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Best Mortgage Brokers in Dubai (Highest Google Review) (Updated 2024)

best mortgage brokers in dubai

What many people don’t realize is that the best mortgage brokers in Dubai have the ‘ins’ with the banks, and can shop around to find a better deal from the banks than you.

Looking for a mortgage with banks can take up a lot of time, as you need to talk through your financial situation with a number of banks just to make a head-to-head comparison.

Not only it’s a pain to manage the entire process, it can get very tedious and overwhelming.

Why Should I Go with a Mortgage Broker?

The benefit of working with a mortgage broker, instead of going to the bank directly, is the range of loan options and guidance they can provide based on your profile, bank policies, market situation, and common pitfalls.

And here’s the best part—they take care of all of the paperwork and admin stuff, saving you time and hassle.

When you go to a mortgage broker, they act as a middleman between you and potential lenders. They’ll showcase all the bank offers in one go (kind of like the one in the photo below) that match your profile, making it a breeze to compare your options.

best mortgage brokers in dubai

*Photo: lenddoo.com

Best Mortgage Brokers in Dubai (Rank By Highest # Google Review)

Finding a reputable mortgage broker can make all the difference when it comes to securing the right financing for your property purchase. With so many options to choose from, it can be challenging to identify the best players in the field.

So who are the ones with a good reputation?

To simplify your search, we’ve compiled a list of the best mortgage brokers in Dubai, ranked by the highest number of Google reviews.

These brokers have won over happy customers, solidifying their status as trusted experts in the world of mortgage financing.

Mortgage Broker  Google Review
Lion Mortgage4.9 (446)  
Mortgagefinder.ae  4.9 (630)
Huspy  4.7 (397)  
Homematters.ae  4.8 (130)
My Mortgage5.0 (130)  
Holo  4.9 (244)
Capital Zone  4.9 (85)
Lenddoo4.9 (72)
First Choice Mortgage Broker4.9 (32)
As of May 2024

The bigger real estate agencies (below) offer in-house mortgage broker as part of their services who may get bigger leverage in negotiations with banks.

But keep in mind, you’re NOT obligated to get your mortgage with same agency you bought your home from.

Top Property Online PortalUnique Monthly Users
bayut.com3.8M
propertyfinder.ae4.2M
dubai.dubizzle.com (includes general classifieds)3.2M
houza.com (founded by local brokers)2K
*Similarweb.com (As of May 2024)

Best Mortgage Brokers in Dubai: How do I Choose?

The best way to determine if the potential broker has a good reputation is to go through their Google reviews.

Sorting these reviews by ‘newness‘ lets you see the latest experiences clients have had with the broker.

It’s often a good sign it’s a real review if real names are mentioned, and you can see how the broker treats their clients and what type of service they’re offering.

Just like when you’re dealing with a real estate agent, it’s worth taking the time to chat with a few brokers about your situation and what deals they can offer.

This way, you can compare options and find the right fit before committing to work with one. It’s all about finding someone who understands your needs and can offer the best solutions for your mortgage requirements.

How Many Banks do Mortgage Brokers Work With?

Typically, mortgage brokers search for loan products between 15 to 20 different banks (such as RAKBANK, HSBC, Mashreq, Emirates NBD) in the UAE.

Mortgage Brokers in Dubai – Do They Charge a Fee?

No. Almost all mortgage brokers in Dubai we looked into do not charge a fee or commission as they get paid by their banking partners.

Fees Associated with Mortgages in Dubai

Apart from the monthly mortgage payments, there are also extra costs that come along with getting a loan.

Here is the breakdown of the additional costs that can impact your overall borrowing budget.

Dubai Land Department Mortgage Fee0.25% of loan + AED 290 fee
Bank Mortgage Arrange FeeUp to 1% of loan amount + 5% VAT
Valuation feeAED 1,850 to AED 3,500 + 5% VAT
Home Insurance0.03% – 0.06% of property value + 5% VAT (annual)
Mortgage Life Insurance0.01167% – 0.0245% of loan amount (monthly)
Bank Feesi.e. wire transfer & exchange rate fees

Note: There are ALSO other fees and cost associated to buying a property in Dubai. Hence, it’s important to factor in all of these costs when budgeting for your mortgage.

Do Mortgage Brokers Compare Life Insurance and Property Insurance too?

“Yes, most banks provide life and property insurance along with the mortgage, and the mortgage broker will help facilitate the insurance process as well,” explains Abhishek Rai, mortgage advisor at Lion Mortgage.  

“Homebuyer can also choose their insurance carrier (i.e. Zurich and MetLife), but currently only 3 banks in UAE allow this… HSBC, SCB, Bank of Borada. You will need to make sure their insurance coverage can be assigned to the bank.”   

Do Banks Provide Home Renovation Loans in Dubai?

“Technically, banks do not offer renovation loans on new property per se. But there is a way around it. After getting the mortgage, client can wait awhile… i.e. at least 3 months, and try to refinance,” says Abhishek Rai, “If the property value goes higher, client can tap into the property’s equity, access the needed funds for renovation.”

“If the client has a fully paid up property, then the banks can give equity or cash against the property to renovate that unit or purchase a new property.”

Next: What I Wish I Knew About Getting a Mortgage in Dubai