Mortgage finance for non-residentsWelcome to our mortgage finance service page for non-Resident looking for mortgages in Dubai!
As a non-resident living anywhere, you may face unique challenges when securing a mortgage for your dream home or investment property in Dubai. At our firm, we specialize in providing mortgage finance advice and services for non-residents.
With Emirates Business Setup, you can do all in one. You can calculate your loan size using a mortgage calculator, choose a bank offers according to your eligibility, submit your application, and get pre-approved.
Our Services Include
The Top Bank Offers in UAE
Get yourself the best offers from top banks in the UAE. We offer more than 1300 offers, and you can choose the suitable one based on your financial needs to get an ideal mortgage.
Home Buying Professionals
Finding Your Dream Home
Requirements for Non-residents
When you are applying for a mortgage as a non-resident in the UAE, then make sure you are fulfilling these conditions such as:
- For self-employed or employed in there home country, individuals must have a minimum daily basis balance of AED40,000 in a personal account in the last three months to qualify for a 60% loan in Dubai and Abu Dhabi.
- There is also an option of getting a 70% mortgage; however, the requirements are much stricter, and much documentation is required.
- The bank finances 60% of real estate value, but there should be three months’ bank statements of an individual with a balance showing 10,000 € per month. If the bank statement is approved, the bank can finance up to 2.5 million. You can finance three apartments at a time with interest rates of 2.99% bank marge + 3 Months Eibor and a variable of about 8% for 25 years. The market expects lower interest later in 2023 and 2024, an interest between 5-6%. We recommend making a variable mortgage contract to participate in the lowering of the interests.
Documents Required for Non-residents Applying for Mortgages
- Passport or Your National Identity Card
That is used to confirm your identity and may be required by the lender or bank.
- Proof of Income
It includes six pay cheques if the non-resident is employed.
- Proof of Employment/ Salary Certificate
Non-residents may need to provide a salary certificate from their employer confirming their employment status and income.
- Property Information
Non-residents applying for a mortgage in the UAE may need to provide details about the property they wish to purchase, including its location, value, and condition.
- Proof of Funds
Non-residents may need to provide documentation showing they have sufficient funds to cover the down payment, closing costs, and other expenses associated with the mortgage.
Advantages of Having a Property in Dubai
Dubai is a popular location for property investment, and there are several advantages to owning a property in this city, including:
- Residency Options: Owning a property in Dubai can also offer residency options for investors, as some property purchases can qualify for a residency visa.
- Diversification: Investing in foreign real estate is a great way to diversify your portfolio.
- High Rental Yields: Dubai’s rental market is strong, offering high yields for short-term and long-term rentals, including via platforms like Airbnb.
- Emergency Plan B: Owning a property in Dubai can serve as a backup plan in case of emergencies or unexpected situations.
- Financing Options: Non-residents can obtain financing with a recommended lending limit of 50% and up to 70% of the purchase price, with no further collateral required.
- Subsequent Lending: Additional financing options are available annually.
- Potential for Long-term Value Growth: Dubai’s economy is growing and diversifying, providing the potential for long-term value growth.
- Security: Dubai’s land register system offers secure investment protection.
- Visa Eligibility: Property owners can qualify for a visa in Dubai.
- Immediate Purchase and Financing: The process for purchasing and financing property in Dubai can be quick and efficient.
- Tax Benefits: Dubai offers several tax benefits for property owners, including no income or capital gains tax on the property sale.
In Dubai, a mortgage is a loan provided by a financial institution to help individuals or businesses purchase property. The mortgage process involves finding a property, applying for a mortgage, undergoing property valuation, making a down payment, signing a mortgage agreement, registering the property, and making monthly repayments.
Rules and regulations may vary depending on various factors, and it is advisable to seek guidance from a financial advisor or to contact us.
The type of mortgage you can get in Dubai will depend on various factors, such as your income, credit score, the value of the property you want to purchase, and the policies of the financial institution you are dealing with. Typically, financial institutions in Dubai offer mortgages that can cover up to 75% of the property value, and the remaining 25% needs to be paid as a down payment. The interest rates on mortgages can vary depending on the mortgage type, the loan duration, and other factors.
A mortgage is calculated based on the principal amount borrowed, the interest rate, and the mortgage term. Monthly payments are calculated using an amortization formula, which considers these factors.
Additional fees or charges may also be added to the total cost of the mortgage. Using a mortgage calculator or seeking guidance from a financial advisor like us will help you to understand the specific details of a mortgage calculation.
The cost of trade license in UAE starts from 5,750 AED. It depends on the business activities that you are going to conduct in your company. For example, if you are taking industrial trade license then there are additional charges for storage units and warehouses must applied.