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Just Property mortgage platform is designed to assist buyers in understanding the monthly costs of a mortgage, transaction fees for buying a property in Dubai and answering frequently asked questions (FAQs). If you are employed, also try our Pre-Qualify Now option which will instantaneously provide confirmation of your loan eligibility.

Mortgage Calculator

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* By completing this form you agree that the details you provide in the form will be sent to a Home Matters mortgage consultant who will contact you back to discuss your mortgage requirements further.
 
* The results generated by this calculator are not an indication of your borrowing power and have not taken into account factors that would be considered in a home loan application credit assessment.

** By completing this form you agree that the details you provide in the form will be sent to a Home Matters mortgage consultant who will contact you back to discuss your mortgage requirements further.

Transaction Fees

The transaction fees stated are for indication purposes only and relate to completed Freehold property in Dubai only. These are subject to change without notification. If you are buying in another Emirate or under construction property, transaction fees will differ. Contact 800MORTGAGE for further clarification.

Payment Schedule

The chart below demonstrates the ratio of Principal (Capital) versus Interest repayment throughout the loan term. Principal is being paid off from the first month. The interest component is higher at the start, as the loan is at it's maximum level. Each month, this ratio changes in favour of greater principal repayment each month.

Frequently Asked Questions

What are the maximum mortgage limits in the UAE?

UAE Central Bank Mortgage Cap (maximum loan amounts)

Expatriates

75% LTV for first mortgage for property purchase price < AED 5,000,000.
65% LTV for first mortgage for property purchase price > AED 5,000,000.
60% LTV for second and subsequent mortgages, irrespective of property purchase price.
50% LTV for all under construction properties, irrespective of value.

UAE Nationals

80% LTV for first mortgage for property purchase price < AED 5,000,000.
70% LTV for first mortgage for property purchase price > AED 5,000,000.
65% LTV for second and subsequent mortgages, irrespective of property purchase price.
50% LTV for all under construction properties, irrespective of value.

How long does it take to obtain a mortgage pre-approval?

Approximately 3-5 working days for employed applicants, once the bank is satisfied with the documentation provided.

Approximately 10 working days for self-employed applicants, once the bank is satisfied with the documentation provided.

Home Matters can secure pre-approvals in shorter timeframes for certain clients. However, above are realistic timeframes for most applicants.

How long is my mortgage pre-approval valid for?

Pre-approval validity periods vary between 30-90 days depending on the bank. Revalidation of expired pre-approvals is possible, subject to product availability and updated documents.

Is a mortgage pre-approval a guarantee of finance?

Yes, subject to meeting the bank’s terms & conditions and that the applicant’s profile/circumstances do not change prior to disbursal of the mortgage.

The exact amount of finance is dependent on the loan provider’s maximum Loan to Value limits and the property valuation.

What is the next step after pre-approval?

Identify a property from the Primary or Secondary market.

What is the difference between a Primary and Secondary market property purchase?

A Primary market purchase is buying directly from a developer and Secondary market purchases are generally resale properties bought through a real estate agent.

Primary market purchases can also be made through real estate agents, who have agreements with developers to sell their inventory.

What is the process for buying a Secondary market purchase though a real estate agent (resale property)?

Once you have identified a property, you should negotiate and agree a purchase price through a RERA (Real Estate Regulatory Authority) registered real estate agent (agent).

Once the price and sale is agreed by the parties, your agent should draft a Sales and Purchase Agreement/Form F and Addendum, which should be reviewed, agreed and signed by the buyer, seller and agent.

A security deposit of 10% of the agreed purchase price will be required from the buyer and many agents will also request the same from the seller. Most agents will hold (not cash) security cheques for the parties and will return them upon successful completion of the transaction. Some agents will request immediate encashment of the buyer’s security cheque. Buyers allow this at their own risk and should note that if the agent does not have a proper ESCROW account, their funds are at risk.

What is the difference when buying a Primary market purchase (direct from a developer)?

Developer's produce their own Sales and Purchase Agreements, which are generally non-negotiable.

These are generally more favourable towards the developer and the buyer is often required to pay a deposit upfront, which is cashed. This can be up to 20% of the purchase price.

What are my options if the property I want to purchase does not have a Title Deed?

It is extremely important that buyers understand the limitations of bank mortgage products for properties without title deed. Speak to your mortgage consultant who will provide you with a comprehensive explanation of your options before committing yourself.

If I intend to purchase a property in joint names with my spouse, can I apply for the mortgage in my sole name?

Generally, most banks would not allow this. Mortgages are normally only provided between spouses and the property would be registered in the same names as the mortgage.

Can I appoint a Power of Attorney to represent me during the mortgage and purchase process?

Yes, however the mortgage Final Offer and Mortgage Registration documents would need to be signed by the buyer. Home Matters offers this service.

What happens if I purchase a property which has an existing tenant?

Speak to your real estate agent regarding the terms and conditions of the tenant’s contract and your options.

What happens if the property valuation is lower than the agreed purchase price?

Your mortgage is subject to the maximum Loan to Value (LTV) offered by the loan provider. The final loan amount will be based on either the valuation or the purchase price, whichever is lower. You would need to bridge the gap between the lower valuation and purchase price through your own funds.

How long will it take to complete the property purchase?

Generally 4-6 weeks if the seller has no existing mortgage on the property and 6-8 weeks if the seller has a mortgage.

What happens if the seller has a mortgage?

Depending on the outstanding balance, the bank will pay off the seller’s mortgage from the amount you loan. Any difference over your agreed loan amount and up to the purchase price would need to be paid by the buyer. If the outstanding seller mortgage is more than the agreed purchase price, the difference between the purchase price and outstanding seller mortgage should be paid by the seller. Your mortgage consultant can explain this in greater detail if necessary.

Who pays for the No Objection Certificate (NOC) with the developer?

Speak to your real estate agent regarding the costs, responsibilities and process of NOC. Who pays is usually agreed between the agent, buyer and seller in the purchase/sales price negotiation.

What happens if the Sales and Purchase Agreement/Form F expires before transfer?

Speak to your real estate agent to understand the implications. If you have any doubts on completing within the suggested timeframes, share this with the agent and ask for either a longer completion date or automatic extension clause. Note, all parties including the seller must agree to these terms.

When do I pay my real estate agent?

Generally on the day of transfer unless otherwise agreed.

JustProperty.com & Home Matters Mortgage Consultants

This Mortgage Calculator is a product by JustProperty.com in partnership with Home Matters. JustProperty.com is not involved with any part of the mortgage application process. This page is provided for information purposes only and JustProperty.com and JRD Group DMCC disclaim any liability for any details provided on this page. JustProperty.com strongly recommends that home buyers get independent advice before signing any mortgage documents. The pre-qualification tool on this page does not guarantee a mortgage and is purely for indicative mortgage qualification purposes only. Should a home buyer wish to pursue a mortgage application they should speak to a Home Matters mortgage consultant directly.

Home Matters Mortgage Consultants is the number one UAE mortgage consultant providing customers with expert mortgage advice and property transaction consultation since 2006. Home Matters also developed the Dubai Real Estate Institutes Certified Mortgage Broker Certificate (CMB), which is now the industry standard for mortgage advisors. Due to their excellent reputation and deep rooted relationships with the banks, Home Matters has the ability to secure the best mortgage rates and terms in the Middle East and exclusive mortgage products only available for Just Property and Home Matters customers.

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