Mortgage for Non-residents in UAE

Mortgage Services

Mortgage finance for non-residents

Welcome 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.
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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 team of experienced advisors can assist you in navigating the mortgage market and help you find the right financing solution to suit your individual needs and circumstances.

Our Services

We offer all your home-buying processes fast and hassle-free. We help clients get the best experience when looking for home financing, buying a property, and getting mortgages.

Free Consultation

We offer a free initial consultation to assess your needs and provide an overview of the mortgage options available to you as a non-resident.

Pre-Approvals

Once we have identified the most suitable mortgage offer, we will help you obtain pre-approval from the lender.

Document Preparation

We will guide you through the mortgage application process, from gathering the necessary documentation to applying.

Follow Ups

Our team will work closely with the lender to ensure your application is processed smoothly and efficiently.

Mortgage Closing

We will be there to help you through the closing process, ensuring that all necessary paperwork is in order and that you have a clear understanding of the terms and conditions of your mortgage.

How to Obtain a Mortgage in UAE?

Getting mortgages and buying your new dream home includes four simple steps with us. Following these simple steps, you can get your pre-approval for mortgages from the banks in the UAE and buy or invest in your property anywhere in the UAE. Let’s discuss those steps such as:

1. Get pre-approval from bank

Pre-approval stage

You do not have to visit the bank repeatedly. We are here to get your work done. We will help to get you pre-approvals for your mortgage.

2. Get the best offer from banks

Top bank offers

Choose the best offer from top banks in the UAE. We have more than 1300 offers, and you can choose the suitable one to get an ideal mortgage.

3. Connect with Real Estate Agent

Home Buying Professionals

After getting a mortgage, connect with one of our best real estate agents in Dubai. We will assist you throughout the process.

4. Choose and buy your property

Finding Home Dream

Now you will get verified property listings to choose. You can choose and buy your dream property in Dubai or UAE.

Mortgage for UAE Non-Residents: Requirements

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 Checklist

The documents needed for non-residents applying for mortgages may vary depending on the lender and the country where the property is located. However, here are some standard documents that non-residents may need to provide when applying for a mortgage:
  • Passport or 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 need to provide a salary certificate from their employer.

  • Property Information

Details about the property you are planning to purchase including its location, value, and condition.

  • Proof of Funds

Documents to show sufficient funds needed for the down payment, closing costs, etc.

Advantages of Buying a Property in Dubai

Dubai is a popular location for property investment. There are several advantages to owning a property in Dubai, including:

  • Owning a property in Dubai can also offer residency options for investors, as some property purchases can qualify for a residency visa.
  • Dubai’s rental market is strong, offering high yields for short-term and long-term rentals, including via platforms like Airbnb.
  • Owning a property in Dubai can serve as a backup plan in case of emergencies or unexpected situations.
  • 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.
  • Additional financing options are available annually.
  • Dubai’s economy is growing and diversifying, providing the potential for long-term value growth.
  • Dubai’s land register system offers secure investment protection.
  • Property owners can qualify for an investor visa in Dubai.
  •  The process for purchasing and financing property in Dubai can be quick and efficient.
  • Dubai offers several tax benefits for property owners, including no income or capital gains tax on the property sale.

FAQs

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.

Yes, non-residents can apply for a mortgage in Dubai, but the rules and regulations for non-resident mortgages may differ from those for residents. Non-resident mortgages typically require a higher down payment, and the mortgage term may be shorter than for residents. Non-residents may also need to provide additional documentation, such as a work visa or proof of income from their home country.

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.