Dubai and UAE Non-resident Mortgage | Everything you should know

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This article has been written with the support of Lenddoo, the specialist in UAE Non-residents Mortgages.

Dubai and UAE’s property market has boomed in 2022, and in fact, non-residents represented ~45% of Dubai’s property buyers in the same year, and continue to be very bullish on the market in 2023:

   — In terms of price index: Dubai’s median transaction price in 2022 was 1,529M AED, marking a 28% increase compared to 2021
   — In terms of transactions: Dubai has registered 67k transactions, marking a 71% increase compared to 2021, bringing an unprecedent liquidity to the market

While many non-residents do not know it, there are several banks offering UAE Non-Resident Mortgage offers, and most of the buyers are actually being financed by local UAE banks, who have a strong appetite in financing non-residents at attractive rates.

Lenddoo Mortgages, a leading Proptech Firm in the UAE, has helped thousands of buyers finance their properties in the UAE, and is the leading mortgage broker for non-residents in Dubai and the UAE. Schedule a free consultation call with Lenddoo to discuss your mortgage plan. Lenddoo is 100% commission free and gets remunerated by its banking partners solely.

If you are a non-resident looking to buy property in Dubai or the UAE you might be wondering how to get a mortgage. While the process may seem daunting at first, there are the main things you need to know when financing your property in the UAE as a non-resident:

1. You can get a non-resident property finance the UAE

1 out of 2 buyers in Dubai is a non-resident, and banks have been financing non-residents for years. While not every non-resident can get a property finance, it is possible if clients can show good financial history.

2. You can get up to 75% LTV

Banks can finance up to 75% of the property value for non-residents in the UAE, with 60% being the most common.

3. You can get up to 25M AED Financing

Banks can finance mortgages from 250k AED to 25M AED.

Now that you know that you can get financed as a non-resident, here are the 5 main elements you should know regarding the process of getting a Non-resident UAE Mortgage:

1. Work with a reputable mortgage broker: The first step in obtaining a UAE non-resident mortgage is to consider working with a mortgage broker, who can help you navigate the mortgage application process and find the best deal for your needs.

    Lenddoo Mortgages, has helped thousands of buyers finance their properties in the UAE, and is the leading mortgage broker for non-residents in Dubai and the UAE. Schedule a free consultation call with Lenddoo to discuss your mortgage plan. Lenddoo is 100% commission free.

2. Show a strong credit history: To qualify for a mortgage, you will need to have a strong credit history. This means paying all of your bills on time, avoiding high levels of debt, and maintaining a good credit score. If you do not have a credit history in the UAE, you may need to provide documentation of your credit history from your home country.

3. Provide proof of income: You will need to provide proof of income to qualify for a mortgage in the UAE. This can include pay stubs, bank statements, and tax returns. You may also need to provide documentation of your employment status, such as a letter from your employer.

4. Make a sizable down payment: Non-resident borrowers may be required to make a larger down payment than residents. This is because lenders view non-residents as a higher risk, since they are not as familiar with the local market and may not have a long-term connection to the country. Be prepared to put down at least 25% of the purchase price, and possibly more.

5. Plan ahead and give yourself time: Most of the non-resident home buyers would think mortgages can be closed in a week or 2. In fact, being a non-resident, mortgage processes are much lengthier (at least 2 months!) and require home buyers to start the process early on.

In conclusion, obtaining a mortgage as a non-resident in the UAE requires careful planning and preparation.

Lenddoo makes it POSSIBLE to have a mortgage in Dubai for non-residents, 100% commission free.

Lenddoo Mortgages, has helped thousands of buyers finance their properties in the UAE, and is the leading mortgage broker for non-residents in Dubai and the UAE.

Schedule a free consultation call with Lenddoo to discuss your mortgage plan.

Lenddoo is 100% commission free and gets remunerated by its banking partners solely.

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