You may have a commercial mortgage on your mind, and while these mortgages may seem complex, navigating them in Dubai is far simpler than you think. With mortgage rates in the UAE friendlier than globally, and with better lending options, a commercial mortgage in Dubai is much easier for property buyers.
To make things easier, our in-house experts at Allsopp & Allsopp Mortgages have put together a pocket-friendly guide to obtaining a commercial mortgage in Dubai.
Step One – Research Lenders:
Before jumping into an application or any type of mortgage plan, start by researching the different banks, financial institutions and lenders in Dubai that offer commercial mortgages.
Take a look at ADCB, Mashreq, Emirates NBD and HSBC – these are some commonly used bank lenders for commercial mortgages in Dubai.
You can start by comparing the different interest rates offered, loan terms, fees and customer reviews to find the bank lender that suits your business needs.
Step two – Determine your eligibility:
Before applying for a commercial mortgage or any mortgage in the UAE, it’s important to assess your eligibility.
To assess your eligibility with banks in the UAE, lenders will typically consider factors such as your business’s financial stability, creditworthiness, industry experience and the purpose of the loan.
Ensure that your business meets the lender’s criteria before proceeding and, as a rule of thumb, always keep key documents with you, such as
Business licence
Bank, company and personal statements (last 6 months)
Emirates ID and passport copy of the company owner
Audited accounts for the last two years
These four documents will be useful at all stages of your application, so make sure you have them with you at all times.
Step three – Evaluate your loan amount and repayment plan
Once you’ve found the bank lender that’s right for you, you’ll need to assess the loan amount you’ll need from the bank and the bank will draw up a repayment plan.
