What is a UAE mortgage?

A mortgage is a loan that home buyers take to finance their properties. Mortgage payments typically consist of both principal (the amount borrowed) and interest (the cost of borrowing the money). The payment is usually spread out over a long period of time, typically 15-25 years, and the interest rate can be fixed or variable. The property acts as collateral for the loan, which means that if the borrower fails to make the payments, the lender can foreclose on the property to recover the money owed. To learn more about UAE mortgage rates and specificities, initiate your application here.