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Off-Plan Property Mortgages

Finance Your Under-Construction Property

Off-plan property mortgages are designed for buyers looking to invest in properties that are still under construction.

This option allows you to secure a unit at today’s price, often with flexible payment plans during the building phase. It’s a popular choice for investors and end-users who want early access to high-demand developments and potential capital gains by the time the property is completed.

These mortgages typically involve close collaboration between the property developer and the lending bank. Only approved developers and projects are eligible for financing, ensuring financial security and minimizing risk for all parties involved. Banks usually disburse funds in stages, tied to the construction milestones, offering greater control over the investment while ensuring that the project stays on track.

Key Features

  • Pre-approval atleast 50% construction complete
  • Easy installment
  • Ideal for investors and first-time buyers
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FAQs

How is an off-plan mortgage different from a regular property mortgage?
<p>The key difference is that with an off-plan mortgage, the property is not physically available at the time of purchase. Typically, the loan is disbursed in stages, aligned with the construction phases, while regular mortgages apply to properties that are already built and ready for immediate occupancy.</p>
What are the eligibility requirements for an off-plan property mortgage?
<p><span style="font-weight: 400;">Eligibility usually includes:</span></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A good credit score (typically above 650)</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Proof of stable income and employment</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A down payment (usually between 20%–30%)</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Evidence that the property is registered with a developer who is approved by the lender</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The property must meet specific legal and construction standards</span></li> </ul>
How much down payment do I need for an off-plan property mortgage?
<p><span style="font-weight: 400;">Most lenders require a down payment of at least 20% to 30% of the property&#8217;s value. The required percentage may vary depending on the lender, the developer, and the market conditions.</span></p>
Do off-plan mortgages have higher interest rates than regular mortgages?
<p><span style="font-weight: 400;">Off-plan mortgages may carry slightly higher interest rates compared to regular mortgages, due to the perceived risk involved in purchasing a property that isn&#8217;t yet constructed. The rates, however, depend on the financial institution, the type of mortgage, and the buyer’s credit profile.</span></p>
What is the payment schedule for an off-plan property mortgage?
<ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Off-plan property mortgages are typically structured as follows:</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Initial deposit: Paid at the time of signing the contract (typically 10%–20%).</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Stage payments: The loan is disbursed in stages based on the progress of construction (e.g., 25% on completion of the foundation, another 25% at roof level, and so on).</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Final payment: The balance is usually paid when the property is completed and handed over.</span></li> </ul>
Can I get an off-plan mortgage if the property is still in the pre-launch stage?
<p><span style="font-weight: 400;">Some lenders may offer off-plan mortgages for properties in the pre-launch stage, though this is less common. Lenders may be more cautious, as the project has not yet begun construction. Typically, the property must be registered and recognized by relevant authorities before it qualifies for financing.</span></p>
What happens if the developer delays construction?
<p><span style="font-weight: 400;">If the developer delays the construction of the property, you may not be required to make full mortgage payments until the property is completed, depending on the terms of the mortgage agreement. However, this can vary, so it&#8217;s important to check with the lender about how delays will affect your repayment schedule.</span></p>
Can I resell an off-plan property before completion?
<p><span style="font-weight: 400;">Yes, in most cases, you can resell an off-plan property before it’s completed, but the terms of resale are governed by the agreement between the buyer and the developer. Additionally, resale prices could fluctuate depending on the market conditions and the construction progress.</span></p>
What are the risks of taking an off-plan mortgage?
<p><span style="font-weight: 400;">Some of the risks include:</span></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Construction delays: The property may not be completed on time.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Market fluctuations: The property value could change before completion.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Developer issues: The developer may face financial difficulties or fail to complete the project.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Mortgage repayments during construction: Some lenders may require you to make partial repayments during construction, which could be challenging if your financial situation changes.</span></li> </ul>
Do off-plan mortgages require property insurance?
<p><span style="font-weight: 400;">Yes, lenders generally require property insurance for off-plan properties to protect against risks such as fire, flood, or damage during construction. The type of insurance required may vary, but you will usually need to arrange coverage before receiving the loan.</span></p>
Are off-plan property mortgages available for foreign investors?
<p><span style="font-weight: 400;">Yes, many financial institutions offer off-plan property mortgages to foreign investors, especially in markets like Dubai and other popular international property hubs. The criteria for non-resident applicants may vary depending on the country and lender.</span></p>
How long does it take to get approval for an off-plan property mortgage?
<p><span style="font-weight: 400;">The approval process can take anywhere from a few days to a few weeks, depending on the lender, the complexity of your application, and the stage of the project. The process may take longer for off-plan properties since the lender will need to verify the details of the property and the developer.</span></p>

Related Services

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Refinancing allows property owners to replace their current mortgage with a new one often to secure a lower interest rate, adjust the loan term, or switch to a more suitable mortgage product.

It’s a practical way to reduce monthly payments, save on interest over time, or improve overall loan terms to better match your financial goals.

02. Islamic Home Finance

Islamic home finance is offered by Islamic banks or the Islamic windows of conventional banks, providing an alternative to traditional mortgages. These financing options are structured in a way that avoids charging interest, aligning with Islamic principles that prohibit Riba (usury). The most common structures include Murabaha (cost-plus financing) and Ijara (leasing), both designed to ensure that the financial transactions comply with Sharia law while allowing individuals to purchase houses.

03. Credit Card Services

As an ancillary service, we also arrange for our clients tailored credit card solutions from leading banks to meet their individual and business needs. Our team streamlines the application process, ensures competitive offers, and provides expert guidance to help you choose the right card—whether it’s for rewards, travel, cashback, or corporate use.

With strong banking partnerships and a client-first approach, we make access to financial flexibility simple and efficient.

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Galaxy Prime is dedicated to help you navigate the mortgage process with confidence and ease. Our team of experts provides personalized and reliable solutions tailored to your financial needs.

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