Can a non-resident get mortgage in Dubai?

Dubai is a paradise and every other person gets attracted to the tax free capital gains, tax free rental yields and attractive lifestyle amenities. This is what attracts to non-residents from around the globe and they aspire to invest in Dubai real estate. Though like every other investment vehicle, Dubai real estate has also gone through ups and downs but the buyers’ protection laws, the transparency, and its successful comeback after the global pandemic, it is considered by far one of the most accessible, affordable, and regulated markets.

Can non-residents buy a property in Dubai on mortgage?

Dubai real estate is open to every overseas buyer but the question is; can a non-resident buy a property in Dubai on mortgage?

Yes, it would be interesting to know that mortgage is available for non-residents in Dubai. Anyone (who can be eligible for mortgage), can be a part of Dubai real estate market, without stressing about finance. Let’s have a look at this to divulge the remaining details.

Who will be eligible for a mortgage in Dubai?

Before you start the search, you must check the eligibility criteria to avail mortgage options in Dubai.

  • First of all, you must have a cash down payment, almost 25 per cent of the total value of the property.
  • The bank must have your country’s name on the list to serve you with mortgage services.
  • You must be salaried or self-employed to apply for mortgage.
  • A few lenders may be strict about particular age.
  • You must meet the bank’s minimum monthly income criteria.

Documents required before mortgage

High and flexiblehouse loan amounts are available for the expats livingin Dubai, with which they can invest in real estate. On the contrary, limited mortgage options are available for the non-residents. Unlike expats or the UAE residents, you will have to face strict rules and regulations and may need to submit certain additional documents to prove your eligibility.

The documents that you will be asked to provide by a majority of the lenders:

  • Valid passport
  • 3 to 6 month bank statements as a proof of fund
  • Tax returns documents
  • Salary slips (if you are a salaried person)
  • Financial statement (if you are self-employed)

A few other conditions to get a mortgage loan

  • Being a non-UAE national, you will have to increase the amount of cash down payment with every property, you buy in Dubai. For instance, if for the first purchase, you are asked to pay 25% cash down payment; then for a second or third property purchase in Dubai, you will have to pay almost 35% or 40% of the total property value as down payment.
  • Besides that, there will be a maximum loan amount value for the non-UAE residents, that differs from bank to bank and on your financial circumstances.
  • After meeting the eligibility criteria, bank will offer you a mortgage but the interest rate can be slightly higher than that for what they offer to an expat.
  • The loan tenure can be age-dependent and your personal profile.

A few banks that offer a mortgage loan to the non-UAE residents have different eligibility criteria that you will have to meet to qualify for a loan in Dubai. It may sound difficult to you but if you meet the eligibility criteria, you can easily get a mortgage loan to buy a property in Dubai.

If being an overseas property investor, you are looking for some reliable property investment options in Dubai, you must contact the team HFRE at +971 4876 2473 or you can also write us at info@hfre.ae. And one of our competent real estate expert will get in touch with you and help you reach your desired investme

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