DUBAI LOAN AND MORTGAGE FOR NON-RESIDENT

In UAE, the loan for non-resident might include funding for education, emergency expenses, home improvements, or debt consolidation and typically, personal loans are unsecured, meaning they do not require collateral, but for non-residents, the lender might impose stricter eligibility criteria.

Is it really possible to obtain a mortgage in Dubai as non resident ?

Yes — it is possible for an individual who is not a UAE resident to obtain a mortgage in Dubai, but it comes with specific conditions and limitations. Here’s what you need to know:

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1. It’s Definitely Feasible

Banks in Dubai do offer mortgages to non-residents, meaning individuals without UAE residence visas, who want to invest in property there. Many international buyers successfully use these options.

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2. Loan-to-Value (LTV) & Down Payment Requirements in Dubai

• For properties up to AED 5 million, the minimum down payment is around 20%, but more commonly it ranges between 35–40%.
• For higher-value properties (above AED 5 million), lenders typically require a down payment of at least 30%, and some banks may offer financing up to only 50% of the property value.

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3. Duration, Rates & Borrowing Limits

• Non-residents can take up to 25 years to repay, depending on the bank and their profile.
• Interest rates generally range around 3%–5%, though they may be slightly higher for non-residents due to increased risk.
• Per UAE regulations, the loan amount cannot exceed what you are expected to earn in the next 7 years.

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4. Requirements & Documentation for mortgages in UAE

To apply, you’ll typically need the following:

• Passport and proof of identity.
• Bank statements (3–6 months) for affordability.
• Salary slips, tax returns, or audited financials (for self-employed).
• Property valuation, proof of funds, and sometimes a credit report from your home country.
• Some lenders may also require a legal UAE-based representative, or you may apply through a broker.

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Notable Lenders Offering Non-Resident Mortgages:

• HSBC – Offers mortgages up to 60% LTV, with streamlined approval for Premier/Global clients.
• Mashreq – Financing up to AED 10 million with up to 60% LTV and 25-year tenure.
• Abu Dhabi Commercial Bank (ADCB) – LTVs up to 50% for non-residents, with standard documentation.
• Dubai Islamic Bank (DIB) – Offers non-resident home finance options including Islamic (Sharia-compliant) products with flexible tenures.
• First Abu Dhabi Bank (FAB) – Offers financing up to AED 10 million with fixed interest rates depending on term.
• Emirates NBD – Offers home loans to non-residents (expats living abroad) with minimum salary requirements around AED 15,000.

What about obtaining a personal loan in Dubai without being resident ?

No, obtaining a personal loan in Dubai as a non-resident is generally not possible, since UAE banks require a residence visa, local bank account, and salary transfer.