Don't just jump into looking at interest rates; there's much more to consider, like life insurance, property insurance, and your Loan to Value (LTV). It's smart to begin by talking to a qualified mortgage advisor from a good company. Larger mortgage brokers typically work with most banks in the UAE, giving them access to a wide range of mortgage options. This can save you both time and money in the long run.

After speaking with an advisor and picking a suitable bank, you'll submit your documents for review to get a Pre-approval. Think of this as the bank's official statement on your creditworthiness, outlining the basic terms of your mortgage, such as the loan amount, LTV, repayment period, and interest rates. Getting pre-approved is usually the most time-consuming part, so it's a good idea to secure this before you pick a property or sign any agreements. A pre-approval tells you exactly what your budget is, and it's typically valid for 60 days.

Once you've chosen your property and signed the Memorandum of Understanding (MOU), the bank will arrange for a valuation. A third-party valuer will assess the property and determine its fair market value. This step is crucial because the bank will base its loan on either the valuation amount or the MOU price, whichever is lower. If the valuation comes in lower than what you agreed to pay in the MOU, you'll be responsible for covering that difference. Valuations are generally valid for 45 days.

This is the last step before your mortgage is finalized. The bank will issue a final approval letter, which details all the formal terms of your financing. Your mortgage advisor will help you review this important document to make sure everything looks good.

Once you've signed the Final Approval Letter, the bank will open an account in your name and ask you to deposit your share of the funds. With the account funded, the bank will start preparing manager's cheques to pay the relevant parties, like the seller, the developer, or to settle the seller's existing mortgage.

With all the necessary cheques issued, the bank will schedule the official transfer of the property ownership at the Dubai Land Department (DLD).

Finally, at the Dubai Land Department, after all formalities and payments are complete, a new title deed will be issued in your name. Congratulations, you're now a property owner in Dubai!