Eligibility and Documentation
Dubai’s real estate market beckons investors with its affordability and low-interest rates. Non-residents seeking property can explore mortgage options without financial strain. Discover eligibility criteria and required documentation for non-resident mortgage loans in Dubai below.
Who Qualifies for Non-Resident Mortgage in Dubai?
Interested investors, including overseas individuals, can secure a mortgage for property purchase in Dubai. Non-resident mortgages offer benefits like higher loan amounts and flexibility, though options may be fewer compared to residents. Understanding eligibility criteria is crucial before proceeding.
Eligibility Criteria for Non-Resident Mortgage Loans
Before applying, ensure you meet general criteria, though specifics may vary between banks:
- Citizenship from a bank-approved country
- Employment status (employed or self-employed)
- Minimum age requirements (e.g., ADCB requires applicants to be at least 25 years old)
- Minimum monthly income after tax deductions (e.g., ADCB mandates AED 25,000 for non-residents)
- Property eligibility based on the bank’s approved list
Documentation Required for Non-Resident Mortgage
Prepare the following documents when applying for a non-resident mortgage:
- Valid passport
- Bank statements (last three to six months)
- Additional documents like tax returns, salary certificates, or trade licenses may be necessary based on the property type and sale terms.
Features of Dubai Home Loans for Non-Residents
Dubai offers home loans to non-residents with the following features:
- Maximum loan amounts vary (e.g., Mashreq offers up to 10 million AED)
- Loan-to-Value (LTV) ratios require a down payment (e.g., 20% for properties worth up to AED 5 million)
- Interest rates differ among banks, typically slightly higher for non-residents
- Loan tenure may be shorter for non-residents, subject to age restrictions
Banks Offering Non-Resident Home Loans in Dubai
Mashreq and Dubai Islamic Bank are prominent choices for non-resident mortgage loans, each with specific eligibility criteria. Explore these options to facilitate your property investment in Dubai.