Mortgage Buyer Checklist in Dubai

1. Determine Your Budget:
   ○ Calculate your total budget, including down payment ( 20% ) , monthly installments, and other costs related to it .
   
2. Check Your Eligibility:
   ○ Ensure you meet the eligibility criteria for a mortgage (age, income, employment status, credit score).
   
3. Understand Your Financing Options:
   ○ Research different mortgage products offered by various banks.
   ○ Compare interest rates, terms, and conditions.
   
4. Prepare Your Down Payment:
   ○ Save at least 20% of the property value for the down payment.
   
5. Get Pre-Approved for a Mortgage:
   ○ Obtain a mortgage pre-approval from a bank to understand how much you can
   borrow.
   
6. Select a Property:
   ○ Choose a property within your budget.
   ○ Consider location, amenities, and future value.
   
7. Sign the Memorandum of Understanding (MOU or Form-F ):
   ○ Sign the MOU with the seller to outline the terms of the sale.
   
8. Apply for the Mortgage:
   ○ Submit your mortgage application with the necessary documents (passport, visa, Emirates ID, salary certificate, bank statements, and proof of address).
   
   
   By following this checklist, you can navigate the mortgage process in Dubai more efficiently and
   make informed decisions as a first-time buyer.