To use our mortgage calculator, simply enter your property price, interest rate, and loan term in years. You can adjust these variables to see how they affect your monthly mortgage payments. Once you've entered all the necessary information, click "Calculate" to see your estimated monthly payments.
Key Features of our Mortgage Calculator
Our mortgage calculator is easy to use and provides accurate results. It considers the interest rate and loan term to calculate your monthly mortgage payments. You can also use our mortgage calculator to determine how much of your monthly payment goes towards principal and interest, as well as the total cost of your loan over its entire term.
Our mortgage calculator is especially helpful if you're considering purchasing a property in Dubai. Dubai is known for its high real estate prices, so it's important to have a clear idea of what you can afford before making a purchase. Our mortgage calculator can help you determine the size of your loan, the interest rate, and the loan term that's right for you.
Eligibility Criteria to Apply for Mortgage in Dubai
The eligibility criteria for applying for a mortgage finance in Dubai may from bank to bank. In general, the following factors are taken into considerations:
Age: Most banks require the applicant to be between the age of 21 to 65 years.
Income: The applicant's income is a crucial factor in determining their eligibility for a mortgage. Most banks expect to have a monthly income of AED 15K (salaried) and AED 25k (self-employed)
Employment status: Applicants must have a stable employment history and be employed for a minimum period of six months to one year.
Credit score: A good credit score is important to qualify for a mortgage. Banks usually require a credit score of 700 or above.
Property type: The type of property being purchased is also an important factor. Banks may have different criteria for approving a mortgage for an off-plan or completed property. So, discuss with our mortgage advisor in Dubai to
Down payment: The down payment required varies from bank to bank, but generally, it is 20% of the property value.
It is advisable to check with the specific bank or financial institution for their eligibility criteria before applying for a mortgage in Dubai. Or else, you can also schedule a Free Consultation with our Mortgage Finance Advisor Mujeeb, as he will assist you in availing the right mortgage finance options.