Prospective property loan applicants in the UAE, encompassing both expatriates
and citizens, must be between the ages of 21 and 65. However, the precise requirements fluctuate. As a point of illustration, the required minimum income is not uniform across
salaried and self-employed applicants.
Although particular eligibility stipulations are subject to variation based on individual bank policies, the subsequent conditions are generally applicable to home loan
applications:
For Nationals
Nationals may be co-borrowers, self-employed, or salaried when they apply for a house loan. The following are the general requirements for eligibility:
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- AED 10,000 per month is the minimum income required.
- A maximum loan-to-value ratio (LTV) of 85% of the property’s worth.
- For properties valued below five million AED, a down payment of at least 15% is required; for those exceeding AED 5M, the minimum down payment is 25%.
For Expats
Both non-residents and foreign nationals are qualified for a UAE real estate loan, provided they meet the requirements listed below:
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- A monthly income of at least 15,000 AED is required.
- Up to 80% of the property’s worth can be covered by financing.
- Those not from the country must put down 20% for properties valued below 5 million AED. Conversely, properties exceeding 5 million AED require a
30% down payment.
- The highest possible loan amount is either 25 million AED or the equivalent of an expatriate’s income over 84 months. Should the income multiple
result in a figure less than 25 million AED, that lower amount will be the loan value.
- Non-residents living outside the country have access to home loans through a select number of financial institutions, with many offering a loan
limit of 10 million AED. Examples of these banks include FAB Bank, Mashreq, and Dubai Islamic Bank.
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