Securing a Non-Resident Mortgage in Dubai: A Comprehensive Guide by RealTrust

Dubai's attractive property market offers numerous investment opportunities, with favorable prices and competitive interest rates drawing interest from both local and international investors. RealTrust provides an essential guide for non-residents looking to navigate the Dubai real estate market without straining their finances.

Is it Possible to Get a Mortgage in Dubai as a Non-Resident?

Absolutely. Non-residents looking to add to their real estate portfolios or purchase a holiday home in Dubai can benefit from specialized mortgage options. These mortgages are designed with the investor’s needs in mind, providing high loan amounts and increased flexibility. However, it's important to note that the options available to non-resident foreign investors may be more limited compared to those available to UAE citizens and expats.

Eligibility for Non-Resident Home Loans in Dubai

Before applying, it’s essential to understand the eligibility criteria, which can vary between banks but generally include:

• Citizenship in a country approved by the bank.

• Employment status, whether salaried or self-employed, with specific income requirements that vary by bank.

• Age requirements, with most banks requiring non-resident applicants to be at least 21 years old.

• A minimum monthly income requirement, often after tax deductions, with specific thresholds set by each bank.

Documents Required for Non-Residents Applying for a Mortgage in Dubai

To apply for a non-resident mortgage in Dubai, you will need to prepare the following documents:

• A valid passport for identity verification.

• Bank statements from the last 3 to 6 months to prove financial stability.

Additional documents may include:

• Tax returns, if applicable.

• Salary certificates or payslips for salaried individuals.

• Trade license and audited financial statements for self-employed applicants.

• Details of any existing loans.

Features of Home Loans for Non-Residents in Dubai

Non-resident home loans in Dubai offer several attractive features:

• Maximum Loan Amounts: These vary by bank but can be substantial, accommodating significant investment sizes.

• Loan-to-Value (LTV) Ratios: Non-UAE nationals typically need to provide a minimum of 20% down payment for properties valued up to AED 5 million, and 30% for properties above this value.

• Interest Rates: Non-residents usually face slightly higher rates compared to resident expats.

• Loan Tenure: Tenures for non-residents may be shorter than those for residents, with age restrictions also in place, limiting the maximum age during the loan tenure to 65 years for salaried individuals and 70 for the self-employed.

Banks Offering Home Loans to Non-UAE Residents

Several UAE banks offer mortgages to non-residents, including:

• Dubai Islamic Bank

• HSBC

• Abu Dhabi Islamic Bank

• First Abu Dhabi Bank

• Emirates Islamic Bank

• Ajman Bank

• Standard Chartered

• Abu Dhabi Commercial Bank

Each of these institutions has specific criteria and conditions that applicants must meet.

Conclusion

Investing in Dubai’s real estate market as a non-resident can be a rewarding venture with the right financial planning and guidance. RealTrust is dedicated to assisting you every step of the way, from understanding eligibility to finalizing your investment, ensuring a smooth and successful property purchase in Dubai.

For more insights into Dubai real estate and mortgage options, contact one of our expert mortgage advisors today.