How much of my monthly salary may I borrow?
A bank normally lends up to seven multiples of the applicant's
yearly wage as the maximum loan, and they require a minimum income
of AED10,000 for at least one application.
Example: Annual Salary of AED 20,000; AED 20,000 X 12 equals AED
240,000. 7 times AED 240k is AED 1,680,000. You can combine two
wages for a joint application, or some banks will accept one
salaried applicant and one self-employed applicant.
For any applicants who are salaried, you may include their whole
proven monthly pay, which will be validated in any submitted salary
letter. Show your monthly income based on the company's annual
revenue and your portion of it as determined by your ownership, if
you are a business owner.
