What documentation is required for a mortgage application?

Applying for a mortgage in Dubai therefore requires one to provide few essential documents that will help the lender in checking and confirming that he/she meets the requirements for a loan in line with the laws of the country. Eventually the documents that are needed depend with the kind of residency of the person and with whether he or she is a salaried employee or a self-employed contractor. Here’s a comprehensive list of the necessary documents:

For Residents

  • Personal Identification Documents:
    1. Copy of passport
    2. Emirates ID
    3. Residency visa
  • Financial Documents:
    1. Pay slip or letter of appointment
    2. Pay slips of the last three to six months
    3. Utility bill as proof of residence (i. e residence proof of DEWA).
    4. UAE credit report
  • Property-Related Documents:
    1. Purchase deed of the property or deed of assignment including the power of attorney and other related documents.
    2. The requirement from the developer or master developer’s no objection certificate

For Non-Residents

  • Personal Identification Documents:
    1. Photocopy of the passport including all the pages.
    2. Copy of the Visa or entry stamp
    3. Passport-sized color photograph or image digitalized by a competent photographer Recent utility bill as a proof of overseas residential address
  • Financial Documents:
    1. Pay slip or letter of appointment
    2. Pay stubs for the last three to six months
    3. UAE credit report
  • Property-Related Documents:
    1. Title deed of the property as well as the sales and purchase agreement of the same property
    2. Affidavit that the developer or the master developer does not object the transfer of the plot.
    3. Extra Papers Required by the Self Employed
  • For Self-Employed Residents:
    1. Company commercial license
    2. Audited financial statements
    3. Memorandum of Association (MOA)
    4. Banking check statements of last half year.
  • For Self-Employed Non-Residents:
    1. Company formation documents
    2. Stock certificates
    3. Profit share documents
    4. Save personal credit report from overseas
    5. Banking records for the past half year of operation by the company

Which is Why These Documents are Required?

The documents that are used in the mortgage application process assist the lender in confirming your personal details, employment, residency and credit standing. By verifying that you will be able to pay the mortgage loan, this process helps to reduce the risk that is inherent to the lender.

Mortgage Application Process Through the Lenses of Integrated Thinking nike air max Thus, the following are the steps in the mortgage application process;

  • Evaluate Financial Condition: Evaluate your current personal financial situation in terms of income, expenditure and credit status.
  • Select a Mortgage: Assist consumers to compare mortgage loan from other existing loan providers.
  • Acquire Pre-Approval: Final Tips The highly recommended step that a buyer should undertake is to get a pre-approval letter from the preferred bank in order to enhance his or her credibility as a financier.
  • Find a Property: Look for a property that you believe suits your pockets and requirements.
  • Submit Mortgage Application: Courteously fill the application form and attach all necessary documents.
  • Property Valuation and Legal Checks: The bank will go a step further and estimate the value of the property, and at the same time, legal scrutiny will be conducted on the property in question.
  • Final Approval and Mortgage Offer: The final and most important step in the whole process would be to go through the mortgage offer and accept it.
  • Sign the Mortgage Contract: After the agreement to all the stipulations of the contract, then you are allowed to sign it.
  • Mortgage Registration and Transfer of Ownership: If Hola Incorporation does not register the mortgage with the Dubai Land Department and transfer the property ownership to the UAE banks, it may find it difficult to recover its money from its clients.

Getting a mortgage in Dubai entails the following procedures of writing, compiling and submitting specific documents to meet the requirements of the application. The different documents required in applying for a mortgage are elaborated here to enable you prepare well and therefore enable you get the mortgage that you need.


Mortgage Application Documentation Quiz

Test your knowledge on the documentation required for a mortgage application in Dubai. Once you complete the quiz, click the button to see your score and the correct answers.

  1. Which document is required to prove your identity for a mortgage application in Dubai?




  2. What financial document do residents need to provide for the last three to six months?




  3. Which document is specific to self-employed individuals applying for a mortgage?




  4. What additional document do non-residents need to provide as proof of address?




  5. What is the purpose of the no objection certificate in a mortgage application?




Quiz content credit to 95dubai.com