What is an Approval in Principle?
An Approval in Principle is a basic approval for your home loan. It's an easy way to find out if you can borrow the amount of money you’ll need.
Getting an Approval in Principle:
- doesn't affect your credit score
- doesn't commit you to getting a mortgage with us
- is quicker than a full mortgage application - you'll usually get your Approval in Principle within 60 minutes of submitting the documents we'll ask you for
Having an Approval in Principle can give you an advantage when you’re buying a home, as it shows sellers you’re ready to buy. Just remember it isn’t a guarantee that we’ll definitely be able to lend you the money.
An Approval in Principle is valid for 60 days once you've got it.
Things to know
Who can apply?
You can apply for a mortgage with us if you:
- live in the UAE
- are 21 to 65 years old
- have a minimum monthly income of AED 15,000
- are buying a property within Dubai or Abu Dhabi
- want a home loan of 350,000 AED or more, with a term of 5 to 25 years
Once you've been approved for a mortgage, we'll open an appropriate current account for you to make your home loan repayments, if you don't have one already.
If you live outside the UAE, you may still be able to apply if you’re an HSBC Global Private Banking or Premier customer.
If you do not keep up your repayments/payments, you may lose your property.
You may have to pay penalties if you pay off a loan/financing early.
If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.
Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit.
Ready to get started?
Just enter your details in our home loan form. Our mortgage advisers will call you back within 2 business days and help you get an Approval in Principle. You can then apply for your mortgage in full right away, or you can get in touch later to apply.
Live outside the UAE? If you're an HSBC Global Private Banking or Premier customer, contact your Relationship Manager to find out if you can apply for a mortgage with us.
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Rates and fees
Here are some more details about our rates and fees for home loans.