You may have some questions for us, so here’s an overview of the most common inquiries we receive. If your question isn’t addressed here, don’t worry! Once you submit your application, you’ll be assigned a Aysal expert who will be happy to assist you with any questions you may have.
It is a letter issued by the bank following the review of your loan application, indicating approval of your requested principal amount, contingent upon a valuation of the property you wish to purchase.
In most cases, this pre-approval is valid for 60 days, providing you with the confidence that you will receive your loan in a timely manner once you decide on a property and all further checks by the lender are completed.
Yes, there are fees associated with obtaining a mortgage, including a bank valuation fee and a processing fee. The bank valuation fee typically ranges from AED 2,000 to AED 3,000, along with an additional processing fee of 0-1%.
Additionally, there are other costs involved in the purchasing process, such as fees for your real estate agent, fees payable to the Dubai Land Department or Abu Dhabi Municipality, and mortgage registration fees. When you apply for a mortgage through Aysal, your assigned mortgage expert will provide you with a detailed breakdown of these fees. You may also have the option to finance a portion of these fees as part of your mortgage.
A fixed rate means that your mortgage interest rate will remain constant for a designated period, typically ranging from 1 to 5 years. After this fixed term concludes, your rate will switch to a variable rate.
Conversely, variable rates are linked to the one, three, or six-month EIBOR, with a percentage determined by the bank. This means your interest rate can change periodically based on EIBOR fluctuations.
If this feels a bit overwhelming, don’t hesitate to contact Aysal for a seamless mortgage experience in the UAE!
It depends on the bank.
Most banks offer the option to include a percentage of the associated fees related to the purchase cost in the mortgage. This can significantly reduce your upfront expenses.
We take care of everything for you, so you don’t have to.
With access to the entire UAE mortgage market, we collaborate with all lenders to simplify the process of comparing offers and finding the right mortgage for you.
By using Aysal, our algorithm analyzes 500 products to identify the best deal tailored to your profile, available anytime, 24/7.
Yes, you can.
With most banks, you simply need to inform them of your departure. Together, you and the bank will determine how the mortgage will be managed going forward. It's important to notify your lender for the sake of transparency.
Mortgage rates fluctuate based on Central Bank interest rates, and new rates are regularly introduced to the market.
If you're interested in finding the latest rates and the best products for your needs, consider reaching out to one of our mortgage experts for assistance.
When you begin viewing properties, the first question a real estate agent will typically ask is, "Do you have your mortgage pre-approved?"
If you answer yes, it demonstrates that you are a serious buyer, making real estate agents and sellers more likely to take your offer seriously.
There are various types of mortgages available, including residential mortgages, non-resident mortgages, and commercial mortgages.
You can choose from variable and fixed-rate mortgages, as well as Islamic mortgages for those looking to finance a property purchase in accordance with Sharia principles.
This might seem like the simplest approach, but it may not guarantee you the best rate tailored to your specific circumstances and preferences.
When you use Aysal, our digital platform simplifies the process of comparing offers and connects you with the most suitable products based on your profile, helping you make an informed decision.
We also advise against having your salary account with the same bank as your mortgage. Curious about why? Don't hesitate to ask your Aysal mortgage manager.
Not at all. In just a few simple steps, we’ll connect you with the most suitable products from banks across the UAE. After that, it’s your choice to decide which bank product you’d like to move forward with. We’ll handle all the work (and all the phone calls) to secure your mortgage quickly and efficiently.
Absolutely! Your security is our top priority.
We use bank-level technology to encrypt our website and protect your information.
We only share your details with the bank you choose, and never with third-party sites or other banks.
You must be at least 21 years old and not older than 65 if you are an employed expat, or 70 if you are a UAE national or self-employed.
Yes, you are.
Although some banks may favor employed applicants, our platform will evaluate offers from all banks and match you with the products and lenders that fit your profile best.
Nothing at all! We will simply match you with the products and banks that best suit your profile. Our goal is to help you find the best deal on the market.
Once you choose a product, we will reach out to learn more about your home-buying needs and assist you throughout the process as much as possible.
The best part is that this service is free, and you remain in control every step of the way.
Yes, as long as you can demonstrate your ability to repay the mortgage. In some cases, the lender may request your marriage certificate as proof of your marital status.
No, Central Bank regulations prohibit the use of personal loans for down payments.
In addition to the down payment, there are substantial fees associated with the property purchase process. You can choose a mortgage that includes a percentage of these fees to help alleviate the upfront costs, but this option will increase your monthly repayment amount. It's advisable to consult with an Aysal expert to understand how your payments will differ with and without fee assistance.
Yes, we can help! However, please note that there are limited mortgage options for off-plan purchases, typically available only for projects developed by larger, established developers.
In most cases, you'll enter into a payment plan with the developer, agreeing on a schedule to pay a percentage of the property before handover. You can then choose to mortgage the remaining balance.
You can purchase various types of properties, including apartments, townhouses, and villas. If you're interested in mortgaging a commercial property, there are specific types of commercial mortgages available.
Aysal is one of the few brokers in the UAE that specializes in both residential and commercial financing, and we even have our own dedicated commercial finance department.
A follow-on rate is the interest rate your mortgage defaults to after the fixed-rate period ends.
This rate is tied to the EIBOR, along with a fixed percentage set by the bank, similar to a variable rate.
As you approach the end of your fixed rate, it's a good idea to explore refinancing options to see if you can find better rates than the follow-on rate offered by your current lender. Aysal can assist you with your refinancing needs.
An NOC, or no-objection certificate, is required from the developer as confirmation that all utilities and service charges have been paid. This certificate clears the way for issuing the title deeds and transferring the property.
It also indicates that the developer has no objections to the sale of the property to another party.
It depends on the Emirate where you are making the purchase.
Here’s a list of additional payments you’ll need to make along with the cash deposit:
Use Aysal.
Seriously, in just a few minutes, our digital platform will connect you with the most suitable products based on your profile and preferences.
Our expert mortgage brokers will then reach out to assist you in securing a mortgage quickly and easily.
Yes, you can. Reach out to Aysal, and we’ll assist you in securing a mortgage for your plot.
It depends on the bank, but most do impose a penalty for early repayment.
This penalty is set by the UAE Central Bank and is typically 1% of the remaining balance, with a cap of AED 10,000.
Yes, they will. The amount varies by bank, but you’ll find out the specific cost from your Aysal quotation well in advance.
Yes.
All banks conduct a credit check before approving your mortgage application.
If you'd like to review your credit report ahead of applying for a mortgage, you can obtain it from the Etihad Credit Bureau for a small processing fee.
If you are applying as a salaried resident or UAE National, you will typically need to provide the following essential documents:
If you are self-employed, you will also need to provide company trading documents. For non-residents, the required documentation may include a credit report from your home country, but this can vary based on your country of residence.
Your Aysal case manager will inform you of the specific documents you need to provide based on your applicant status and will assist you in submitting them through our digital portal.
You can use our mortgage calculator to estimate what your typical monthly repayment might be. However, the bank will assess your affordability based on its own lending criteria, which can vary from one bank to another.
Generally, a common guideline is that 50% of your monthly income is considered when calculating mortgage affordability.
Additionally, a stress rate is applied to ensure you can still manage the mortgage payments in the event of interest rate increases.
A title deed is a registered document that proves ownership of a property, held at the Dubai Land Department or Abu Dhabi Municipality.
When you purchase land with a mortgage, your name will be listed on the title deed as the property owner.
Please note that the original title deed is retained by the bank until the mortgage is fully paid off.
The pre-approval typically takes 5 to 6 working days.
However, the time required to secure this pre-approval may vary based on the bank and your individual circumstances.
Once the pre-approval is granted and you’ve finalized the property you wish to buy, we will handle everything on your behalf, allowing you to sit back and relax until the process is complete.
An Islamic mortgage differs from a conventional mortgage, as it does not involve charging interest, which is prohibited under Sharia law. Instead, the bank purchases the property on your behalf and leases it back to you for a profit.
We collaborate with numerous banks in the UAE, allowing you to choose from both conventional and Islamic mortgage products when you begin your Aysal application.
The amount you can borrow depends entirely on your liabilities and income.
If the property's value is below AED 5 million, you can borrow up to 80% as an expat and 85% as a UAE national.
For properties valued above AED 5 million, the borrowing limit decreases to 70% for expats and 75% for UAE nationals. A general guideline is that you can borrow up to seven times your annual salary or according to the LTV limits mentioned above.
You can also use the Aysal mortgage calculator to estimate how much you might be eligible to borrow and what your monthly repayments could look like. Keep in mind that your actual offer from the bank may vary based on your individual circumstances.
LTV stands for Loan to Value. It represents the percentage of the property's value that you are borrowing.
For instance, if you take a loan of AED 800,000 on a property valued at AED 1 million, the LTV would be 80%.
You’re in the right place!
Simply click the "Get Started" button and follow the steps. It will take about two minutes to provide us with the necessary details. At this stage, you’re not applying for a mortgage or committing to anything; we’re just gathering information to match you with the best products and banks. Our team will then reach out to guide you through your financing options and handle the application process with your chosen bank on your behalf.
After that, we will manage all aspects of the process with the banks and other entities, so you only need to communicate with one point of contact until you complete the ownership of your property and receive the keys!
Freehold ownership means that the property owner owns both the building and the land indefinitely.
In contrast, leasehold ownership indicates that the owner only holds the rights to the building, while the land is owned by the "landlord" and leased to the property owner for a specified period, typically 99 years.
Yes, we can! However, we don’t list properties ourselves. Instead, our Concierge team collaborates with you to understand your needs and identify properties within your budget that meet your specifications. We leverage our extensive network of over 1,500 trusted real estate partners to coordinate viewings and help you secure the unit you love. Throughout the process, we will communicate with the seller's agent, ensuring you only have to deal with one point of contact.
Conveyancing is the process of coordinating all the legal documentation between the buyer and seller during a property purchase. Aysal has an in-house conveyancing team that collaborates with the seller's agent and your real estate agent to prepare all necessary legal documents. This includes arranging NOCs from the developer, managing deposit holdings, final settlements, and title registration and transfer.
In addition to our free mortgage service, Aysal offers conveyancing services priced below the market average at just AED 5,000, helping you save money without sacrificing trust or expertise. Our conveyancing team can also assist with your Power of Attorney (POA) needs to ensure everything continues smoothly in your absence. There may be additional fees for drafting, translating, and attesting a power of attorney arrangement, so please consult your Mortgage Manager or Property Concierge for more details.
At Aysal, we offer access to a variety of mortgage products from multiple banks in the UAE. Our aim is to help you navigate your options and find a mortgage solution that fits your unique needs and circumstances.
At Aysal, we provide access to a range of mortgage options from UAE banks, helping you find the right solution for your needs.
