Knowledge Point

Knowledge Point

Is Not Resident of UAE Eligible for a Mortgage?

Yes, absolutely. Many banks in UAE offer mortgages to Non Residents of UAE. But, yes you have to follow their terms and conditions such as higher down payment. And compared to UAE residents, a non-resident is charged slightly higher.

Most of the banks asked the customer to open a current account in their bank and execute direct debit instructions for the repayment.

If you submit all the documents as per requirement, we can help to provide mortgage approval within 2 days for salaried and 5 days for Self Employed.

Yes, several banks available in the market that offers mortgages to JAFZA registered Personal Investment Companies and also to UAE registered Operating Companies.

There are different things taken into consideration for cost. 1% bank processing fees of the total loan amount. AED 2500 to AED 3000 for valuation fees. 2% to 4% property registration fees. 0.25% mortgage registration fees of the mortgage amount. AED 375 as Dubai Land Documentation fee.

The amount completely depends on Banks and it can be generally up to AED 25 Mio, however as per the requirement of the client, we can arranger much higher loan values.

You can get the mortgage loan maximum up to 25 years and this can be lower depending on your age.

The minimum age requirement is 21 years. The maximum is 65 yrs. to 70 yrs. at the time of maturity of the mortgage. This depends on the borrower being a UAE National or Expatriate and Salaried or Self Employed.

Central Bank is regulating the down payment requirement. It can ve 20% to 40% of the property value for the completed properties, depending on UAE Nationals / Expatriates, Self-Occupancy / Investment. And if the property is under construction, then a 50% down payment is required.

UAE Residents can apply at banks for mortgage and nationals and expatriates can avail of a mortgage. Certain banks offer loans to Non Residents.

Mortgage Life Insurance is the most useful product to make sure that your family/dependents are not burdened and would not have to pay for the mortgage installment in case of your demise.

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