1. 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.

  2. 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.
  3. 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.
  4. 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.
  5. 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.

Understanding the eligibility criteria is crucial for non-resident investors considering a mortgage in Dubai. With the right financial standing and documentation, non-residents can access the lucrative real estate opportunities available in this dynamic market.