Dubai is one of the most attractive places in the world and a dream city for many individuals because of its top-notch facilities. Owning a property in Dubai for a non-resident investor is a daunting task. It requires a lot of research and understanding of the mortgage process.
For a non-resident investor, the process of getting a mortgage loan in Dubai differs from that of a resident. Non-residents are not UAE nationals and don’t have an Emirates ID. This means that they are not eligible for any kind of government support when it comes to taking out a mortgage loan.
However, there are still many ways through which a non-resident can get a mortgage loan for a property in Dubai. With this guide’s help, you will understand how to get a mortgage loan in Dubai as an expat investor.
Is it possible to get a mortgage in Dubai for non-residents?
It is possible for an expat to get a mortgage in Dubai! Many banks and financial institutions in Dubai offer mortgage loans for expat investors. However, the process for non-resident investors can be more difficult than for residents. In Dubai, the mortgage application process is more complicated and can take longer to complete for non-Dubai residents.
What are the documents required for mortgage loans for non-UAE residents?
To apply for a mortgage loan in Dubai as a non-resident, you’ll need to provide the following documents:
- A valid passport.
- Bank statements or a letter from your employer confirming your salary.
- A letter from your bank or other financial institution in your home country confirming your credit history.
- Proof of income with at least three months’ pay slips or tax returns.
Characterstics of home loans for non-residents in Dubai
If you’re an expat looking for a mortgage loan in Dubai, there are some important things to keep in mind. Here are some of the key features to look out for:
- Interest rates: Make sure you understand the interest rate offered on loan
- Down payment: As a non-resident, you’ll need to provide a larger down payment than residents (at least 25% of the purchase.)
- Prepayment penalties: Some lenders will charge a fee if you repay your loan early, so check whether this applies before signing up for a mortgage
- Down payment requirements: Most banks will require a larger downpayment from non-residents compared to resident borrowers, so be prepared to have savings ready.
Loan tenure: The maximum loan tenure for non-residents is usually shorter than for residents, so you may need to plan your repayments accordingly
Characterstics of home loans for non-residents in Dubai
If you’re an expat looking for a mortgage loan in Dubai, there are some important things to keep in mind. Here are some of the key features to look out for:
- Interest rates: Make sure you understand the interest rate offered on loan
- Down payment: As a non-resident, you’ll need to provide a larger down payment than residents (at least 25% of the purchase.)
- Prepayment penalties: Some lenders will charge a fee if you repay your loan early, so check whether this applies before signing up for a mortgage
- Down payment requirements: Most banks will require a larger downpayment from non-residents compared to resident borrowers, so be prepared to have savings ready.
Loan tenure: The maximum loan tenure for non-residents is usually shorter than for residents, so you may need to plan your repayments accordingly
Get home loans for non-UAE residents With eMortgage
If you’re a non-resident looking for a mortgage loan in Dubai, look no further than eMortgage! Our competitive interest rates and flexible repayment terms make it easy to afford your dream home.
Our team of experts will guide you through the process and help you find the best mortgage loan for your needs. We understand that the process of applying for a mortgage loan can be complex and time-consuming, so let us help you make it as easy and stress-free as possible.
Conclusion
Mortgage loans for non-resident investors in Dubai can be a great way to finance your property purchase. It’s important to understand the process and requirements before applying. Emortgage can help you through every step of the process, from beginning to end, with the lowest interest rates and the least paperwork. So, if you’re ready to start your homeownership journey, contact us today!
FAQs
Yes, foreigners can get a mortgage in Dubai! The process can be more difficult than for residents. In Dubai, the mortgage application process is more complicated and can take longer to complete for non-Dubai residents.
The mortgage application process in Dubai can be complicated and time-consuming. Emortgage can help you through every step of the process, from beginning to end.
Yes, you can leave the UAE with a mortgage loan. However, you will need to make arrangements with your lender in advance.