Can Emirates ID Be Used for Home Loan Applications?

The Emirates ID is very important for UAE residents because it serves as a primary identification tool. It verifies your identity and residency status when applying for a home loan in Dubai, Abu Dhabi, or any other Emirate.

Today’s article will answer; How can Emirates ID be used for home loan applications? We will discuss the detailed documentation requirements, the application process, and the benefits it offers.

How can Emirates ID be used for home loan applications?

People want loans from banks and financial institutions to construct or renovate their homes. Let’s say you have everything in mind, from the best construction company to the best fit out company in Dubai, to make your dream of a beautiful house come true.

But what if you don’t get the loan? You might be wondering can Emirates ID be used for home loan applications. Getting a loan in Dubai is easier said than done. And this is where your Emirates ID comes into play. It is essential for home loan applications in the UAE. It allows authorities and banks to verify your identity and residency status.

Likewise, many banks get your data from the government to confirm your eligibility for a home loan. The verification process prevents fraud and ensures only legit residents can receive home loans.

Required Documentation for Home Loan Applications

Essential documents for a home loan application include a UAE residence VISA, a passport copy, proof of income, a salary certificate, bank statements, and property documents. You will have an initial consultation with the bank during the application process.

Also Read: How to Do UAE Visa Status Check

Remember, the bank will require your Emirates ID and other documents mentioned above. So, the answer to can Emirates ID be used for home loan applications is Yes. The loan issuing department at the bank will verify your information and ensure the documents are legit and the information you have provided is correct.

Once the bank confirms that the provided documents are correct, it will disburse the home loan. So, make sure you prepare everything beforehand to save time, as the verification process can take a few weeks.

Quick Tip: Check the status of the Emirates ID before applying for a home loan to avoid potential issues.

Other Requirements to Get a Home Loan in the UAE

People under 21 can’t apply for a home loan in the UAE. If you are a UAE national, the process becomes more manageable. On the other hand, if you are an expat, you must have a valid UAE residency VISA.

Salaried employees’ income must be AED 15,000. However, this is only AED 10,000 for UAE nationals. Self-employed individuals must have a registered company or business operating for at least three years. It must also have a stable income.

UAE residents, particularly expats from Pakistan, India, the Philippines, and various other countries, must have an employment tenure of 3 years with at least 1 year in their current job. Moreover, a reasonable credit score or rating is essential for streamlining the home loan process as banks check the credit history.

The minimum down payment is 20% for residential properties up to AED 5 million. It is 30% for properties above AED 5 million. Expats can expect a maximum of 80% LTV ratio. It means you can borrow 80% of the property value. Interest rates depend on the bank or loan-issuing organization.

Wrapping Up

Every organization involved in issuing home loans to UAE residents, nationals, and expats requires a valid Emirates ID. Wherever you go and every next step you want to complete, you must have this ID in your pocket or wallet. Otherwise, you will experience a hassle. That’s all from our “Can Emirates ID Be Used for Home Loan Applications? Guide”.