The mortgage and property purchasing process
The process of obtaining financing and finalising a property purchase in the UAE is relatively simple. See the graphic below for a high level breakdown.
Step by step
- 1
Pre-approval
You share your documents with me, and I prepare bank application forms. Once submitted, a pre-approval gets issued within 1–7 working days and is valid for two months.
- 2
Sign an MOU
With the pre-approval in hand, you can agree to purchase a property and sign the official Memorandum of Understanding (also referred to as ‘Form F’). I'll review your contract to make sure it's proper.
- 3
Bank valuation
The bank sends a third-party company to assess how much the property is worth. This decides how much the bank will be willing to lend to you.
- 4
Final approval
I request the final mortgage approval. Once issued, you'll need to prepare the down payment and sign documents in person at the bank branch.
- 5
Transfer
We proceed to a trustee office to officially register the property in your name. The keys are yours.
How long does it take?
Once you sign on a property, the entire process usually takes 5–7 weeks. It can take longer if the seller has a mortgage that first needs to be paid off by your bank.
If you live outside the UAE
The steps are the same, with a few differences:
- Pre-approval takes longer, usually 1–3 weeks, and is valid for 30–60 days.
- You'll need to fly to the UAE once we receive the final approval, to open a bank account and sign the loan documents.
- The property transfer itself can be managed via a Power of Attorney.
See the non-residents page for more.
Buying off-plan?
Off-plan financing works differently: banks only lend once you've paid 50% and construction has reached a certain stage. See the off-plan mortgages page.