employment contract before starting the process of a mortgage loan. Other banks might accept a letter from your employer stating that you will be employed with them for at least 12 months. You can also provide your Emirates ID or passport copy if you are an expatriate employee. Provide business registration papers, proof of residence, and a bank statement showing your monthly income for three consecutive months for self-employed individuals.


Step 4: Processing Your Application

Most banks take between 7-10 working days to process your application and sanction the loan amount based on their mortgage policy.


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