Dubai Mortgage For Non Residents

Lots of non-residents from every corner of the world buy property every year in the UAE. Some are seeking tax-free rental yields for leading the world, which may reach up to 10 percent on smaller properties in Dubai, and some are looking for investments in lifestyle. We at Taskmaster help you throughout the process and save you valuable time.

In the UAE the mortgage is available for non-residents like residents. Several banks provide mortgages for non-UAE residents until they live in a special country on the list of banks of countries that are approved. These kinds of mortgages present themselves with many interesting features that range from the high amount of loans to competitive rates of interest and attractive repayment periods. Certain banks may offer investors to get mortgages for many properties.

Dubai Mortgage For Non Residents

Features of Dubai Mortgages For Non-Residents In UAE

  • Mortgage Amount: The right amount a bank would be ready to provide would base on income, with a few banks providing up to AED 20 million to buy a residential property in the UAE.
  • Interest Rates: The interest rates are based on the banks you adopt for the mortgage, but you may deduct an interest rate from 4.5% to 6.5% per year, depending on the reducing balance.
  • Tenure: The term of the mortgages can be a maximum of 25 years, up to 65 years of age.
  • Loan to Value Ratio: If you are a non-resident of the UAE, most banks give funds ranging from 50% to 75%, as opposed to mortgages offered to provide to residents of the UAE.

For those that are particular regarding the services of financial they use, there is traditional lending and lending banks under Islamic Finance system.

Advantages of Dubai Mortgage for Non Residents

The most obvious advantage of these loans is that they help you in financing a new property, but they also offer certain other advantages, like:

  • You will not have to offer any kind of proof of income in the UAE.
  • Several banks would permit prepayments for the loans at no charge.
  • The rates of interest provided by the banks may be fixed or variable, depending on the policy of the bank.

These all benefits that can delight you in the process of Dubai mortgage for non-residents.

Eligibility Criteria of Dubai Mortgage for Non Residents

You need to make sure that you meet the eligibility criteria first, before applying for a mortgage for non-residents. Keep in mind these criteria are a general rule and may vary between banks in the United Arab Emirates.

  • You must be a citizen of a country that is on the bank’s list before applying for a Dubai mortgage for non-residents.
  • You must be a salaried or self-employed person.
  • Certain banks have age restrictions for applicants. For example, ABCD non-resident applicants must be above the age of 25 years.
  • You will need to complete the bank’s minimum monthly income need; this may differ between UAE ex-pats and non-residents. Additionally, this minimum income requirement should be met after the tax deductions. For instance, ABCD requires non-residents to have a monthly income of at least AED 25,000 to qualify for their mortgage.
  • Some banks also have a list of property developers and projects approved for mortgage financing. You must ensure that your property falls under this approved list.

Documents Required for Dubai Mortgage for Non Residents

When applying for a mortgage for non-residents, you need to submit some documents. Remember, additional documents may be required depending on the property you purchased, as well as the terms of the transactions.

  • Identity proof in the form of a valid passport
  • Bank statements for the last six months. These may be required of individuals and companies alike.
  • If you pay taxes then you will need to provide these returns also.
  • If your country of residence has a credit rating system, a credit report will be required.
  • Salary certificates and pay slips
  • For self-employed individuals, audited statements, certificates of incorporation, trade licenses, and business profiles.
  • These are all the essential documents that you need to prepare. We at Taskmaster can help you to complete the process of documentation for Dubai mortgage for non-residents.

How We Can Help You

We at Taskmaster commercial broker LLC, have a team of experts who will guide you properly and understand your entire requirements. We provide you with the best possible services and help you to obtain a mortgage in Dubai, processing your work according to your needs.

Mortgage consultants will work closely with our dedicated transaction department to help you manage the entire mortgage process, from initial product advice to the legal transfer of property. We can also provide you with a professional mortgage manager who will meet you, provide you with expert advice, and assist you.

Frequently Asked Question on Dubai Mortgage For Non Residents

Can a non-resident get a mortgage in UAE?

Yes,  the procedure is relevantly smooth for a non-resident to obtain a mortgage in the United Arab Emirates. In case you’re a non-resident wishing to get a mortgage in Dubai, you will need three months’ bank statements and a copy of your passport. Taskmaster consultants will guide you properly.

Can a non-resident buy a house in Dubai?

Yes, a non-resident can buy a home in Dubai. But there are some rules and regulations. You can connect with the Taskmaster professionals to know properly about the process and rules regarding the same.

Can foreigners get a mortgage in Dubai?

Yes, both migrant tenants and non-resident investors can get a mortgage to finance their property purchases in Dubai. The loan brokers at Taskmaster will guide you completely.

How do I qualify for a mortgage in UAE?

In order to qualify for getting a mortgage in UAE, you will have to prepare a number of documents that are necessary for the process. Also, you have to comply with some conditions formed by the banks. Taskmaster professionals will guide in this procedure.

Can you mortgage a property in Dubai?

As per the law of Dubai mortgage, migrants can get a home loan of up to 80% of the property purchase value, which means migrants have to sustain an initial deposit of 20 to purchase property value less than AED 5m in Dubai.

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