Buying your first home is an exciting milestone, but the process of securing a mortgage can feel daunting. From understanding eligibility criteria to choosing the right loan type, there are many moving parts. This first-time buyer guide breaks everything down into clear steps so you can approach your mortgage application with confidence.
Understanding Mortgages in the UAE
A home loan calculator dubai is a long-term loan from a bank or financial institution to help you purchase property. In the UAE, both residents and non-residents can access mortgages, though the terms and conditions may differ. Knowing the basics — interest rates, down payments, fees — is the foundation of a smooth buying experience.
Determine Your Budget
Before looking at properties, work out how much you can afford. Calculate your monthly income, subtract regular expenses, and see what is left for housing. Don’t forget to include service charges, maintenance costs, and insurance. This realistic approach prevents you from falling in love with homes beyond your means.
Save for a Down Payment
For most properties in the UAE, you’ll need a minimum 20% down payment if you’re an expatriate, and around 15% if you’re a UAE national. Saving more can lower your monthly payments and improve your chances of approval.
Check Your Credit Score
Banks use your credit score to assess how risky you are as a borrower. A higher score generally means lower interest rates.
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