Mortgage Calculator

Here is a mortgage calculator, where you can easily calculate your monthly mortgage payments based on your loan amount, interest rate, and loan term. Whether you're a first-time homebuyer or looking to refinance your existing mortgage, our calculator is a valuable tool to help you estimate your monthly payments.

Property Price

AED

Price of the property

Interest rate

%

Interest rates will varies according to the banks

Down payment (20%)AED 240,000

A percentage of the home price paid up front and in cash. Usually at least 20%

Loan duration15 Years

The number of years you wish to take the loan over, maximum 25 years or to a maximum age of 65 for employees, and 70 for self-employed individuals.

Monthly repayment

AED7,468

* Estimated monthly payment based on a 960,000 AED loan amount with a 4.75% fixed interest rate for the entire duration of the loan

Mujeeb ur RehmanFinance AdvisorBook a Consultation

To use our mortgage calculator, simply enter your property price, interest rate, and loan term in years. You can adjust these variables to see how they affect your monthly mortgage payments. Once you've entered all the necessary information, click "Calculate" to see your estimated monthly payments.

Key Features of our Mortgage Calculator

Our mortgage calculator is easy to use and provides accurate results. It considers the interest rate and loan term to calculate your monthly mortgage payments. You can also use our mortgage calculator to determine how much of your monthly payment goes towards principal and interest, as well as the total cost of your loan over its entire term.

Our mortgage calculator is especially helpful if you're considering purchasing a property in Dubai. Dubai is known for its high real estate prices, so it's important to have a clear idea of what you can afford before making a purchase. Our mortgage calculator can help you determine the size of your loan, the interest rate, and the loan term that's right for you.

Eligibility Criteria to Apply for Mortgage in Dubai

The eligibility criteria for applying for a mortgage finance in Dubai may from bank to bank. In general, the following factors are taken into considerations:

Age: Most banks require the applicant to be between the age of 21 to 65 years.

Income: The applicant's income is a crucial factor in determining their eligibility for a mortgage. Most banks expect to have a monthly income of AED 15K (salaried) and AED 25k (self-employed)

Employment status: Applicants must have a stable employment history and be employed for a minimum period of six months to one year.

Credit score: A good credit score is important to qualify for a mortgage. Banks usually require a credit score of 700 or above.

Property type: The type of property being purchased is also an important factor. Banks may have different criteria for approving a mortgage for an off-plan or completed property. So, discuss with our mortgage advisor in Dubai to

Down payment: The down payment required varies from bank to bank, but generally, it is 20% of the property value.

It is advisable to check with the specific bank or financial institution for their eligibility criteria before applying for a mortgage in Dubai. Or else, you can also schedule a Free Consultation with our Mortgage Finance Advisor Mujeeb, as he will assist you in availing the right mortgage finance options.

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Frequently Asked Questions on Mortgage Finance in Dubai

The maximum loan-to-value ratio for a mortgage in Dubai is usually 80% of the property value. This means that the borrower will need to have a down payment of at least 20% of the property value.

The average interest rate for a mortgage in Dubai varies depending on the lender, the type of mortgage, and the borrower's creditworthiness. However, interest rates typically range from 3% to 6% per annum and t varies depending upon the bank you choose.

The fees associated with obtaining a mortgage in Dubai can include an arrangement fee, valuation fee, legal fees, and early repayment fees. These fees can vary depending on the lender and the type of mortgage.

Yes, foreigners can obtain a mortgage in Dubai. However, the eligibility criteria and requirements may differ from those for UAE nationals. Discuss with our mortgage finance advisor in Dubai to know the eligibility criteria to apply for a mortgage finance.

The time it takes to obtain a mortgage in Dubai can vary depending on the lender and the complexity of the application. However, it typically takes between four to eight weeks to obtain a mortgage in Dubai.

If the borrower fails to make the required repayments, the lender has the right to repossess the property. The lender can then sell the property to recover the outstanding debt.