Mortgage FAQ

By Rocky Real Estate

most commonly asked questions about mortgage

Mortgage FAQ

With today’s market, more and more buyers are purchasing real estate within Dubai for the first time. The process will be different to what most expats might be used to and you may have limited knowledge of it which may seem daunting, this is where the team at Rocky Real Estate can help.
Partnering with our team will benefit you by helping and supporting you through the process.


To give you a flavor; we have put together some of the most commonly asked questions from our clients:

How long does it take to obtain a mortgage pre-approval?

Approximately five working days for employed applicants, once the bank is satisfied with the documentation provided.  Approximately 14 working days for self-employed applicants, once the bank is completely satisfied with the documents provided.
Rocky Real Estate has secured pre-approvals in significantly shorter timeframes for certain clients. However, above are realistic timeframes for most applicants.


How long is my pre-approval valid for?

Pre-approval validity periods vary between 30-90 days depending on the bank. Revalidation of expired pre-approvals is possible, subject to product availability and updated documents.


Is a mortgage pre-approval a guarantee of finance?

Yes, subject to meeting the bank’s terms and conditions and providing the applicant’s profile will mostly like not change prior to services of the mortgage. The exact amount of finance is dependent on the UAE Central Bank maximum Loan to Value limits and the property valuation.


What happens if the property valuation is lower than the agreed purchase price?

Your mortgage is subject to the maximum Loan to Value (LTV) offered by the loan provider. The final loan amount will be based on either the valuation or the purchase price, whichever is lower. You would be required to bridge the gap between the lower valuation and purchase price through your own funds.


How long will it take to complete the property purchase?

Generally 4-6 weeks if the seller has no existing mortgage on the property and 6-8 weeks if the seller has a mortgage.


What happens if the seller has a mortgage?

Depending on the outstanding balance, the bank will pay off the seller’s mortgage from your loan amount. Any difference over your agreed loan amount and up to the purchase price would need to be paid by the buyer. If the outstanding seller mortgage is greater than the agreed purchase price, the difference between the purchase price and the outstanding seller mortgage should be paid by the seller. All payments are made simultaneously. Your consultant at Rocky Real Estate can explain this in greater detail.