Dubai is a global hotspot for real estate investment, attracting buyers from across the world with its luxurious developments, high rental yields, and tax-free environment. Whether you’re looking to buy a holiday home, an investment property, or planning for the future, getting a mortgage for non-residents in Dubai is entirely possible — and often simpler than people expect.
This guide breaks down the process step-by-step so you can understand how to secure a Dubai mortgage for non residents, what documents you’ll need, and how to find the best mortgage rates for non residents in Dubai.
Can Non-Residents Get a Mortgage in Dubai?
Yes, non-residents can get a mortgage in Dubai. While the lending criteria might differ slightly from that of UAE residents, several banks and financial institutions do offer mortgages to foreign nationals who don’t live or work in the UAE.
Non-residents are typically eligible to borrow up to 65% of the property’s value, depending on the lender’s policy and the applicant’s financial profile. Loan terms usually range from 5 to 25 years.
Step-by-Step Guide to Getting a Mortgage for Non Residents in Dubai:
Step 1: Understand Your Eligibility
Before applying, assess your eligibility based on the following:
- You must be from an approved country (most Western, Asian, and GCC countries are generally accepted).
- You must have a stable income, usually in the form of a salary or proven business income.
- A good credit history in your home country is essential.
Income requirements vary, but most lenders require a monthly income of at least AED 25,000 (or equivalent).
Step 2: Choose the Right Property
Non-residents can only purchase property in designated freehold areas of Dubai such as Downtown Dubai, Dubai Marina, Palm Jumeirah, and Business Bay. Ensure the property is eligible for mortgage financing — some off-plan or under-construction properties may not be.
Step 3: Get a Mortgage Pre-Approval
Getting a pre-approval is crucial and helps you understand how much you can borrow. This is a formal indication from the bank that they are willing to lend you a specific amount, subject to final checks. It typically takes 3–7 working days and requires:
- Valid passport
- Proof of income (salary slips, bank statements, tax returns)
- Credit report from your home country
- Employment letter (if applicable)
Pre-approval also makes your property search more focused and gives you a better negotiating position with sellers.
Step 4: Compare Mortgage Rates
Not all lenders offer the same terms. The best mortgage rates for non residents in Dubai are typically offered to those with strong financial profiles and low risk.
Interest rates in Dubai come in two forms:
- Fixed rate: Locked in for a certain period (usually 1 to 5 years)
- Variable rate: Tied to the bank’s base rate, subject to change.
- The current mortgage rate for Non-Residents in UAE is 4.19%
Keep in mind that upfront fees (processing, valuation, and arrangement fees) can add up to 2–3% of the loan amount, so include these in your cost comparison.
Step 5: Finalize the Property Purchase
Once you’ve found your property and agreed on the terms, the final steps include:
- Signing a Memorandum of Understanding (MoU) with the seller
- Paying a deposit (usually 10%)
- Submitting the final mortgage application
- Getting a property valuation done
- Receiving the final offer letter from the bank
- Transferring the property title at the Dubai Land Department
Step 6: Loan Disbursement and Handover
After all paperwork is in place and the Dubai Land Department transfer is complete, the lender will disburse the mortgage amount to the seller. At this point, you officially become the owner of the property.
Important Tips for Non-Resident Buyers
- Always factor in additional costs: DLD fees, agent commission, bank charges.
- Consider using a local mortgage broker to simplify the process.
- Have your finances in order, as delays in documentation can slow the process.
Get the Best Support for Your Dubai Mortgage
Navigating the Dubai mortgage for non residents can be complex without local guidance. That’s where the Capital Zone comes in. Whether you’re looking for a residential or investment property, Capital Zone provides expert assistance in securing the best mortgage rates for non residents in Dubai, making the process smooth and efficient from start to finish.
Let Capital Zone help you unlock your property dreams in Dubai today!