Whether you’re a first-time property buyer, second or refinancing an existing home loan, the calculus behind mortgage payments is complicated. However, our mortgage calculator can make it an easy process.
So, if you’re a UAE national or expat looking for a home loan, then this is the calculator for you.
This free online mortgage calculator will help you find out what your monthly loan payments will be, that can be further simplified for you by one of our mortgage specialists at Profound Realty.
As you try to determine your housing budget, determining your monthly house payment is important.
As you shop for a home loan or refinancing, the Profound mortgage calculator will help you estimate your mortgage payments.
A few notes from the experts:
- If your budget is fixed, a longer loan duration is probably right for you.
- These loans come with lower monthly payments, although you'll pay more interest during the course of the loan.
- If you are able to increase your budget, a lower loan duration reduces the total interest you'll pay, but with higher monthly payments.
- This calculator is will provide you an accurate overview of how much you can expect to pay monthly.
- This applies whether you are buying a residential apartment, villa or any other property you can think of.
For a property purchase price under AED 5million the maximum loan-to-value (LTV) for an expat is 80% and for a UAE national is 85%. For properties over AED 5million, this decreases to 70% LTV for expats and to 75% for UAE nationals.
Where your employer pays you a housing allowance, this can be considered when you are applying for a mortgage.
For example, if you currently live in company provided accommodation and it is stipulated in your contract or salary certificate that you will be paid a housing allowance should you leave the provided accommodation, then the allowance you will be paid can be considered for your mortgage.
You will still be required to have the necessary down payment, but the allowance can contribute to your affordability and therefore can, in some cases, increase the amount you are able to borrow.
Depending on the customer's personal profile and whether they are salaried or self-employed, rates vary widely from bank to bank.
Yes, subject to standard client profiling of each individual. For non-residents, the maximum loan-to-value that is available is 60% funding, with rates at this level starting at 4.99% for a 3-year fixed rate.
The normal rates in the UAE range from 2.99% to 7%. To get you the finest home loan deal, PSI works with more than 20 banks in the UAE that provide up to 250 different mortgage packages at discounted rates.
- 85% - UAE National first property
- 65% - UAE National second property
- UAE Expat First property – 80% + 4.8% DLD + Brokerage
- UAE Expat Second property – 60% + 4.8% DLD + Brokerage
- Non-Resident – 60%
This information is subject to changes in law and/or government policies
A salary certificate, six months' worth of paystubs, six months' worth of bank statements, and information on any outstanding debts are required for candidates who are salaried.
For independent contractors: identification documents, company records (trade license, articles of incorporation, shareholders certificate, company profile, etc.), audited financial statements and/or six-month personal bank statements and information on any outstanding debts.
Although this varies from bank to bank, in general banks will respond to initial inquiries and observations within 2 working days. The turnaround time to acquire a pre-approval is typically between 5-7 working days once more papers have been submitted or additional inquiries have been answered.