Mortgage Refinance in the UAE

Refinancing means moving your mortgage to another lender or changing its terms. The Central Bank of the UAE regulation sets out how lenders may charge for it.

What the regulation says

There should be no impediment for borrowers to refinance with other institutions.

The maximum charges to refinance with another lender, or for early repayment, are the actual cost to the lender (to break fixed loans) and/or the fees and charges set out in Central Bank Regulations No. 29/2011.

Lenders may not change the terms of a loan during its term unless the borrower agrees in writing, and must notify customers at least two months before any change to commissions or fees.

Compare before you switch

Ask your current lender for the exact early settlement amount and ask the new lender for all its fees. Then use the EMI calculator with your current rate and the new rate to compare the monthly payments.

Source : Central Bank of the UAE, Regulations Regarding Mortgage Loans (C 31/2013, consolidated 08/04/2020)

Indicative simulation only. It is not a loan offer, an approval or financial advice. The limits shown are the regulatory maximums; each lender applies its own credit policy and may set lower limits. The interest rate is the one you enter. Always confirm the figures with your lender.

Reviewed by Ahmed Benjas, co-founder & CEO of Cevitas Real Estate

Moroccan real estate expert based in Dubai, co-founder & CEO of Cevitas Real Estate, a RERA-licensed brokerage (NGI House, Deira), with an AED 200M+ track record. He works in French, Arabic, Darija and English.

· Moroccan real estate broker in Dubai · His guides on cevitas.ae