The United Arab Emirates (UAE) offers an array of investment opportunities, including real estate. With its booming economy, world-class infrastructure, and tax-friendly environment, the UAE has become a magnet for investors worldwide. One question that often arises among non-residents is whether they can obtain a mortgage to finance property purchases in the UAE with the assistance of a real-estate broker in Dubai.
Can Non-Residents Get a Mortgage in the UAE?
The answer is a resounding “yes.” With the help of a real estate broker in Dubai, both residents and non-residents of the UAE can secure mortgages from various banks and financial institutions operating within the country. However, the process, requirements, and terms may differ based on the applicant’s residency status and the specific bank’s policies.
Mashreq Bank offers non-resident Home Loans which allows non-residents to purchase residential property in Dubai either for investment purposes or as a second home.
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Requirements for Non-Residents
Non-residents must show they make enough money to manage their mortgage payments and fees comfortably.
For non-residents, obtaining a mortgage typically involves a more stringent evaluation of their financial standing and credit history.
Banks assess income sources, employment stability, existing assets, and overall creditworthiness.
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Down Payment and Interest Rates
Additionally, non-residents usually have higher interest rates than UAE residents. This is because banks think about the risks of dealing with money across countries and changes in currency values.
One common requirement for non-residents is a substantial down payment, ranging from 25% to 40% of the property’s value.
This higher down payment mitigates the risk for lenders and serves as a testament to the non-resident’s commitment to the investment.
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