Mortgage Pre-Approval in Dubai. Buying Property with Mortgage in Dubai

What’s Mortgage Pre-Approval?
Mortgage Pre-Approval is the process when bank is checking whether or not you’ll be able to return money hypothetically. They’ll check your bank and credit history before making a final decision. So, it’s decision whether or not to give you a loan to purchase a house.

How much it costs
It depends form bank to bank. Usually it was AED 1,500. Nowadays, I see lots of banks are waiving it.

What is the validity?
Usually it’s valid for 60 days and can be extended for another 30 days.

Do you need a mortgage broker?
It’s up to you. You can do all the work yourself. It’s all about visiting the bank and submitting all papers. However, mortgage broker might help you getting your application approved and doing necessary paper works.

Can you apply in a several banks?
Yes, you can. It’s a recommended practice to submit in few banks (if it’s free). Muslims usually will go with Dubai Islamic, Emirates Islamic, RAK Islamic or ADIB Banks, where conventional banks also available, such as Emirates NBD, RAK Bank, Commercial Bank of Dubai, etc.

What’s the next step?
Once the Mortgage Pre-Approval is received, you can now confidently start looking for a house to purchase.

What documents needed?
For Salary-Employed:
1. Passport
2. Visa
3. Emirates ID
4. Original Salary Certificate with the stamp and signature from HR addressed to the bank.
5. Last 6-Months Bank Statement.

For Self-Employed:
1. Passport
2. Visa
3. Emirates ID
4. Trade License
5. Last One-Year Bank Statement
6. Last Two-Years Company Audit Report

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