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To take a look at your mortgage options, fill out your details.

Are you looking for a mortgage on your own or with someone else?

A joint mortgage can allow applicants to combine their incomes and increase the amount they are eligible to borrow. You would then be classified as Co-Borrowers on the mortgage and joint owners on the property title deed. Banks in the UAE will lend to married couples and some combinations of immediate family. Friends and distant relatives will typically not be offered a mortgage together

We need to know how old you are because it affects how lenders offer loans.

The minimum age for taking a mortgage in the KSA is 21. 
The maximum depends on employment status. For salaried applicants the loan must finish before age 65 and for business owners this is age 70. 
These fall in line with the KSA Central Bank's pre-determined retirement ages

Different products exist for both Salaried and Self-Employed Business Owners. The lending banks will assess your ability to borrow based on provable income and your profile. 
If you are on the trade licence, MOA, or share certificate of the company you work for then for lending purposes the banks will consider you to be self-employed, even if you pay yourself a salary. Please factor this in when completing your application.
If you are a business owner, more lenders will be happy to lend to you if your business is more than 2 years old and you can provide audited financials for the business. This gives more data points to underwrite your loan from

How much do you earn on a monthly basis? This is before tax deductions.

The minimum income a bank needs is AED10,000 for at least one applicant and they will typically lend up to 7 multiples of the annual salary as a maximum loan.
Example with AED20k Salary
Annual AED20k X 12 = AED240k
AED240k X 7 = AED1,680,000
For a joint application you can combine two salaries or some banks will allow one salaried applicant and one self-employed. 
You can enter the full provable monthly salary for any salaried applicants which would be confirmed in any salary letter provided.
For business owners – Show your monthly income as per the company turnover and your allotted share of this based on the shareholding

First up, what type of purchase are you hoping to apply for?

Holo offers financing for people looking to buy a brand-new property and also finance for people who already own a property and are looking at the options of refinancing. New purchase can relate to your first ever home or a second investment property. When we are discussing a refinance, this can be if you own your property outright and are looking to release funds for various uses, or alternatively you may have a mortgage on your property already and would like to switch to a more competitive rate. We have market leading solutions for both scenarios

Some of our options allow you to add up to 80% of the fees to your loan, this may give you fewer options but a lower up front cost.

We understand that it is not easy to buy a property and the costs can mount up quickly. The good news is that there are some banks who will lend additional funds to help towards the cost of the fees associated with buying a property.
Some banks will lend an additional 4,8% of the property value

If you are looking to take a fixed rate mortgage then you can typically fix the term from 1-5 years. We generally see the longer the fixed rate, the higher the interest rate.

There is no correct answer when asking 'how long should I fix my mortgage for', much will depend on your personal circumstances and appetite to fluctuating interest rates

Do you have a preference on the type of loan?

In the KSA, mortgage borrowers can opt to take either conventional or Islamic financing out when choosing their loan.
The main difference in these loans structures is that to avoid paying interest on an Islamic loan, the bank will purchase the property for you and then lease it back until the loan is fully repaid.
The bank's profit is built into the agreed lease back cost

What is the overall term you would like the mortgage for?

The maximum tenor on a loan is either a maximum 25 years or until retirement age, whichever comes first.
The retirement age depends on employment status. For salaried applicants the loan must finish before age 65 and for business owners this is age 70

Please select the type of mortgage product you are looking for.

The answer to this will depend on your attitude to risk and what your concerns are when taking a loan.

If you would like the security of having set payments for a period of time to help with budgeting and expenses and to shield you from interest rate rises, a fixed deal makes sense.

[Banks will typically fix the rate for an initial period of 1-5 years with the interest rate generally rising, the longer term you would fix the loan for]

If you are looking for the lowest possible interest rate with a low bank margin and fluctuating payments are not a concern, then you can consider a variable rate

What stage are you at in the property search?

Holo does not sell property however we have a large network of trusted real estate partners who we can make introductions to. If you know which location you wish to buy in, we can pair you up with an expert in that location and they can assist with your property search while we process your mortgage application

Based on your income, the maximum financing amount is {{calculation}}

You can borrow a maximum of {{loanToValue}}% please let us know what loan to value you would be looking for.

The minimum income a bank needs is AED10,000 for at least one applicant and they will typically lend up to 7 multiples of the annual salary as a maximum loan.
Example with AED20k Salary.
Annual AED20k X 12 = AED240k.
AED240k X 7 = AED1,680,000.
For a joint application you can combine two salaries or some banks will allow one salaried applicant and one self-employed.
You can enter the full provable monthly salary for any salaried applicants which would be confirmed in any salary letter provided.
For business owners – Show your monthly income as per the company turnover and your allotted share of this based on the shareholding

Please confirm the outstanding loan amount with your current lender

Holo work with all of the lenders in the KSA in order to offer the best financing solutions for every customer.
Each bank will have different criteria for their lending; however the good news is that there are options available for every region. Select the region you would like to finance in from the dropdown in the Holo application

Based on your income the maximum purchase price, with maximum lending, from the bank would be {{calculation}}

What is the expected market value of the property?

As part of Holo’s ongoing service to our customers we now offer access to a bank-grade valuation module which will give a full valuation report of your chosen property before you commit to the purchase.
This is vital to understand the true market value of your property before signing the Form F and giving your Real Estate agent the 10% security deposit. Your Holo case manager will be able to give you access to the valuation module once your documentation has been submitted for approval

Have you purchased a home in the KSA before using a mortgage? (if Yes is selected, you might be restricted to maximum 65% LTV)

Lending limits and loan to values are dictated by several factors. If you already have a mortgage in the KSA then this can cap your loan to value (LTV) to 60% for Expats and 65% for Emirati nationals. If you do have an existing loan, we may also be able to switch this to the same lender as your new application to access beneficial rates on both loans

KSA lenders will offer finance to most nationalities however this can change depending on global factors. Holo knowing your nationality will assist with the process of ensuring any application goes to a lender who will be happy with your status. Emirati applicants can also benefit from enhanced lending levels as per the criteria set out from the KSA Central Bank

Holo can offer lending options to residents of the KSA and also international buyers. The lending limits will differ depending on your status along with the interest rates that the banks will offer so be sure to fill this section as below. When considering your status for a mortgage, the banks will look at your source of income. So in the scenario where an applicant holds an investor visa but their income is derived overseas, they would be considered as a non-resident for lending purposes

Arran Summerhill

Co-Founder @ Holo

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