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.

General Eligibility Criteria

To qualify for a non-resident mortgage in Dubai, applicants typically need to meet the following criteria:

• Age:

  Most lenders require applicants to be at least 21 years old at the time of application (65 Years of age at maturity).

• 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.

• Employment Status:

  Both salaried employees and self-employed individuals can apply. However, proof of employment and income stability is required.

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.

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.

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.