{"id":20,"date":"2017-03-13T13:04:40","date_gmt":"2017-03-13T13:04:40","guid":{"rendered":"https:\/\/www.mortgagefinder.ae\/blog\/?p=20"},"modified":"2025-08-19T13:46:49","modified_gmt":"2025-08-19T13:46:49","slug":"what-is-a-mortgagee","status":"publish","type":"post","link":"https:\/\/www.mortgagefinder.ae\/blog\/what-is-a-mortgagee\/","title":{"rendered":"What Is Mortgage? A Complete Beginner\u2019s Guide for UAE Homebuyers"},"content":{"rendered":"

If you\u2019re thinking of buying property in the UAE, one of the first questions that may come to mind is: <\/span>what is mortgage<\/b>?<\/span><\/p>\n

You may have heard terms like “mortgagee” and “mortgagor” being used \u2014 especially by banks and brokers \u2014 but not fully understood what they mean. Don\u2019t worry! In this simple guide, we\u2019ll explain everything in plain English \u2014 and specifically for the UAE market.<\/span><\/p>\n

Whether you’re a first-time buyer or just looking to learn more, this guide will break it all down for you.<\/span><\/p>\n

\u00a0<\/p>\n

\"Moving<\/span><\/p>\n

\u00a0<\/p>\n

What Is Mortgage in Simple Words?<\/b><\/h2>\n

A <\/span>mortgage<\/b> is a loan you take from a bank or lender to buy property. You repay the loan in monthly installments over a fixed number of years (usually 15 to 25 years). The bank charges you <\/span>interest<\/b> on the amount you borrow.<\/span><\/p>\n

\u00a0Example:<\/b><\/h4>\n

Let\u2019s say you want to buy an apartment in Dubai worth AED 1 million:<\/span><\/p>\n

-You pay a <\/span>down payment<\/b> of AED 200,000 (20%)<\/span><\/p>\n

\u00a0<\/p>\n

-The bank gives you a <\/span>mortgage<\/b> for the remaining AED 800,000<\/span><\/p>\n

\u00a0<\/p>\n

-You repay the bank monthly with interest<\/span><\/p>\n

\u00a0<\/p>\n

Until the loan is fully paid off, the bank keeps a <\/span>legal claim<\/b> on the property. This gives them the right to take it back if you stop paying \u2014 this is called <\/span>repossession<\/b> or foreclosure.<\/span><\/p>\n

\u00a0<\/p>\n

What Is Mortgage in the UAE?<\/b><\/h2>\n

In the UAE, mortgages work similarly to other countries, but with some specific rules:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n
\n

Criteria<\/b><\/p>\n<\/td>\n

\n

UAE Mortgage Market Rules (2025)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Max Loan-to-Value (LTV)<\/b><\/p>\n<\/td>\n

\n

Up to 80% for residents, 75% for non-residents<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Minimum Down Payment<\/b><\/p>\n<\/td>\n

\n

15\u201325% depending on buyer type<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Interest Rate Types<\/b><\/p>\n<\/td>\n

\n

Fixed, variable, or hybrid<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Mortgage Term<\/b><\/p>\n<\/td>\n

\n

Up to 25 years<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Age Limit<\/b><\/p>\n<\/td>\n

\n

Must repay before age 70 (salaried) or 75 (self-employed)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Life Insurance<\/b><\/p>\n<\/td>\n

\n

Mandatory with every mortgage<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

So, <\/span>what is mortgage<\/b> in the UAE? It\u2019s your gateway to homeownership \u2014 but with specific rules that a trusted broker can help you navigate.<\/span><\/p>\n<\/blockquote>\n

Who Is the Mortgagee and Mortgagor?<\/b><\/h2>\n

Let\u2019s clear up the common confusion between these two terms:<\/span><\/p>\n

-Mortgagor<\/b> = The borrower (you, the buyer)<\/span><\/p>\n

-Mortgagee<\/b> = The lender (usually a bank)<\/span><\/p>\n

\u00a0<\/p>\n

\u00a0In simple terms:<\/b><\/p>\n

You (the <\/span>mortgagor<\/b>) borrow money from the bank (the <\/span>mortgagee<\/b>) to buy a home. You agree to repay it over time, and the property serves as <\/span>security<\/b> for the loan.<\/span><\/p>\n

\n

\u00a0Tip: The bank is called a “mortgagee” because they are giving the mortgage.<\/span><\/p>\n<\/blockquote>\n

Types of Mortgages in the UAE<\/b><\/h2>\n

There are several types of home loans in the UAE. Choosing the right one depends on your financial situation and goals.<\/span><\/p>\n

\u00a01. Fixed-Rate Mortgage<\/b><\/h3>\n

-Interest rate stays the same for 1\u20135 years
<\/span>
<\/span>-Good for budgeting
<\/span>
<\/span>-Usually slightly higher initial rate<\/span><\/p>\n

\u00a0<\/p>\n

\u00a02. Variable-Rate Mortgage<\/b><\/h3>\n

-Rate changes based on EIBOR (Emirates Interbank Offered Rate)<\/span><\/p>\n

-Risk of increase, but may save money if rates go down<\/span><\/p>\n

\u00a0<\/p>\n

\u00a03. Offset Mortgage<\/b><\/h3>\n

-Link your mortgage to your savings account<\/span><\/p>\n

–<\/span>Reduces interest if you keep more cash in the bank<\/span><\/p>\n

\u00a0<\/p>\n

\u00a04. Islamic Mortgage (Ijara)<\/b><\/h3>\n

-Sharia-compliant (no interest)<\/span>
<\/span>-Bank buys the property and leases it to you
<\/span>-Monthly payments include rent + profit margin<\/span><\/p>\n

How Does a Mortgage Work in the UAE?<\/b><\/h2>\n

Let\u2019s walk through the basic steps of how a mortgage works:<\/span><\/p>\n

    \n
  1. \n

    Find a Property<\/b>
    <\/b><\/p>\n

    Choose a property within your budget and pay a booking deposit.<\/span>
    <\/span><\/p>\n<\/li>\n

  2. \n

    Apply for a Pre-Approval<\/b>
    <\/b><\/p>\n

    This shows how much the bank is willing to lend based on your income and credit.<\/span>
    <\/span><\/p>\n<\/li>\n

  3. \n

    Bank Valuation<\/b>
    <\/b><\/p>\n

    The bank checks if the price you’re paying is fair.<\/span>
    <\/span><\/p>\n<\/li>\n

  4. \n

    Loan Offer<\/b>
    <\/b><\/p>\n

    You receive a formal loan offer with interest rates and terms.<\/span>
    <\/span><\/p>\n<\/li>\n

  5. \n

    Mortgage Registration<\/b>
    <\/b><\/p>\n

    Pay the <\/span>mortgage registration fee<\/b> (0.25% of loan amount in Dubai or 0.1% in Abu Dhabi).<\/span>
    <\/span><\/p>\n<\/li>\n

  6. \n

    Final Payment & Move-In<\/b>
    <\/b><\/p>\n

    Once registered, the bank pays the seller, and you become the official owner!<\/span>
    <\/span><\/p>\n<\/li>\n<\/ol>\n

    What Is Mortgage Eligibility in the UAE?<\/b><\/h2>\n

    Not everyone qualifies for a mortgage. Here\u2019s what banks usually require:<\/span><\/p>\n

    -Stable income (minimum AED 15,000 per month recommended)<\/span><\/p>\n

    \u00a0<\/p>\n

    -Good credit history<\/span><\/p>\n

    \u00a0<\/p>\n

    -Down payment ready (15\u201325% of the property price)<\/span><\/p>\n

    \u00a0<\/p>\n

    -Valid residency visa (for residents)<\/span><\/p>\n

    \u00a0<\/p>\n

    -Age below 70\u201375 at loan maturity<\/span><\/p>\n

    \u00a0<\/p>\n

    Mortgage Finder can help you understand your eligibility with a quick pre-assessment \u2014 no commitment required.<\/span><\/p>\n\n\n

    Costs Associated with Getting a Mortgage<\/b><\/h2>\n

    Besides the loan amount, be ready for additional costs:<\/span><\/p>\n\n\n\n\n\n\n\n\n
    \n

    Fee<\/b><\/p>\n<\/td>\n

    		\n

    Typical Amount<\/b><\/p>\n<\/td>\n<\/tr>\n

    \n

    Mortgage Registration Fee<\/span><\/p>\n<\/td>\n

    		\n

    0.25% of loan (Dubai) \/ 0.1% (Abu Dhabi)<\/span><\/p>\n<\/td>\n<\/tr>\n

    \n

    Bank Processing Fee<\/span><\/p>\n<\/td>\n

    		\n

    0.5\u20131% of loan amount<\/span><\/p>\n<\/td>\n<\/tr>\n

    \n

    Property Valuation Fee<\/span><\/p>\n<\/td>\n

    		\n

    AED 2,500\u20133,500<\/span><\/p>\n<\/td>\n<\/tr>\n

    \n

    Life Insurance<\/span><\/p>\n<\/td>\n

    		\n

    Varies by age, loan amount<\/span><\/p>\n<\/td>\n<\/tr>\n

    \n

    Early Settlement Fee<\/span><\/p>\n<\/td>\n

    		\n

    Up to 1% of remaining loan balance<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    These fees are part of the full cost of owning a home, so it\u2019s important to budget accordingly.<\/span><\/p>\n

    FAQs \u2013 What Is Mortgage and How Does It Work in the UAE?<\/b><\/h2>\n

    Q: What is mortgage used for?<\/b><\/p>\n

    It\u2019s used to help you buy a property when you don\u2019t want to pay the full price upfront.<\/span><\/p>\n

    Q: Can expats get a mortgage in the UAE?<\/b><\/p>\n

    Yes! Most banks lend to expats. Maximum loan amount is usually <\/span>75\u201380%<\/b> of the property price.<\/span><\/p>\n

    Q: How long can I get a mortgage for?<\/b><\/p>\n

    Terms range from <\/span>5 to 25 years<\/b> depending on your income and age.<\/span><\/p>\n

    Q: What is mortgage pre-approval?<\/b><\/p>\n

    It\u2019s a letter from the bank confirming the loan amount you qualify for \u2014 great for setting your budget.<\/span><\/p>\n

    \u00a0<\/p>\n

    Now you know the answer to <\/span>what is mortgage<\/b> \u2014 it\u2019s the tool that can help you afford your dream home in the UAE. With the right type of mortgage, lender, and plan, homeownership is within reach for many residents and expats.<\/span><\/p>\n

    The process can feel overwhelming at first \u2014 but that\u2019s why we\u2019re here. At <\/span>Mortgage Finder<\/b>, we make it easier by guiding you through every step.<\/span><\/p>\n

    Want expert help finding the right mortgage?<\/b>
    <\/b> Speak to our advisors today<\/a> and get a free pre-approval within 24 hours \u2014 no guesswork, no stress<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you\u2019re thinking of buying property in the UAE, one of the first questions that may come to mind is: what is mortgage? You may have heard terms like “mortgagee” and “mortgagor” being used \u2014 especially by banks and brokers \u2014 but not fully understood what they mean. Don\u2019t worry! In this simple guide, we\u2019ll […]<\/p>\n","protected":false},"author":1,"featured_media":1308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[11],"tags":[],"yoast_head":"\nWhat Is Mortgage? A Complete Beginner\u2019s Guide for UAE Homebuyers - Mortgage Finder Blog<\/title>\n<meta name=\"description\" content=\"A mortgage is a loan in which property is used as security for the funds borrowed. 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