Get pre-approved before you house-hunt

Pre-approval is a lender’s initial assessment of what you can likely borrow, based on your documents. Final approval happens after you’ve chosen a specific property and the bank completes its full valuation and underwriting.

Generally a passport and Emirates ID copy (if resident), your visa page, a salary certificate, your last 3 payslips, 3 to 6 months of bank statements, and a credit report from AECB. Self-employed applicants also need trade license copies and 1 to 2 years of audited financial statements. We confirm the exact list for your chosen lender before you start.

Typically 60-90 days depending on the bank, after which it may need to be refreshed if you haven’t yet found a property. Refreshing it usually means resubmitting updated salary slips, bank statements, and a fresh credit check, provided your income and debts haven’t materially changed.

No — it’s a strong indication, not a guarantee. Final terms depend on the specific property’s valuation and the bank’s full underwriting review.

Yes, there’s no cost to get pre-approved through BestRateHome.

Most banks issue a decision within 2 to 5 working days once your documents are in. We typically get initial answers back within 48 hours, since we submit to multiple lenders at once rather than waiting on a single bank’s queue. If your file needs extra work, such as self-employed income or overseas earnings, it usually takes longer.

Three things commonly derail a pre-approved buyer at the final stage: the bank’s valuation comes in below the agreed price, a re-checked credit file shows a new liability that changes your debt burden ratio, or the building or developer isn’t on that particular bank’s approved list. None of these show up during pre-approval itself, which is why it’s worth checking a building against multiple banks’ lists before you sign an MOU.

The bank lends against its own valuation, not the price you agreed with the seller. If you agreed AED 2.5 million and the bank values the property at AED 2.35 million, your loan is calculated on the lower figure, so you receive 80% of AED 2.35 million, not AED 2.5 million. That gap comes out of your own cash, on top of your down payment. It’s worth budgeting for this possibility, especially in a fast-moving market.

Yes, and it’s often the right move. Each application involves a credit check, but AECB treats mortgage-related checks made within a short window as a single inquiry rather than several separate ones, so applying to a handful of banks in the same period shouldn’t meaningfully hurt your credit score. Submitting to multiple lenders in parallel, rather than one at a time, is exactly what an independent broker does for you.

Most banks treat this as a red flag rather than a workaround. A personal loan adds a new monthly repayment to your file right before or during your mortgage application, which can push your debt burden ratio over the bank’s cap and disqualify you from the mortgage you were trying to fund the deposit for. It also raises questions about whether you can genuinely afford the property long term. If you’re short on the down payment, talk to a broker about your actual options before taking on new debt.