This is the most straightforward and common approach.
• How it works: Your wife, as the legal owner, applies for a mortgage loan against her own property. The bank will assess her income and eligibility.
• Your Role: You can act as a co-applicant or a guarantor. This means your income can be combined with hers to qualify for a larger loan amount and better terms. Your liability is that if she defaults, you are responsible for the payments.
• Requirements: The bank will require the standard documents from both of you: passports, Emirates IDs, visas, proof of income (salary certificates, bank statements), and the property’s Title Deed.
This is a more complex process but allows you to be a direct borrower.
• How it works: Your wife would officially sell a percentage (e.g., 50%) of the property to you at the Dubai Land Department (DLD). This is a real transaction, so you would need to pay the associated 4% DLD fee on the value of the share being transferred.
• Result: You then become a co-owner on the Title Deed.
• Next Step: As a co-owner, you can then apply for a mortgage against your share of the property. The bank would place a lien on your percentage of the ownership.
| Option | Who is the Borrower? | Key Requirement | Pros | Cons |
| 1. Wife as Borrower | Your Wife | Her income must be sufficient (you can guarantee). | Simplest process. Avoids DLD transfer fees. | You are not the primary borrower. |
| 2. Co-Ownership & Mortgage | You (and/or your wife) | Paying the 4% DLD fee on the share transferred. | You become a legal owner and can borrow. | Expensive due to the 4% DLD transfer fee. |
Before deciding, it is highly advisable to consult directly with Windsor Premier Mortgage Team who can assess you situation with your bank. They will:
1. Assess your specific financial situation (both your incomes and existing debts).
2. Explain their specific policies regarding guarantors and co-applicants.
3. Provide a clear calculation of what loan amount you could qualify for under each scenario.
4. Clarify all the exact costs involved, especially for the property share transfer option.
