Dubai Mortgage For Non-Residents
Dubai • Abu Dhabi • Sharjah • Ajman
If you’re looking to buy property in Dubai as a foreigner or as an expat, then it is a lot easier than you might think. You can apply for a bank mortgage in Dubai. Yes, it is possible, and many trusted banks offer home loans in the UAE. You can get up to 10 million dirhams to finance your real estate purchase. The documentation might be challenging but with a good mortgage specialist by your side, you can get approvals with ease.
Get to know your eligibility, prepare your documents, and get an estimate of your purchasing property and you are set to go. Vivere Properties offers Dubai mortgages for nonresidents, contact us today to get started!
Get in touch With Our Team of Experts!
How to Get a Mortgage in Dubai?
Getting a mortgage with Vivere Properties is a straightforward process. Follow these easy steps:
Contact a Lender
Contact Vivere Properties and we will help you find the best mortgage deals in Dubai with the most trusted banks.
Choose the Right Mortgage
Now, we need to decide between fixed-rate and variable-rate mortgages based on our property type, loan amount required, and available cash for deposit.
Use Mortgage Calculator
Use online mortgage calculators provided by banks in Dubai to estimate your monthly payments.
Pre-approval from the Bank
After choosing a bank, obtain a pre-approval letter from that particular bank. The bank must indicate your maximum loan limit and give you loan approval.
Find the Desired Property
After getting a mortgage approval, now you can find a property for sale in Dubai within the budget.
Pay Deposits
After choosing a property, now finalize the loan agreement with the bank and pay the deposits.
Buy the Property
After getting the loan amount from the bank, you become the owner of the property in Dubai.
Documents Checklist
For company employee
Original passport
Application form
Emirates ID
Bank statements for the last six months.
Salary certificates for employees for the last six months.
Current loan details, if any.
For Self-Employed
Original Passport
Emirates ID
Copy of trade license
Memorandum of Association
Bank statement for the last six months.
Financial record of past two years.
Banks in Dubai to Get a Mortgage as a Non-Resident
Banks in Dubai offer mortgages to non-residents and expats. However, it depends on the eligibility criteria and requirements set by the banks. Many international banks offer Dubai mortgage for non-residents such as:
Dubai Islamic Bank
HSBC UAE
First Abu Dhabi Bank
Mashreq
Emirates NBD
Emirates Islamic Bank
Standard Chartered
ADCB
Investor Visa Dubai for Non-Residents
An investor visa is a type of visa that is offered to investors in the UAE. The eligibility criteria must be met by the foreign expats or investors to obtain an investor visa. It is valid for 3, 5, or 10 years and can be renewed.
- For a 3-year investor visa, you need to invest AED 750k in UAE real estate.
- For a 5-year investor visa, you need to invest AED 2 million in UAE real estate.
- For a 10-year investor visa, you need to invest AED 10 million in UAE real estate.
Benefits of Buying Property in Dubai
You can easily secure a loan amount of up to AED 10 million with banks in Dubai.
You can easily get a loan even if you are a salaried individual or self-employed.
You can get low interest rates that make your journey easier with the payments.
You can choose 25 years for returning your home loan in Dubai.
You can pay 30% of the total purchasing amount when it exceeds AED 5 million.
As a non-resident, it is not necessary to submit your income proof in Dubai.
0% income tax and 0% social security tax for non-residents in Dubai.
Only 4% of property value is paid by both seller and buyer in Dubai.
Frequently asked Questions
It usually takes two weeks to get the pre-approval from the banks in Dubai. However, it depends on the completion of the application and the eligibility criteria set by the banks in Dubai.
You might need to consider:
- Brokers or lender fee
- Property valuation fee
- Mortgage registration fee by the DLD
- Property registration fee by the DLD
- Get property valuation.
- Get an account for repayments.
- Accept the mortgage offer.
- Get the mortgage registration by the DLD.
- Sign the required documents.
- Get your home keys in UAE.
It is the ratio between the loan amount you get and the property value. It is usually a percentage.
Yes, non-residents can apply for mortgages in Dubai. In fact, you can invest in a property by taking mortgages. You also get eligible for an investor visa in Dubai after buying a property in Dubai.
Yes, you can buy a property with your spouse in Dubai. You both will act as joint applicants and it is possible without any obligations. It is still possible even if your wife is not working.