The property boom in Dubai has captured the attention of the world. Every day, hundreds of properties in Dubai are bought and sold. Mortgages for Dubai properties are now available to both residents and international buyers from local and international lenders.

Local finance options are available through a number of local and foreign financial institutions. The following are guidelines that are generally followed:
 
Finance is granted to individuals between the ages of 21 and 60, and up to the age of 65 if self employed. Individuals receiving salaries must provide a proof of employment in the same job of an average of at least 6 months period. While, business owners must provide proof of an operating and profitable business for at least 2 years. 
 
Lenders fund a maximum finance amount of 90%-100% and interest rates are between 8.5% and 9%. They do charge processing fees between 1% and 1.25% of the finance amount. Finance term ranges from 5 to 25 years and this period depends on residency status, age, type and location of property.
 
For resale cases, the property is evaluated to estimate its current market value and its premium would be financed accordingly depending on the type and location of property.
 
It is best to receive a pre-approval from a financial institution prior to finding a property. This will help you know the amount that can be financed. Terms and conditions of financial institution vary from one to another; therefore, you should contact a few to be able to make a choice feasible for you.
 
At Smart Moves Real Estate LLC, we will advise you and guide you through your financial planning. 

We have listed a few lenders which provide mortgages on various projects in Dubai. Detailed information can be retrieved by clicking on any of following below.

Amlak

Mashreq Bank

Rakbank

Tamweel

Standard Chartered Bank

Emirates Islamic Bank 

Barclay's