Limited Time 100% Discount on Application fee. 
Pre-Approval of Mortgages in the UAE: Why It is important Before You begin to go hunting in property. When purchasing property in UAE, excitement usually tempts buyers to initiate property search without knowing whether they are eligible to take a mortgage. Nevertheless, pre-approval of the mortgage is among the most important processes in the home-buying process and must be undertaken at all times prior to choosing a property.
Pre-approval Mortgage Pre-approval is a process through which a bank evaluates an individual to decide the amount one is capable of borrowing depending on his or her financial background. This involves checking of the income, liabilities, credit history and employment status. Although pre-approval does not end in the ultimate loan offer, it gives a clear and realistic limit in which a person can borrow.
Pre-approval of mortgages assists customers to plan ahead. Early eligibility will mean that you will only concentrate on the properties that are within your approved budget and not get disappointed later in the process. It also helps to reinforce your bargaining power when dealing with sellers or developers, since pre-approved acquirers are considered more serious and ready to pay.
Banks typically review:
An application that is properly prepared minimises possibilities of delays or rejection in the future.
The mortgage pre-approvals last 60 to 90 days in the UAE, depending on the lender. Failure to pick a property within this time might require the approval to be renewed.
Most of the buyers make assumptions about their borrowing ability without professional evaluation or pre-approval before buying a property. Such errors may lead to mismatch of budgets or lost deals.
Mortgage pre-approval is not a mere paperwork but is a strategic planning tool. Having clarity in your finances when it comes to starting your property journey will make the transactions easier and the decisions less apprehensive.
