How much can I borrow?

• It depends on age, nationality, salary, type of employment etc.
• Some banks say you can borrow 7 times your annually salary. (1)
• Other banks say you can borrow 70 times your monthly salary. (2)
• Many banks say your monthly salary needs to be at least 4 times your mortgage payment. (3)
• Some banks uses their current interest rate as a base for calculating the mortgage.
• Other banks will add 1% or 2% on current rates in case of future interest rate fluctuations.
• The maximum loan term is 25 years according to UAE Central Bank regulations.
• Are you under the age of 40 years you can have a maximum loan term up to 25 years.
• Are you over the age of 40 years the maximum loan term is up to the age of 65 years.
• Are you self-employed the maximum loan term is raised up to the age of 70 years.

Let’s say you want to borrow 1,000,000 AED for the maximum 25 year-period. How much do you need in monthly salary?

Example:

• • You are under the age of 40 years.
  • Have a steady job and fixed income.
  • You have no other loans.
  • You choose a fixed repayment rate during the 25 year mortgage loan period (fixed rate = the same sum every month).
  • The interest rate is 4%.
  • (1) Your monthly salary has to be 11,905 AED. 1,000,000 AED / 12 months / 7 = 11,905 AED.
  • (2) Your monthly salary has to be 14,286 AED. 1,000,000 AED / 70 months = 14,286 AED.
  • (3) Your monthly salary has to be 13,333 AED. 1,000,000 AED / 25 years / 12 months x 4 = 13,333 AED

• In lowest case your monthly salary needs to be 11,905 AED to borrow 1,000,000 AED.
• In highest case your salary has to be 14,286 AED to borrow 1,000,000 AED.

These factors will decide how much you can borrow:

• Annual income
• Nationality (local or expat)
• Employment status
• Type of employment (employed by a company or self-employed)
• Salary type (fixed or bonus-based)
• Age
• Existing loans and debts
• Personal circumstances
• The property value
• The current bank interest rates
• Personal health
• Smoker or non-smoker

It all depends on what the bank thinks you can afford to borrow and pay back.

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The down payment is a portion of the home’s purchase price paid upfront in cash. Typically, it’s at least 20% of the total price.

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