What is a mortgage?
The term "mortgage" refers to a loan taken out to purchase or maintain a home, land, or other type of property.
Does Dubai have mortgages?
Mortgages in the UAE are available on a fixed-rate or variable-rate basis. Fixed terms are usually around five years, although they can be as short as one year.
According to Dubai mortgage law, expats can get a home loan of up to 80% of the property purchase value, which means expats have to manage an initial deposit of 20% to buy property worth less than AED 5M in Dubai. The loan cap for off plan property mortgage in Dubai is slightly different.
Why is a mortgage important?
A mortgage is a necessity if you can't pay the full cost of a home out of pocket. There are some cases where it makes sense to have a mortgage on your home even though you have the money to pay it off. For example, sometimes mortgage properties to free up funds for other investments.
Estimate your monthly mortgage payments