Dubai is a popular destination for expatriates, offering an excellent blend of business, leisure, and lifestyle opportunities. It is a highly desirable location for many people who want to invest in real estate. However, for non-residents of Dubai, obtaining a mortgage can be a daunting task. The good news is that it is possible to apply for a mortgage as a non-resident in Dubai.
Here is a brief overview of what you need to know about getting a mortgage as a non-resident in Dubai. Firstly, it is essential to understand the requirements for getting a mortgage as a non-resident. Usually, banks have stringent eligibility criteria for non-residents compared to residents. Most banks and financial institutions require a minimum down payment of 25% of the property value. The borrower must also provide proof of income and a good credit history.
It is also important to note that interest rates for non-residents may be higher than those for residents, and the loan term may be shorter. This is due to the perceived higher risk associated with non-residents.
One option for non-residents is to work with a mortgage broker who specializes in helping non-residents, secure mortgages. Mortgage brokers are tied up with multiple banks and can negotiate the best terms and rates on behalf of their clients.
It is important to research the different types of mortgages available, such as fixed rates, variable rates, etc. Each has its pros & cons, and choosing the one that best suits your financial situation and goals is important.
In conclusion, while securing a mortgage as a non-resident in Dubai may seem daunting, it is possible with the right information and guidance. By working with a mortgage broker or approaching international banks, non-residents can own a property in this beautiful city and enjoy the many benefits
it has to offer.
