Mortgage For Non Residents in Dubai
Our excellent mortgage consultants in Dubai will help you to secure the best mortgage deals in the UAE whether you’re a first time buyer, re-mortgaging your home or constructing your own villa. We will help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest mortgage advices.
We work for you, Not for the banks!
Capital Zone Mortgage Brokers was established to assist purchasers in their mortgage quest. When you’re looking to buy your property, our mortgage brokers can provide sage advice because they are knowledgeable in the subject.
The mortgage team can provide you advice on which bank would be the most suitable for your needs because they have developed partnerships with several banks over the years.
Mortgages for non residents in UAE
Both Resident and Non-resident investors have their eyes on Dubai’s broad real estate market because of the city’s reasonable prices and low loan rates. Those who reside outside of Dubai can easily purchase real estate there without experiencing financial hardship by using the “mortgage for non-residents in Dubai” option.
You can find all the information you need in our guide below if you’d like to know more about who is qualified for non-resident loans in Dubai & how such mortgages operate.
Is it possible to get a mortgage for Non residents in dubai?
Yes, mortgages are available to foreign investors who want to buy a house in Dubai to add to their real estate portfolio or as a vacation home. With a mortgage for non residents in dubai, you’ll profit in a number of ways as an investor, including high loan amounts and improved flexibility. In contrast to UAE residents and expats, non-resident international investors have fewer possibilities for property loans, thus it’s crucial to be aware of this. Before continuing, it is also crucial to understand the different types of mortgages available in Dubai.
Who can get a mortgage loan in UAE from overseas investors?
Make sure you meet the requirements before applying for a Mortgage for non residents in Dubai.
Keep in mind that these standards may vary amongst banks in the UAE and are meant to serve as a basic guideline.
- Before submitting an application for a non-resident house loan in Dubai, you might need to be a citizen of one of the nations on the bank’s list.
- To apply for a non-resident mortgage, you must be a salaried or independent contractor.
- For those looking to apply for a mortgage in Dubai as a non-resident, certain institutions also impose age requirements. For instance, ADCB mandates that non-resident applicants for home loans be older than 25 years of age.
- Additionally, you must fulfill the bank’s minimum monthly income criteria, which varies depending on whether you are a resident of the UAE or not.
- A list of real estate developers and projects that are eligible for mortgage funding is also available from some banks. Before making a mortgage application, you must confirm that your property is included in this list of permitted properties.
Which Banks In The UAE Offer Home Loans For UAE Non Resident?
Banks that offer home loans for non-UAE residents include:
- Dubai Islamic Bank
- HSBC
- Abu Dhabi Islamic Bank
- First Abu Dhabi Bank
- Emirates Islamic Bank
- Ajman Bank
- Standard Chartered
- Abu Dhabi Commercial Bank
Please note that these banks have specific eligibility criteria that applicants have to meet to qualify for a mortgage in Dubai for non-residents.
How to Get Mortgage in Dubai-UAE?
What's the difference between Islamic & Conventional Loans?
A conventional mortgage is where your loan repayments will include paying a rate of interest to the bank, this is their profit for lending you the funds.
An Islamic mortgage differs from a conventional mortgage because under Shariah Law it is forbidden to charge interest on a loan, so in this case banks will buy the property on your behalf and rent or lease it back to you for a profit.
How long is the processing time for a mortgage approval?
This depends on your occupation. Salaried candidates will usually have to endure 1 week until approval, whereas self-employed candidates may have to endure a longer period.
Can Non-Resident avail mortgage in the UAE?
Yes, they can, although the conditions and possible charges will be different for non-residents.
How much is my borrowing Limit?
Your credit limit is determined by your present income and liabilities. Depending on the bank, this may change.
What is EIBOR and how can I check these rates?
EIBOR is the Emirates Interbank Offered Rate, which is the rate at which banks lend to each other. EIBOR rates change daily and can be checked on the Central Bank website here.
