Mortgage Calculator in UAE

Mortgage Calculator

The number of options from local and international lenders on choosing the proper mortgage in UAE is tedious and will leave you confusing when you refinance an existing loan option or when purchasing a new home property, this can be made easier if you have a Mortgage Calculator.

The price of the property in UAE is reliably increasing, and therefore in-depth research will help you in picking the right competitive products, and this also helps to know whether the monthly payments fall within your estimated budget.

Related : Compare Mortgages in UAE

How is Mortgage Calculated?

Compare 4 Benefit’s Mortgage calculator helps in finding your actual monthly payments and also the fees you need to pay if you are planned to get a home or property in Dubai.

You need to fill the property price, loan payment options(how long you are going to pay your monthly payments), the deposit you are going to put down. Your nationality, the profile or interest rate, the property type (Under construction or completed), etc. to receive the final pieces of information on the home loan options available and also the eligibility ones as per your requirements.

Mortgage Calculator
works by gathering some of your personal details namely your Email address, the monthly salary you receive, contact number for finding the right competitive product in Dubai as per your needs.

Benefits of Mortgage Calculator

Mortgage Calculator can figure out the exact amount to be paid if you enter a few pieces of information like Property value, loan term, Interest rate, down payment amount, depreciation value, etc. There are many advantages of using the Mortgage calculators namely.

Budget Planning:

The tool helps to know whether the budget you have planned is enough to get home and this can assist you in taking some firm decisions during searching for a property or while hunting for a house.

Saves Money

Mortgage calculator helps you to calculate variables like amortization, interest rates, down payments, etc. and this will determine which will be the right option for the value you choose.

Learn more things using one

You will be able to experiment with various scenarios so that you will get a detailed understanding of the working mechanism of Mortgages and the calculation basis depending on the bank etc. reliably. You will also be able to make the decisions on the repayment period and the maximum interest rate you can afford.

Time Savers

You need not consult with my broker or banker to calculate the interest or the amount for you as yourself can do the calculations easily. Mortgage calculators help in deciding on the side by side comparisons when analyzing various scenarios.

Essential Factors you need to know about Mortgage in UAE

Proceed below to find some of the essential things you need to know regarding the Dubai Mortgages.

UAE Maximum Mortgages

There are many differences for the Expatriates and UAE Nationals, here you go.

For UAE Nationals

The price of purchasing your first mortgage with 80% LTV – AED 5,000,000.
The price of purchasing your subsequent and second mortgage with 65% LTV is irrespective of the property or home purchase amount.
There is about 50% LTV available without the irrespective of value for the under construction home or properties.

For Expatriates:

The price of purchasing your first mortgage with 75% LTV – AED 5,000,000.
The price of purchasing your subsequent and second mortgage with 60% LTV is irrespective of the property or home purchase amount.
There is about 50% LTV available without the irrespective of value for the under construction home or properties.

How long one has to wait for obtaining the Mortgage Pre-Approval?

It would take about three to five working days approximately for the applications which are employed, and this will be provided once the bank is satisfied with all the documents you have submitted.

In the case of Self Employed applicants, the bank will take at least 10 to 15 working days approximately and approve them once they get satisfied with the documents.

For Home Matters, the approval can be received within the shorter period for some clients, and it would take real time periods for other applicants, you can calculate the correct value for any applicants using Mortgage Calculator.

Related : Apply for Mortgages in UAE

What is the valid time for the Mortgage Pre-Approval?

The pre-approval valid time will vary between the periods of thirty to ninety days based on the bank you have chosen. Depending on the updated documents and product availability the expired pre-approvals will be revalidated.

Whether Mortgage Pre-Approvals can be a Finance Guaranteed application?

Yeah, it depends on the bank you have chosen, their terms and conditions of the circumstance or profile of the applicant, they should change as per the mortgage disbursal and you can also make use of the Mortgage calculator.

The finance amount will depend on the applicant chosen loan providers and their property valuation along with the value limit.

The next immediate step you need to perform after pre-approval is to find out the home or property from any primary or secondary market. So what is the difference between getting primary and secondary market property?

Primary Market Purchase: In this type of purchasing, you get the property directly from the developer, and this can also be done with the help of real estate agents who have the perfect dealing with the developers so that they can sell the inventory without any support.

Secondary Market Purchase: They are mostly the real estate properties that are purchased through a real estate agent.

How to Purchase the Secondary Market Property using a Real Estate Agent?

Once you have chosen and clear of the property, you are going to purchase you need to negotiate the amount and get them from Real Estate Regulatory Authority (RERA) registered Real Estate Agent.

Once the parties get agreed for your sale and price, the agent will draft an agreement of purchasing the property, and this will be reviewed, accepted and signed by all three sellers, buyer, and the real estate agent.

The agents will get 10% of security deposit from the Buyer, and they also hold the security cheques and then will return once all transactions are made successfully.

Some of the real estate agents will also request for the encashment of the property buyers security cheque for the safety purpose, in this case, buyers should deal this with at their risks, and they should note that the real estate agent is having a correct ESCROW account to safeguard their money from the agents.

Can you apply for the Mortgage in your sole name in the case of purchasing the joints property?

Most of the bank does not have this options, and mortgages are always provided between the property and spouses, the home will be registered as per the names of the mortgages. You can check for the mortgages from Mortgage calculator.

What if the seller has a Mortgage?

Based on the outstanding balance, the bank you have chosen will provide the amount of the seller’s mortgage, and the buyer should pay the amount if it comes above in case of this situations. If the agreed price for purchasing by the buyer is less than the outstanding seller mortgage, then the difference of the exceptional seller and purchase price mortgage need to be paid by the seller. You can ask your mortgage consultant if you have any doubts regarding the questions, they can explain to you in a detailed way.


Please enter your comment!
Please enter your name here