Mortgage Guide for Indian Non-Residents in Dubai: Eligibility, Rates, and LTV Ratios

The varying interest rates and reasonable prices have made both local and foreign investors look at the real estate market in Dubai. The expatriates abroad can now buy property in the city through a mortgage in Dubai for non-residents, so that their finances are not stretched.

To know more about the eligibility of the people who can get non-resident home loans in Dubai and how they operate, the answers to all these questions can be found in our guide below. SeaNest Global Realty is a trusted name for premium property advisory services in the UAE.

Can a mortgage in Dubai be obtained by non-residents?

Yes, foreign investors who wish to buy a property in Dubai to invest in their real estate account, or as a holiday home, can certainly obtain a mortgage. As a non-resident who invests in a mortgage in Dubai, you will receive a number of benefits, such as high loan prices and greater flexibility. Luxury real estate agency Dubai clients rely on expert guidance for high-end homes and investments.

But one should be aware that foreign investors who are not residents do not have many choices about property loans in comparison with United Arab Emirates citizens and expats. In addition, one needs to be informed of the types of Dubai property mortgages before moving on.

Property management is the other consideration that many overseas-based buyers make after having finalised a home loan in Dubai, and want to manage their assets effectively.

Who can qualify to receive a mortgage for a house in Dubai?

You will need to ensure that you are eligible before you apply to take a mortgage in Dubai as a non-resident.

Note that these were the general rules of thumb and will vary across banks in the UAE.

• Before you can apply for a non-resident home loan in Dubai, you may be required to be a citizen of a country listed on the list of the bank.

• To apply for a non-resident mortgage, you should be either a salaried or a self-employed person.

• There are also age criteria for applicants of a non-resident mortgage in Dubai. An example is that certain banks demand that people who do not reside be older than 21 years to make an application to obtain a home loan.

• You also have to have the minimum monthly income requirement required by the bank; it may vary between expats and non-residents in the UAE. Also, this minimum income should be realized after deductions of taxes. As an illustration, certain banks ask expatriate residents to earn a minimum of AED 15,000 (after tax) monthly to lend to them in mortgages.

• There is also a list of authorized property developers and projects for which to finance mortgages by some banks. Before obtaining a non-resident mortgage loan in Dubai, you have to ensure that your property is on the approved list.

Which documents do the mortgage loans need from the non-UAE residents?

You will be required to provide some documents when you apply to get a mortgage loan as a non-resident. Keep in mind that, depending on the property you are buying and the conditions of the sale, there might be more documents that will be needed. Best real estate investment in Dubai opportunities offer strong returns and long-term value for investors.

Overall, a home loan in Dubai will require non-resident applicants to provide the following documents:

• Valid passport (as a document of identity)

• Bank statements (during the past 3-6 months; as evidence of funds)

To obtain a home loan as a non-resident in Dubai, you might be requested to provide the following documents:

• Tax returns (if applicable)

• Paychecks/salary certificates (in case you are a salaried person)

• Trade licence and audited financial statements (where you work on your own)

• Information about current loans.

Conclusion

Buying a house in Dubai or the UAE in general as an expatriate is a big financial achievement. Mortgages are very instrumental in ensuring that this dream comes true. Knowing the fundamentals of home loans, prevailing interest rates and the most appropriate banks to deal with as an expatriate, you can be sure to make a start in your journey towards owning a home. Keep in mind that professional tips and extensive research will assist you in making knowledgeable choices and receiving the best housing mortgage under your circumstances.