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Understanding Non-Resident Status
Non-residents, for the purpose of obtaining a mortgage in Dubai, are individuals who do not hold
UAE citizenship and do not have a permanent residence in the UAE. This category includes
expatriates, foreign investors, and overseas buyers looking to invest in Dubai's real estate
market.
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General Eligibility Criteria
To qualify for a non-resident mortgage in Dubai, applicants typically need to meet the following
criteria:
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Age:
Most lenders require applicants to be at least 21 years old at the
time of application (65 Years of age at maturity).
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Income Requirements:
A stable and sufficient income is necessary to cover
mortgage repayments. This is usually proven through salary slips, employment contracts, or
business income statements.
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Employment Status:
Both salaried employees and self-employed individuals
can apply. However, proof of employment and income stability is required.
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Financial Requirements
Down Payment:
Non-residents are generally required to provide a higher down
payment compared to residents. The down payment typically ranges from 40 % of the property's
value.
Credit History:
A good credit history is essential. Lenders may request
credit reports from the applicant's home country to assess their creditworthiness.
Proof of Funds:
Applicants must provide proof of funds to cover the down
payment, closing costs, and any additional fees.
Bureau:
Bureau report of the home country.
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Documentation Required
Non-resident mortgage applicants need to submit specific documentation, including:
Valid Passport:
A copy of the applicant’s passport.
Proof of Income:
Recent salary slips, employment contracts, or audited
financial statements for business owners.
Bank Statements:
Typically, 6-12 months of bank statements to demonstrate
financial stability and ability to manage mortgage payments.
Property Details:
Information about the property being purchased, including
the sale agreement.
Utility Bill :
Utility bill of home country residence, ex: Electricity, Gas
and Telephone.
National ID :
Copy of national ID, Ex: Aadhar card, Iqama etc.
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Bank-Specific Requirements
Different banks and financial institutions may have varying criteria and requirements. Some may
also offer specialized mortgage products tailored for non-residents, including flexible
repayment terms and competitive interest rates.