Finance Options
Both local and international banks now allow mortgages on Dubai property. The amount of loan-to-value available typically ranges from around 70-80% for foreign nationals, although loans of 95% are available on some properties. Loan terms are between 10-25 years, with most residents being offered a 15 year mortgage term. Mortgages are not available to those over the age of 70. Loans in the UAE are predominantly repayment mortgages, although as the market matures new players are introducing interest-only mortgages. Not all banks will lend on all developers. When selecting a mortgage provider it is critical that you find out which developments they will lend on, or vice versa. International banks tend to be the most restrictive in this sense, and also tend to charge a higher rate of interest. As always, it pays to shop around. Expected costs
There are no government taxes related to property purchase. Instead, a series of ‘fees' are levied, based as a percentage of the purchase price or lending amount. These are subject to change but are currently as follows: Transfer fee - from 1% to 7% dependent on seller
Purchase registration - 1.5% of purchase price
Mortgage registration - 0.25% of lending
Bank arrangement fee - 1% of lending
Mortgage placement fee - 0.50% of lending
Valuation fees - differ from bank to bank International mortgage currencies
Depending on your mortgage broker, you can choose to have your mortgage in the following currencies:  Sterling
Euros
US dollars
Canadian dollars
Yen
Singapore dollars
Swiss franc
Australian dollars
New Zealand dollars
Required documentation
Please note that this is not an exhaustive list and is subject to change without notice.
Employed
Last 3 months payslips
P60 for the last two years
Employers reference letter stating role and salary
Last 6 months bank statements Self Employed
Accountant's certificate
Last 6 months bank statements
Latest self assessment tax return
International lenders
Lloyds TSB
HSBC
Barclays
Local banks
Emirates Bank
National Bank of Dubai
ADCB
Commercial Bank of Dubai
Dubai Islamic Bank
First Gulf Bank
Mashreqbank Local financial institutions
Tamweel
Amlak Finance
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