During the process of shopping for a mortgage in Dubai, many home buyers enlist the services of an online mortgage broker to find them the best terms and rates. Working with an experienced, competent online mortgage broker can help you find the right mortgage for you.
Online mortgage brokers give you the opportunity to carry out most of the mortgage comparison and application process online without speaking to a mortgage broker in person or over the phone.
If you are planning to purchase a property on a mortgage in Dubai, you'll need to know how home loans in the emirate work and what you need to do to get one. Whether you would like to buy an apartment in Dubai or are more inclined towards a villa or townhouse, you can easily secure a home loan for it. However, this is only if you meet the eligibility criteria for an online mortgage application.
- A UAE national, residents, and non-residents
- Aged between 21 up to 70
- Have a monthly income of AED 10K (if you are a salaried employee) or AED 25K (if you are self-employed).
- The first step in applying for a mortgage loan online is to decide on the type of product you are looking for. Then, you will be asked a few simple questions such as if you are a resident of Dubai, what your employment status is, and how much you earn in order to assess your eligibility.
- The online mortgage brokers algorithm will select the most suitable options, and you will receive a decision in principle on your maximum purchase price.
- Select your chosen product and apply online. Your appointed case manager will give you a call to discuss the application as well as explain the next steps for tracking your home loan application online.
You will have been given a unique login to track your application online. From this point, your case manager will update you on the progress, and you can upload any further documents to the platform.
During the process of applying for a mortgage loan online, your case manager will be responsible for, among others:
- Liaising between you and the lender to ensure you receive your mortgage offer efficiently
- Proactively expediting applications through to completion, updating all parties (such as you, the estate agent, and conveyance)
- Processing all assets within set timeframes
You can potentially get a pre-approval for your online mortgage from your chosen lender within 3-5 days if you are a salaried applicant. If you are a business owner, this process could take between 5 and 10 days.
The good news is that there are now some banks in the UAE that offer instant pre-approvals, however. Your online broker will be able to assist with this by connecting you directly to the bank application.
Each lender will have their own timetables for progressing applications from approval to the offer stage, subject to factors that arise in the underwriting. The average mortgage takes approximately four to six weeks to complete and is influenced by things like how long onebs legal work takes.
Applying for a mortgage and then closing one can be a tedious process. However, what if you could handle most of your purchase mortgage online? Could this speed up the process? And if it does, are there any possible pitfalls to applying for a mortgage online?
We have a lot to thank the internet for. It's made life considerably easier in areas such as house hunting, job hunting, and shopping, to name but a few. Regarding property purchases, a move to online brokers has largely made mortgage advice much more accessible and cost-effective for people from all walks of life.
- There is no need to have time-consuming in-person meetings with an online lender, which can save time.
- With digital brokers, you have the ability to upload all of the required documents to be sent to your chosen lender through their digital platform. This can be done anytime, 24/7, at your convenience.
- There is no need to have time-consuming in-person meetings with an online lender, which can save time. Online lenders tend to undercut traditional mortgage brokers on rates and fees, too. Due to the tough competition for online lending, these lenders realize the best way to grab more customers is by offering the lowest interest rates and most flexible payment terms out there.
- What's more, online mortgage brokerage services will help you with the house-buying process from start to finish. As it is a digital process, you can track your application online to instantly know if there are any items pending for the application or to check the status of the application at any time.
This means you're less likely to be confused about where you are in the home-buying process.
- By being able to compare products from all lenders with just a few clicks, a lot of buyers are much happier with the advice they receive from an online mortgage broker. While this doesn't completely relegate a face-to-face broker option, it can make the first steps toward seeking general mortgage advice much simpler.
Make sure that the online mortgage brokers whom you choose are licensed mortgage consultants and that they work with all of the lenders throughout the UAE, as this shows that the company is an expert and is licensed to give mortgage advice. Holo is authorized by the DED (Dubai Economic Department) and RERA (Real Estate Regulatory Authority) in the UAE.
Obviously, there is paperwork required in order to process a mortgage application in Dubai. The requirements may vary somewhat from one bank to another. However, for the most part, you will need the following documents in order to apply for a mortgage in Dubai:
- A copy of your visa as well as a passport
- A copy of your Emirates ID
- A salary certificate for proof of employment
- Proof of residence (copy of tenancy contract or DEWA bill)
- Payslips and bank statements for the past six months
- Your latest credit card statements, as well as company documents and bank statements, in the event that you are a business owner
If you're a non-resident applying for an online mortgage in Dubai, you only need the following paperwork:
- A copy of your passport
- Your bank statements for the past three months
If you're in the market for an online mortgage for a property in Dubai, contact us to see how we can be of assistance.
This blog is for educational purposes, but everyone's case is unique, and local guidelines and regulations may change. Our mortgage advisors can help you with any question you may have and have the latest advice. Get in touch.