How to Secure a Mortgage in Dubai Without a Salary Certificate?

Many people dream to buy a property in Dubai, but not everyone fits into the traditional box of salaried employees with neat little salary certificates. A salary certificate is a quick way for banks and lenders to verify your income and assess your ability to repay the loan. In the UAE, lending institutions are cautious about risk, and proof of stable income is important for mortgage approvals. It acts as an official stamp of financial stability. However, not everyone has a standard 9-to-5 job or receives their income in a fixed monthly format. If that's you, don't worry. You are not out of options. In Dubai, lenders have adapted to accommodate a wide range of borrowers. So, it is still possible to secure a mortgage in Dubai even if you don't have a salary certificate. Let's break it down step by step.

Mortgage Rules for Individuals without a Salary Certificate

Lenders allow non-salaried individuals to finance up to 50-75% of the property's value. The exact percentage varies from lender to lender. Here is some useful information to keep in mind:

• Lenders would demand at least 25-50% of the property price upfront.
• The tenure for mortgage repayment is 25 years.
• Interest rates range from 3-5%, depending on the loan type and lender.

How to Secure a Mortgage Without a Salary Certificate?

Here's how to approach the process.

Explore Your Options

There are different types of mortgages available in Dubai. Lenders generally offer two main categories:

Conventional mortgages: These are traditional loans with fixed or variable interest rates.

Islamic mortgages: Sharia-compliant options where the bank purchases the property and leases it to you.

Without a salary certificate, you are considered a higher-risk borrower. Banks may compensate for this by offering a mortgage with higher interest rates. It is not ideal, but it is a common practice. To minimise costs, look for the best rates and consider fixed-rate options if you prefer stable monthly payments. Some lenders also allow you to refinance later when your financial situation improves, so keep that in mind.

Provide Alternative Proof of Income

You must gather alternative documents to prove your income if you don't have a salary certificate. All you need to do is to reassure the bank that you can consistently repay the mortgage. Here's what you might need:

Bank statements: Most banks require at least 6–12 months of statements showing regular deposits or income.

Tax returns: If you are self-employed, your tax filings can serve as proof of income.

Audited financial statements: If you are a business owner, auditing your company's finances by a reputable firm can secure a mortgage.

Contracts or invoices: If you are a freelancer or consultant, you can show ongoing client contracts or invoices.

Rental income: If you own property that generates income, that will count, too.

Go for a Higher Down Payment

You can increase your chances of approval if you offer a larger down payment. In Dubai, the standard down payment requirement is 20% for UAE residents buying a property valued under AED 5,000,000 and 25% for non-residents. In your case, where you don't have a salary certificate, consider putting down more than the minimum. A 30% or even 40% down payment can demonstrate financial commitment and reduce the bank's risk, making them more likely to approve your application.

Leverage Your Credit History

A solid credit score can work in your favour even without a salary certificate. The Al Etihad Credit Bureau (AECB) collects data on your financial activities, including loans, credit cards, and bill payments. It is a huge plus if you pay your bills on time and manage your debt well. Request your credit report from AECB, review it carefully, and ensure there are no errors. A good credit score can help offset the lack of a salary certificate by showing the bank you are financially responsible. 

New or non-UAE residents can use their home country credit histories to speed up the process when applying for a mortgage. The recent partnership between Al Etihad Credit Bureau (AECB) and Nova Credit has made it possible. Nova Credit is a US-based company that shares credit data across borders.

Work with a Mortgage Broker

Acquiring a mortgage in Dubai without traditional documentation can be difficult. A mortgage broker can come in handy. Think of them as your guide. They know which banks are flexible with requirements and can match you with the best option based on your circumstances.

A good broker will also help you organise your paperwork, negotiate better terms, and save time by handling much of the back-and-forth with lenders. Brokers charge a fee, but it is worth the investment when you are a candidate with a non-standard application.

At Betterhomes, we have experienced mortgage advisors who can support and advise you throughout the mortgage approval journey.

Final Thoughts

Securing a mortgage in Dubai without a salary certificate isn't impossible, but it does require extra effort and planning. Be patient, stay organised, and don't be afraid to seek help from professionals like brokers or financial advisors. You must demonstrate to the bank that you're a reliable borrower, even if your financial situation doesn't fit the traditional mould.

Dubai's property market is full of opportunities, and with the right approach, you can make your dream of owning a home a reality. Contact us today and take that first step towards securing a mortgage in Dubai.