Ready to Uncover Your Home Finance Eligibility?

The eligibility calculator is a tool that helps you estimate your potential Home Finance amount that the banks will be willing to approve.

Just input the required details such as your income and liabilities to get an estimation of the Home Finance amount you might be eligible for.

No, this calculator will help you estimate the Home Finance amount you may be eligible for.
If you want to estimate your monthly mortgage payments, we encourage you to visit our mortgage calculator.

The minimum down payment required as per UAE Central Bank policy is 15% for UAE nationals and 20% for Expats for a property value less than AED 5 Million – it increases to 25% for UAE Nationals and 30% for Expats for a property value more than AED 5 Million.

In general, you should aim to have at least 22% of the property’s value available upfront, which covers both your down payment and closing costs.

As per UAE central bank policy your Debt to Income Ratio should not exceed 50%.
Essentially, this means your total monthly financial payments, which include your new mortgage payment, should not exceed 50% of your monthly income.

When banks calculate your eligibility they apply a stress rate – a rate which is set at a higher level than the current mortgage rate, often around 2% higher to ensure that you have the financial capacity to comfortably make your mortgage payments in case interest rates rise in the future.

There are several approaches to increase your eligibility, which may vary based on each bank’s policies. Here are a few suggestions:

• Consider applying jointly with a first-degree relative (e.g., a spouse, brother, or sister) who has a qualifying monthly income.
• Increase your monthly income by including additional allowances from your employer or any supplementary income sources, like rental income.
• Reduce your monthly debt by exploring options for refinancing existing liabilities 

For more customized ideas, Request for a Free Consultation with LOANS & HOMES mortgage experts who can assist you in maximizing your Home Finance eligibility.

Your credit score might affect your eligibility. Nevertheless, having a less than ideal credit score doesn’t necessarily disqualify you from obtaining a mortgage, although banks may request an additional down payment.

A mortgage pre-approval is like getting a green light from a bank before you start looking for a home. It means they’ve checked your finances and decided that you’re eligible for a mortgage up to a certain amount.

It helps you understand your budget and shows sellers that you’re a serious buyer when you’re house hunting. But remember, it’s not a guarantee of a loan; final approval depends on your chosen property and additional factors.

The results from this calculator are an estimate and not a guarantee of mortgage approval.

Final approval depends on the bank’s assessment, Get in touch with LOANS & HOMES mortgage experts to assist you in obtaining your mortgage approval from the bank.