Guide to mortgage loans for non-resident investors in Dubai

Because of the low borrowing rates and low prices, both domestic and foreign investors have been eyeing Dubai’s wide real estate market. Those living abroad may buy property in Dubai without hurting their finances by using the “mortgage in Dubai for non-residents” option.

If you want to learn more about who can qualify for non-resident house loans in Dubai and how such mortgages function, check out our information below.

Is it Possible to Get a Mortgage in Dubai for Non-Residents?

Yes, foreign investors who want to buy a property in Dubai to add to their real estate portfolio or to use as a vacation house can get a mortgage. As a non-resident investor, you’ll benefit from a variety of benefits including bigger loans and more freedom.

Non-resident foreign investors, on the other hand, have fewer options for property funding than UAE nationals and expats. Furthermore, before starting, it is critical to understand the different types of mortgages available in Dubai.

Which Overseas Investors are Eligible to Get a Home Mortgage in Dubai?

Make sure you fulfil the requirements for eligibility before seeking a non-resident mortgage in Dubai.

Please keep in mind that these are broad guidelines that may vary between banks in the UAE.

  • Before applying for a non-resident homes finance in Dubai, you may be expected to be a citizen of a country on the bank’s list.
  • Some banks apply age limitations on people seeking a non-resident mortgage in Dubai. For example, ADCB requires non-resident applicants to be over the age of 21 in order to apply for a mortgage to buy.

What are the Documents Required for Mortgage Loans for Non-UAE Residents?

Certain documentation must be provided when applying for non-resident mortgage loans. Remember that depending on the property and the conditions of the sale, more papers may be necessary.

Non-resident applicants for house loans in Dubai must usually bring the following documents:

  • A valid passport (as documentation of identity)
  • Bank statements (for the last three to six months; as checking of money)

To get a mortgage on a for non-residents in Dubai, you may be required to provide additional documentation, such as:

  • Tax returns (if required)
  • Salary certificates or payslips (if you are employed)
  • If you are self-employed, you must have a trade licence and audited financial statements
  • Information for any loans in place

FeatureSs of Home Loans for Non-Residents in Dubai

There are several benefits to non-resident house loans in Dubai, which are as follows:

  • Maximum Loan Amount: This will vary depending upon the bank and your financial situation. For example, while Mashreq will finance up to AED 10 million, ADCB will finance up to AED 15 million.
  • LTV Ratios: Under the UAE Mortgage Law, non-UAE citizens must put down at least 20% of the home purchase price (for the first time buyers ) if the property is valued up to AED 5 million. Non-UAE  must make a 30% down payment for homes valued more than AED 5 million. However, for non-resident applicants, multiple UAE banks would only finance up to 50% of the property value.

Which Banks in the UAE Offer Home Loans for Non-UAE Residents?

The following banks offer house loans to non-UAE residents:

  • Islamic Bank of Dubai
  • HSBC
  • Islamic Bank of Abu Dhabi
  • Abu Dhabi First Bank
  • Dubai Islamic Bank
  • Bank of Ajman
  • Standard Chartered Bank
  • Commercial Bank of Abu Dhabi

Please keep in mind that such organisations have certain eligibility requirements that non-residents must fulfil in order to qualify for a mortgage in Dubai.

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