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Standard Mortgages Dubai's banking system is continuing to adapt to the immense demand for property finance. Mortgages are available in Dubai for properties purchased by non-residents. These mortgages are available based on the developer's arrangements with various banks, and the conditions can vary considerably from bank to bank and development to development. It is normal to purchase your property and then apply for a mortgage. This is due to the fact that units cannot be held over a long period of time. There is no system for providing a mortgage "in principle" or as you may find in the UK the ability to obtain a mortgage offer before a property is purchased. Interest rates as a rule are higher in Dubai than in the UK and therefore it is less expensive to re-mortgage an existing UK property (if that is an option) to pay for the property in Dubai. Dubai mortgage providers tend to charge around 8% interest and usually require a 25-30% deposit. Most mortgages are only offered over a 15 year period. The banks can charge a processing fee os as much as 1.25%. The procedure for approval of a mortgage can be lengthy. Casa Dubai will assist all of our clients in finding the best mortgage provider for their particular requirements and will supervise the application from start to finish. There are several UK banks based in Dubai including HSBC, Barclays Bank and Lloyds TSB, although they tend to act independently of the UK. Other major providers are Amlak and Tamweel. Upon initial contact with Casa Dubai, customers will receive a personal consultation and will be given advice on the finance available for particular developments before being introduced to the specific mortgage advisor. Self-Certification Mortgages Casa Dubai is also pleased to offer self-certification mortgages for completed properties in specific areas. Applicants can have a decision in principle within 24 hours. Applicants need only provide an employer letter confirming income or an accountant’s letter (if they are self employed) confirming income. Applicants must have a 40% deposit. Self-certification mortgages are only available for the following developments where properties have been completed:
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