Mortgages in Dubai for Non-Residents

  Mortgages in Dubai for Non-Residents    can obtain mortgages in Dubai, although there are some key differences compared to residents. Here's a breakdown of the essential information:

Key Considerations:

• Eligibility:
  • Banks in Dubai do offer mortgage products to non-residents, but eligibility criteria vary.
  • Factors like nationality, income, and credit history play a significant role.
  • Some banks may have lists of approved countries.
• Down Payment:
  • Non-residents typically face higher down payment requirements than residents. Expect to pay 40% to 50% of the property value.
• Income Requirements:
  • Banks require proof of stable income.
  • Self-employed individuals may need to provide more extensive documentation.
• Loan Terms:
  • Loan terms and interest rates can differ for non-residents.
• Property Type:
  • Mortgages are generally available for properties in freehold areas.

Important Points:

• Documentation:
  • Be prepared to provide thorough documentation, including passport copies, proof of income, and bank statements.
• Mortgage Brokers:
  • Working with a reputable mortgage broker in Dubai can be beneficial. They can help navigate the process and find suitable lenders.
• Bank Variations:
  • Each bank has its own specific requirements, so it's essential to research and compare options.
• Legal and Financial Advice:
  • It is always wise to seek legal and financial advice from professionals who are knowledgeable about the Dubai real estate market.

Where to Find Mortgages:

• Many major banks in Dubai offer mortgage products for non-residents, including:
  • Emirates NBD
  • Mashreq Bank
  • First Abu Dhabi Bank (FAB)
  • Abu Dhabi Islamic Bank (ADIB)
  • HSBC

It's crucial to conduct thorough research and obtain pre-approval before searching for a property.