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Our Process

In Your Journey to Homeownership

1. Initial Inquiry: Let's Talk About You

Welcome to Ark! Our first step is to get to know you. We’ll dive into your financial world, understand your property dreams, and tailor our advice just for you.

2. Mortgage Proposals: Curated Just For You

At Ark, we know one size doesn't fit all. That's why we handpick mortgage options that align perfectly with your unique needs, be it the best rates or maximum loan amounts.

3. Document Submission: Your Guiding Hand

Choosing a bank is just the start. We'll be right there to guide you through gathering and submitting all the necessary documents, making sure your loan application is seamless.

4. Application Process: Navigating Together

As we move through the mortgage application, remember, we’re with you at every step. Our goal is to make this journey smooth, efficient, and free from any stress.

5. Approval Timeline: Managing Expectations

Let’s set realistic timelines together. We’ll help you understand the approval process, keeping pressure at bay and ensuring you’re comfortable and informed at every stage.

6. Pre-Approval: Your Roadmap

Understanding your mortgage capacity is vital. At Ark, we’ll help you comprehend this crucial step and what it means for your home-buying journey.

7. Property Valuation: Informed Decisions

Once you find your property, the banks will handle the valuation. As your consultant, we’ll explain what this means and how it affects your mortgage, ensuring you're well-prepared.

8. Final Offer Letter: Crossing the T's

The FOL is a big moment, and while the bank prepares it, we’ll be there to explain every detail, ensuring you understand each step from depositing funds to signing the documents.

9. Loan Disbursement: Final Checks

As we approach the finish line, the bank will disburse your loan. We’ll be on hand to guide you through this final financial phase, clarifying on all your queries.

10. Registration and Transfer: Celebrating Your Success

On the big day, while the banks and trustee handle the formalities, we’ll ensure you know exactly what to expect, helping you navigate this final step towards your new home.

Frequently Asked Questions

Anyone residing in the UAE, including both nationals and expatriates, is eligible for a mortgage. Non- residents may also avail of mortgage facilities offered by certain UAE banks. However, eligibility criteria and terms vary. At Ark, we specialize in helping you understand these differences and determine your eligibility based on your residency status.

The UAE Central Bank regulates down payments, which range from 20% to 40% for completed properties, depending on whether you are a UAE National, an expatriate, or the property's purpose. For off-plan properties, a 50% down payment is typically required. The maximum amount you can borrow is influenced by your financial profile, including income and credit history, as well as property valuation. Banks generally limit the mortgage to a specific percentage of the property's value. At Ark, we guide you in choosing the most fitting mortgage and down payment options for your financial situation and property goals.

Establishing a mortgage in Dubai involves various fees. Banks commonly charge up to 1% of the loan amount as a processing fee. Valuation fees usually fall between AED 2,000 and AED 3,500. Property registration fees, typically split between buyer and seller, range from 2% to 4% of the property value. The mortgage registration fee is about 0.25% of the mortgage amount, and there's a Dubai Land Department documentation fee of under AED 500. At Ark, we provide a comprehensive breakdown of these costs to help you plan your mortgage setup effectively.

  • Debt-Burden Ratio (DBR): Your DBR, the ratio of your total monthly obligations to your income, should meet the lender's requirements. Aim for a lower DBR to enhance loan eligibility.
  • Age: Consider how your age affects loan tenure and eligibility, as lenders have maximum age limits for loan maturity.
  • Credit Score: A strong credit score is crucial for approval and favorable terms. Check and improve your score before applying.
  • Stable Income: Demonstrate your repayment capacity with proof of a stable and sufficient income.
  • Down Payment: A higher down payment can lead to lower loan amounts and potentially easier approval.
  • Property Valuation: Understand the valuation of your desired property as it influences the loan amount.
  • Loan Terms: Review interest rates, fees, and charges thoroughly to ensure they fit your financial plan.
  • Additional Costs: Factor in costs like property insurance, maintenance, and potential renovations.
  • Interest Rate Type: Choose between fixed or variable rates based on your risk tolerance.
  • Emergency Fund: Keep a fund for unforeseen expenses during the loan period.

The mortgage process timeline can vary. Typically, obtaining pre-approval takes a few days, while the entire process, from application to disbursement, can take several weeks. At Ark, we provide guidance at each step, helping you navigate the timeline efficiently.

Yes, you can prepay your mortgage in the UAE. However, banks may charge prepayment penalties, which differ among lenders. Ark helps you understand these terms, ensuring you make informed decisions about potential early repayments.

At Ark, we guide you from initial inquiry to the final property transfer. We assist with choosing the right mortgage, documentation, understanding bank processes, and navigating through the application, approval, and disbursement stages. We're here to ensure your mortgage journey is smooth and well- informed.

UAE

+971 568385533, (04)3593301

edison@arkmortgages.com

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