Real estate in Dubai: how to arrange a mortgage for foreign citizens

If you meet a number of conditions to get a mortgage on property in Dubai is real, even if you live in another state. On the peculiarities of buying property in installments in the most beautiful city of the Arab Emirates.

Who can count on the approval of the mortgage?

The legislation of the UAE does not prevent the issuance of loans to purchase real estate to foreigners.

However, when it comes to Dubai, the potential borrower must meet at least two conditions from the list below:

– obtain a residency visa in the UAE;

– get a job in the country or register a private company;

– make a deposit (about 1/3 of the property value), pay the lawyer and notary office;

– already have a property in the UAE.

Also, the borrower must be over 21, but under 70, if it is the owner of a private company, or 65, if he works for hire. The age of the person applying for a mortgage always dictates the amount of regular payments: the older he is, the more he pays each month.

What kind of property you can get a loan for?

We have to keep in mind that in Dubai, there are plots of land on which housing is available only to the native population of the UAE. But in other areas, mortgages are available for properties that are ready for use, and for those that have not yet been commissioned. However, the latter must be completed no later than two years after registration of the loan.

Data on the developer and the status of the property affect the amount of the first mortgage payment, which in some cases can be up to 70%.

How to start interacting with a lender?

Not only UAE banks can be considered: foreign holdings also often offer loans to buy property in Dubai.

The selected lender organization checks on two parameters: LTV (which compares the size of the loan and the value of the property) and DBR (which establishes the proportion between the income of the candidate for a mortgage and loan installments).

The favorable LTV for foreigners is 50% for properties under construction, 60% for secondary market purchases, 70% for properties exceeding Dh5,000,000.

The DBR cannot be less than 50% of the candidate’s total income. In addition, the other half of the financial income must provide Dhs 3,500 for each dependant of the borrower (usually minor children).

What you need to provide to the bank for mortgage approval?

There is no general list: each organization-lender will require a set of documents according to its policies and depending on the data candidate. But you will absolutely need: a carefully completed application, a bank statement, a certificate of employment and other evidence of solvency – the more the better.

What you need to keep in mind when applying for credit?

Monthly payments should be treated extremely responsibly: the delay of funds will be noted in the personal file and will certainly pop up if you’re going to take another loan in the UAE.

Prolonged non-payment risks deportation.

What type of interest rate is preferable?

For long-term loans a fixed interest rate is safer: it doesn’t depend on changes in the economic situation, and the client pays the same amount to the bank each month.

A differentiated or floating rate is advantageous in that it is usually slightly lower than the fixed rate, in addition, it decreases with the luck of the market. But it might as well go up, so it’s better to choose it for short-term loans, and only if you’re prepared for surprises.

Steps of registration of a mortgage in the United Arab Emirates:

1. Verification of information about the potential loan recipient, analysis of his solvency and credit history. Term – about 4 days.

2. Providing the client with information about the terms of the approved mortgage. The next point to go to no later than 60 days.

3. Signing the contract with the bank and making prepayment.

4. Re-register the property in the name of the borrower at the Land Department in Dubai.

The title deeds to the property will be in the possession of the lender until the loan has been paid in full.


The main advantages of buying real estate loan in Dubai

– The most prosperous city of the UAE is an extremely promising location;

– Loans to purchase property in Dubai provide banks in the UAE and European organizations, so you can choose the most suitable conditions;

– Even with the financial ability to pay for the purchase immediately and entirely, the mortgage is invariably more profitable because the free funds can be used for dividends.

Mortgage in Dubai – not just a tempting idea, but also a real opportunity, and to understand the details, collect the necessary documents and get the best conditions at the lowest cost will help professionals in real estate abroad.

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