Frequently asked questions
You might have a few q’s for us. we can hopefully answer them here. If not, please make an application and you will be assigned an advisor to answer an questions you may have.
It’s a letter issued by the bank after reviewing your loan application, and approving your requested amount.
This pre-approval is valid, in most cases, for 60 days, thus offering you the confidence that you will get your loan on time once you decide which property you are buying.
Banks usually give you a slightly preferential rate if you commit your salary transfer to them as it means the end-of-service gratuity will go to the bank, where the salary is credited.
Yes, there is a bank valuation and a bank processing fee.
The bank valuation fee ranges from AED 2000–5000, with an additional 0-1% bank processing fee.
A fixed rate means the rate of interest on the mortgage you pay typically stays the same for a specific period of time, between 1-5 years.
Once the fixed period ends, you are then moved to a variable rate.
On the other hand, variable rates refer to the interest rate that you have to pay linking to one, three, or six-month EIBOR, with a percentage fixed by the bank.
This means the interest rate can vary from time to time, depending on the EIBOR.
Sounds confusing? Why not get in touch with Holo for the easiest mortgage process in the UAE.
A flat interest rate is normally a lower rate of interest, but paid on the starting balance for the full term of the mortgage.
While a reducing interest rate is accrued daily on the outstanding balance and paid monthly.
That depends on the bank.
Most banks do allow the option of incorporating the purchase cost into the mortgage, which helps in saving the upfront costs significantly.
We do all the hard work, so you don’t have to.
We have access to the whole UAE mortgage market and work with all lenders to make it easy for you to compare offers and find the right mortgage for you.
When you use Holo, our algorithm compares 500 products to find you the perfect deal based on your profile.
Yes, you can.
With most banks, you just need to let them know that you’re leaving.
You and the bank will then decide on how the mortgage will operate moving forward.
Mortgage rates change monthly.
If you want to know the latest rates and best products for you, why not let one of our mortgage experts help you.
Contact Holo today.
When you start to view properties, the first question a Real Estate agent will ask you is ‘do you have your mortgage pre-approved?’.
If your answer is yes, this shows that you're a serious buyer and Real Estate Agents and sellers are more likely to take your offer seriously.
Residential mortgage · Non-resident mortgage · Investment (buy to rent) mortgage · Commercial mortgage · Capital & profit/interest mortgage · Offset mortgage · Variable and fixed-rate mortgage · Land and construction mortgage.
This may not be a good idea, as your bank may not have the best mortgage products that will suit your circumstances and preferences.
However, when you use Holo, our digital platform makes it easy for you to compare offers and matches you with the most suitable products based on your profile to help you make a wise decision.
In a few simple steps, we’ll match you to the most suitable products for you.
Then it’s up to you to select which bank product you want to proceed with, and we’ll do all the work to get you a mortgage in the fastest and most efficient way possible.
Security is our utmost priority.
We use the same technology as banks to encrypt our site—and your information.
We only share your information with your selected bank, never with third-party sites or other banks.
At least 21 years old and not more than the age of 65 if you’re an employed expat or 70 if you’re a UAE national or self-employed.
Even though some banks have a preference for employed applicants our platform will compare offers across all banks and match you to the right products and banks suitable to your profile.
Life insurance is mandatory and, in fact, most banks will ask you to buy the insurance from them before loaning you the funds to buy the property.
However, at Holo, we bring you exclusive deals to help you buy the insurance policy and help you save up to 50% more than the bank's in-house policy.
Nothing! All we’ll do is immediately match you with the products and banks most suitable to your profile.
We want to get you the best deal on the market.
Once you select a product, we will contact you to find out more about your home buying needs and help you during this journey as much as we can.
The best part – this service is free, and you are in control of the process at all times.
Yes, as long as you can show the ability to repay.
EIBOR stands for Emirates Interbank Offered Rate, which is the interest rate at which banks lend money to each other.
30–90 days, depending on which bank you have applied for a mortgage.
No, the Central Bank regulations don’t allow you to take personal loans to pay the down payment.
You can, however, take a loan to cover up the associated mortgage fee expenses.
Yes, we can.
However, keep in mind that there are minimal options for mortgages on off-plan purchases and they are often limited to projects which are being undertaken by larger and more established developers.
All types of properties.
Because the bank will use it if you fail in repayments of your mortgage.
If this happens, your bank will present the cheque and when it bounces, they can initiate legal proceedings to take your property to pay off the outstanding debts.
It’s an interest rate that your mortgage reverts to after your fixed-rate period has ended.
This rate is linked to the EIBOR, with a fixed percentage by the bank, just like the variable rate.
It won’t, unless you are facing any financial crisis because of the pandemic.
Since everything is almost back to normal, the banks are operating just as they were pre-pandemic and the mortgage buying process will continue to be as normal as before for new applicants.
NOC stands for no-objection certificate.
This is required from the developer as proof that all the utilities and service charges have been paid, thus giving a clear title to the property.
It also shows that the developer has no objection to the other person buying his property.
That depends on the Emirate you are purchasing in.
These are the list of payments you need to make along with the cash deposit: · Real Estate Agent fee: 2% of the total cost of the property.
· Land department fee: 4% of the purchased price and an additional AED 580 (up to 2% for Abu Dhabi) .
· Bank processing fee: up to 1% of the amount borrowed.
· Trustee fee: AED 4,000 .
· Mortgage registration fee: 0.
25% and an additional AED 290 of the mortgage borrowed.
1% in Abu Dhabi) · Valuation fee: AED 2500-3000 + VAT.
No, seriously, in just a few minutes, our digital platform matches you with the most suitable products based on your profile and selections.
Our expert mortgage brokers then get in touch so we can help you obtain a mortgage in the fastest and easiest way possible.
Yes, If your bonus is guaranteed and clearly mentioned in your salary certificate or contract.
Your housing allowance is also counted if clearly mentioned in those documents.
Even though the down payment is still required, the allowances can contribute to the mortgage by offering more affordability and increasing your chances of borrowing a higher amount.
Yes, you can.
Contact Holo, so we can help you secure your plot-related mortgage.
It depends on the bank, but most banks do charge a slight penalty on settling the mortgage amount early.
This penalty is fixed by the UAE central bank and is charged at 1% of the remaining balance, capped at AED 10,000.
It varies from bank to bank.
All banks perform a credit check before approving your mortgage.
You can get a credit report from the Etihad Credit Bureau for a small processing fee.
Well, it depends on your situation.
However, the list of essential documents include: · A copy of your Emirates ID, passport, and visa.
· Salary certificate addressed to the bank.
· Bank statement and payslips of the last six months.
· Most recent credit card statement, if you have any.
· A copy of your tenancy agreement or DEWA bill.
You can’t, your bank will calculate this, and it varies from bank to bank.
However, the typical rule is that 50% of your monthly income is considered when calculating mortgage affordability.
After that, a stress rate is applied to confirm if you can still afford the mortgage if rates were to increase.
It’s a registered document showing the ownership of the property at the Land Department/ADM.
When you buy land on a mortgage, your name will be included in the title deed as the owner of the property.
Keep in mind, the original title deed document is kept with the bank until the mortgage is fully paid.
If the property costs under AED 5 million, the down payment is 20% for expats and 15% for UAE nationals.
However, if the property is over AED 5 million, expats have to pay a 30% down payment, while the UAE nationals would pay 25%.
The pre-approval takes 5-6 working days.
However, securing this pre-approval might take a long time, depending on the bank and your current situation.
Once this pre-approval is done and the property you want to buy is finalized, we will do everything on your behalf, so you can sit back and relax, until the process is done.
Unlike a conventional mortgage where the banks charge you interest, which is forbidden under the Shariah law, an Islamic mortgage works by the bank buying the property on your behalf and leasing it back to you for a profit.
And guess what? Since we deal with all banks, we can provide you with all types of mortgages, so visit our digital platform to get started today.
The amount you can borrow entirely depends on your liabilities and income.
If the property's value is under AED 5 million, you borrow up to 80% as an expat and 85% if you’re a UAE national.
If the value is above AED 5 million, the percentage decreases to 70% for expats and 75% for UAE nationals.
Why not eliminate all doubt and use the Holo mortgage calculator to determine exactly how much you can borrow?.
If you're reading this, then you definitely have internet access.
Simply, visit our website – www.
ae to get started.
Complete the steps, and you will be matched with the most suitable products and banks.
Our team will then contact you to assist you further.
Once you finalize the property you want to buy, we will take it from there by working with the banks on your behalf and completing the mortgage process until you get the ownership of your desired property.
A Memorandum of Understanding is an agreement set by the real estate agent, which outlines all the necessary terms and conditions signed by the seller and buyer while purchasing the property.
Holo will happily help and advise you before you sign the MOU.
Yes, you can.
Any payments you’ve already made will be considered part of the down payment that you need to settle.
That depends on the bank.
Typically, most banks allow overpayments without penalty of up to 30% of the remaining balance.
If you chose the fixed-rate mortgage, overpayments are only allowed after the fixed-rate tenure has ended.
Freehold ownership refers to the fact that the owner of the real estate owns both building and land in perpetuity.
Leasehold ownership on the other hand means that the owner owns the building only, the land on which it sits is owned by the ‘landlord’ and is leased to the property owner for a defined period of time, normally 99 years.