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Mortgage Calculator: Calculate Your Monthly Mortgage Payment in UAE

Mortgage Calculator

Plan your dream home with confidence using our powerful mortgage calculator, which provides accurate estimates of your monthly payments.

What is Mortgage Financing?

Mortgage financing is the process of obtaining a loan from a lender to purchase a property, usually a home. It entails taking out a sizable loan and using the asset as collateral for the loan. Borrowers can finance a portion of the property's purchase price through a mortgage and pay back the loan over time, usually with interest.

Homes that would otherwise be out of reach for people and families to afford can now be bought thanks to mortgage financing. Mortgage financing typically involves an application process, a credit evaluation, and the establishment of a repayment plan that might last for many years or even decades.

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What is a Property Mortgage Calculator?

Explore your preferred real estate projects and determine their financial viability based on your needs with the ease of a Property Mortgage Loan Calculator. By utilising this invaluable tool, you can independently calculate the expenses associated with your desired property without the need for initial discussions with financial experts.

Simply input the relevant information, such as the chosen property details, the price range, and other preferences, to gain valuable insights into your mortgage repayment structure. Our user-friendly calculator offers an in-depth breakdown, enabling you to make decisions that are appropriate for your particular set of circumstances.

NOTE: It's important to become familiar with key elements of mortgage financing before using our UAE Mortgage Calculator.

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Payments, Rates and Terms

With the help of our mortgage calculator Dubai, you can enjoy affordability and convenience like never before, say goodbye to complicated terms, and look forward to a straightforward financing process.

  • Interest Rate We provide the market's most affordable interest rate (or mortgage rate). You may take advantage of this unbeatable deal for up to 7 years at an unbelievably low cost of only 1.99%. No other financing option in the UAE provides such favourable conditions for buying real estate.
  • Loan-to-Value Ratio Our Loan-to-Value (LTV) ratio is among the best on the market. Expatriates can get a loan for up to 80% of the price of the property, while UAE citizens can get up to 85%. This indicates that you may buy sought-after homes and properties for as little as 15% to 20% of the asking price.
  • Loan Term or Tenure Pick from a variety of payment options designed to fit your preferences and financial comfort level. The maximum loan tenure is 25 years, providing ample time for easy instalment payments. Take advantage of our extended loan terms and find a plan that suits your needs perfectly.
  • Compliance with the Law You may be confident that we abide by all rules and regulations imposed by the UAE government. To guarantee a smooth procedure, we strongly advise familiarising yourself with eligibility requirements and other legal duties.

What is a Mortgage Loan?

A mortgage loan is an effective financial tool that makes it easier for people to buy homes. This method entails working together with a bank, financial institution, or service provider who takes on a significant portion of the property's price on the buyer's behalf. In exchange, the buyer undertakes to pay back this sum over a lengthy period of time, together with any interest or finance fees that have accumulated.

Different Types of Mortgage

Understanding the various types of mortgages is essential for making knowledgeable judgements since they have distinctive features such as variable interest rates and unique calculating techniques. Discover the wide range of mortgage loans available, each with special benefits catered to certain requirements and financial situations. Let's examine each kind in depth to acquire a thorough grasp of how it functions and the advantages it offers.

  • Fixed-Rate Mortgages With a fixed-rate mortgage, you may have the security of knowing that your interest rate will remain the same for the duration of the loan. Since your monthly instalments (EMIs) won't alter as a result, it will be simpler for you to plan and manage your payments without being caught off guard.
  • Variable Rate Mortgage In a variable rate mortgage, the interest rate is not fixed and can fluctuate based on the EIBOR (Emirates Interbank Offered Rate) regulations. While the uncertainty of future interest rates may seem daunting, this kind of mortgage could additionally bring some surprising benefits.
  • Discounted Rate Mortgage For a limited time only, the reduced rate mortgage offers extremely attractive interest rates. After this time, the principal amount will be subject to a higher interest rate. However, if you manage to repay the loan within the discounted period, you can continue to enjoy the discounted rates throughout the entire loan term.
  • Capped Mortgage The capped mortgage is a variable or adjustable-rate mortgage that follows the EIBOR rate. This ensures that you will always know the maximum EMI you need to pay, providing a sense of financial security and allowing you to manage your finances accordingly.
  • Offset Mortgage In the United Arab Emirates (UAE), an offset mortgage is a relatively new type of mortgage finance. It gives borrowers the advantage of altering the principal amount, which directly impacts the interest to be paid and the EMIs.

Important Concepts in Mortgage Financing

Learn about the key phrases used in home financing to better comprehend the loan application process. Understanding these key terms will provide you with important insights into the world of mortgages.

  • House Loan Calculator Sometimes referred to as a property UAE mortgage calculator, the tool helps in calculating the cost of your preferred home depending on variables including loan length, interest rate, and down payment.
  • Price When referring to a mortgage, the term ‘price’ constantly refers to the value attached to the property in question.
  • Down Payment The initial payment made by the loan applicant to acquire the property. In the UAE, nationals are often required to put down 15% or more, while foreigners are typically expected to put down 20% or more.
  • Mortgage Amount The entire loan amount that the lender or developer has approved. UAE natives are often only eligible for loans up to 80% of the cost of the property, whereas foreigners are typically eligible for loans up to 85% of the price.
  • Interest Rate Also known as the mortgage rate, this is the proportion of interest applied to the mortgage amount.
  • Loan Term The total number of years within which the loan must be repaid represents the loan's lifespan. Financial institutions in the UAE often offer loan terms of up to 25 or 30 years.
  • EMI EMIs, sometimes referred to as monthly mortgage payments, include principle, interest, and occasionally payments for property taxes and insurance. They represent the amount to be paid each month.

Mortgage Financing in UAE

Mortgage Financing in the UAE will continue to be a major factor in the nation's status as a major international hub for trade and tourism. The UAE has established itself as a major force in global trade and business, fostering an environment conducive to economic development. The idea of owning property in the nation has therefore grown increasingly alluring.

By establishing a very effective mortgage financing system that favours prospective homeowners, the UAE has made enormous efforts to make property ownership accessible to everyone. Reputable financial institutions in the Gulf country provide appealing discount rates, adaptable terms, and simplified procedures to make sure that everyone can attain their goal of owning a profitable and opulent home.

Compare Best Mortgage Rates in Dubai (UAE)

You have a wide range of options when it comes to purchasing a home or any other type of real estate in Dubai (UAE). With so many financial institutions vying for your business, it's critical to thoroughly consider and compare your alternatives in order to select the one that best suits your particular requirements.

The mortgage rate is a crucial factor that needs your attention during this procedure since it has a direct bearing on the cost of getting a loan. Find out which Dubai (UAE) mortgage rates are the most affordable, then decide according to your financial objectives.

Find the Best Mortgage Rates

We recently explored the general mortgage rates offered in the UAE, observing the various ranges within which they typically fall. But if you're thinking about investing in real estate within a SquareYards project, you'll be happy to hear that our prices are by far the best available. There's no need to go elsewhere while working with us since we provide the most competitive mortgage rates.

Calculating Mortgage Interest

It may seem difficult to understand how mortgage interest is calculated, but it doesn't have to be. It's simply a matter of applying the interest rate to the remaining loan amount, which is to be repaid within the agreed-upon loan term.

Use our mortgage calculator to make the process simpler rather than getting bogged down in the complexities of calculating equivalent monthly payments (EMIs) for various property prices.

Using the Mortgage Loan Calculator: A Step-by-Step Guide

Using our Mortgage Loan Calculator is a breeze, as we prioritise your convenience and aim to provide you with an effortless experience. In addition to offering luxurious real estate solutions and highly favourable mortgage rates, we also assist you in calculating your mortgage with utmost ease

Here's a step-by-step guide on how to use our mortgage calculator Dubai:

  • Step 1: Simply input the price of the property you intend to purchase into the loan calculator.
  • Step 2: Enter the percentage or amount of your down payment. (A minimum of 15% for UAE nationals and 20% for expats)
  • Step 3: Provide the interest rate associated with your mortgage.
  • Step 4: Specify your preferred loan term, which can be up to 25 years.
  • Step 5: Click on the 'Calculate' button to generate the results. The calculator will provide you with the following information:
    • The value of your down payment in AED (if you entered a percentage)
    • Your monthly Equated Monthly Instalment (EMI), inclusive of applicable taxes

We strive to simplify the mortgage calculation process, allowing you to make informed decisions regarding your financial commitments.

Frequently Asked Questions

What is the current lowest mortgage rate in the UAE?

The rate of 1.99% is the lowest available and is exclusively offered by SquareYards.

What is the maximum duration for a mortgage loan in the UAE?

The mortgage duration is 25 years for nationals and residents, while non-residents have a term of 15 years.

How can I apply for an early settlement of my home loan?

You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of Emirates NBD branches or simply bycalling us at our Customer Service Centre on 600 54 0000.

Is there a limit to the mortgage financing amount in the UAE?

UAE nationals can receive mortgage financing of up to 85% of the property value, while expats are eligible for up to 80%.

What is the minimum required salary to be eligible for a mortgage loan?

The average minimum salary required to be eligible for a mortgage loan for UAE nationals is approximately 10,000 AED, while expats it is 15,000 AED.

How can I calculate the amount I am eligible for in a home loan?

Typically, the applicant's income is a significant factor in calculating the total loan amount. The calculation is based on the principle that the Equated Monthly Instalment (EMI) should not exceed 25% to 28% of the income. Using this rule, you can estimate both the expected EMI and the loan amount.

Does a mortgage cover real estate taxes in the UAE?

Real estate taxes are incorporated into the Equated Monthly Instalments (EMI) for a mortgage. However, the inclusion or exclusion of these taxes depends on the agreement between the lender and the creditor. Regardless, it's essential to account for the taxes in your overall payable amount.

Are utilities included in the monthly mortgage payment?

No, utilities are not included in the monthly mortgage payment.

Is investing in a property in Dubai a wise decision?

Investing in a property in Dubai is a wise decision. Dubai is already a haven for investors, providing them with a host of advantages such as high returns and advantageous tax laws. Furthermore, it is anticipated to grow in popularity over the next few years. Therefore, now is an excellent time to make an investment in Dubai.

What are the ways to invest in real estate in Dubai?

Dubai's real estate market offers numerous investment opportunities. For the most profitable ventures and luxurious living experiences, be sure to explore SquareYard's highly sought-after projects. Additionally, you can take advantage of our Mortgage Calculator for added convenience in your investment journey.

What does the future hold for real estate in Dubai?

The real estate market in Dubai has received favourable ratings from a number of independent observational organisations, showing room for expansion. The city is expected to continue expanding in the years to come since it is a significant centre of trade and business on a regional and international scale.

Can foreigners purchase property in Dubai?

Foreigners have the opportunity to purchase property in Dubai with relative ease. They need to focus on freehold areas, as these regions allow expats to easily own property. Foreigners can also get mortgage loans for up to 80% of the value of the property, which makes it easier for them to become property owners.

Is it possible to avail two home loans simultaneously?

Yes, financial institutions in Dubai have the provision to grant multiple mortgage loans to individuals.

Are insurance premiums included in the Equated Monthly Instalments (EMI)?

Yes, if you have obtained homeowners insurance, the Equated Monthly Instalment (EMI) includes the premiums payable to the private mortgage insurance providers.
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