Top Dubai Mortgage Offers for Non-UAE Residents
Aug 29, 2024
Dubai’s real estate market is a hotspot for global investors, and non-UAE residents can also tap into this opportunity by obtaining a mortgage. Although non-residents face more restrictions compared to UAE nationals and expatriates living in the country, several banks offer tailored mortgage solutions. This guide explores mortgage options for non-residents, including top banks, loan features, eligibility criteria, required documents, and the application process.
Can Foreigners Get a Home Loan in the UAE?
Yes, foreigners can get a home loan in Dubai. Non-residents can obtain mortgages, but they face more stringent requirements than UAE nationals and expatriates living in the country.
Which Overseas Investors Are Eligible to Get a Home Mortgage in Dubai?
Overseas investors from countries on a bank’s approved list are eligible. They must demonstrate stable income and meet minimum financial criteria.
Related article: UAE Mortgage Rates in 2024
Benefits of Non-UAE Resident Home Loans
- Access to Dubai’s Real Estate MarketNon-residents can invest in Dubai’s luxury and high-value properties.
- Diverse Mortgage OptionsVarious banks offer mortgages with different features to suit investor needs.
- High Loan AmountsSome banks offer substantial loan amounts, making it feasible to finance high-value properties.
Related article: How to Get UAE Residency by Buying a Property: A Guide for Investors
Best Dubai Mortgage Offers for Non-UAE Residents
Mashreq Bank
- Loan Amount: Up to AED 10 million
- LTV Ratio: Up to 50%
- Tenure: Up to 25 years
- Eligibility: Salaried and self-employed
First Abu Dhabi Bank (FAB)
- Loan Amount: Up to AED 10 million
- Tenure: Up to 20 years
- Interest Rates: Fixed; 2.5% for 2 years, 3% for 3 years, 3.25% for 5 years
- Processing Fee: 1.05%
HSBC
- Loan Amount: Up to AED 2 million
- Tenure: Up to 5 years
- Eligibility: HSBC Jade or Premier customers
Dubai Islamic Bank
- Loan Amount: Up to AED 50 million
- Property Types: Includes under-construction properties
- Tenure: Up to 25 years
See Villas & Apartments for Sale in Dubai
Documents Required for Dubai Mortgage Offers for Non-UAE Residents
- Valid Passport: Proof of identity
- Bank Statements: Last 3 to 6 months
- Tax Returns: For income verification
- Payslips: For salaried individuals
- Trade License and Financial Statements: For self-employed individuals
- Details of Existing Loans: For evaluating financial obligations
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Which Bank is Best for Non-Residents in Dubai?
The best bank depends on individual needs. Mashreq Bank and First Abu Dhabi Bank (FAB) offer high loan amounts and flexible tenures, while Dubai Islamic Bank provides substantial financing with a broader range of property types. HSBC is ideal for existing customers seeking shorter-term loans.
Related article: Best International Banks in Dubai for Expats & Investors
Start Your Dubai Real Estate Journey
Securing a mortgage in Dubai as a non-resident is possible and offers opportunities to invest in the dynamic property market. While non-residents face higher down payments and interest rates, understanding eligibility criteria and preparing necessary documents can help navigate the process successfully.
At Homeland Realty, we’re here to make your real estate experience in Dubai as smooth and rewarding as possible. Whether you're buying, renting, or leasing, our dedicated team is here to guide you every step of the way. Visit our website to explore our property listings or contact us for personalized assistance. Let’s find your perfect home together!
Explore Dubai’s real estate market with Homeland Realty. From finding your dream home to leasing your property, we offer expert guidance and personalized service.
Frequently Asked Questions (FAQs)
Can non-residents get a mortgage in Dubai?
Yes, non-residents can get a mortgage, though requirements are stricter and down payments higher.
What are the eligibility criteria for non-residents?
Non-residents need to be from an approved country, have stable income, meet the minimum income requirement, and buy from an approved developer.
What documents are required?
Documents include a passport, bank statements, tax returns (if applicable), salary slips, trade license (if self-employed), and details of existing loans.
What is the maximum loan amount for non-residents?
It varies by bank, up to AED 10 million with some banks, and up to AED 50 million with others like Dubai Islamic Bank.
What are the typical interest rates?
Interest rates usually range between 2.5% and 5%, higher than for UAE residents.
What is the loan-to-value (LTV) ratio?
Down payments are typically 20% for properties up to AED 5 million and 30% for higher values. Some banks finance up to 50% of the property value.
What is the typical loan tenure?
Loan tenures are generally shorter for non-residents, often less than 25 years, with age restrictions like 65 for salaried and 70 for self-employed.
Can I apply for a mortgage online?
Yes, you can apply online through platforms like Policybazaar.ae or the bank’s website.
What if I need to leave the UAE with an outstanding mortgage?
Inform your bank; they may adjust the terms or convert it into a non-resident mortgage, but you might need to settle it or refinance.
Are there additional fees?
Yes, additional fees include mortgage registration (0.25% of the value), processing fees, property valuation, insurance registration, and loan protection insurance.
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