Mortgage in Dubai — is a profitable and quick way to reliably buy real estate for all kinds of purposes (getting resident visa or further reselling). Let’s go step by step and find out how to get a mortgage to buy an apartment in Dubai.
There are certain steps which a non-resident (and we’re talking specifically about non-residents) should attempt to get a mortgage in a bank and buy real estate. There are also conditions to consider which are created specifically for non-residents and expats (not citizens of the United Arab Emirate).
To buy an apartment in Dubai via mortgage one should consider that this procedure is divided into certain steps. First of all, one should have money for a deposit. A recipient should have a stable job in a prestigious company with a perspective for growth (for example, top management). Or, he can be an owner of a successful business in the UAE.
Don’t forget that a lot depends on a bank. One bank may not approve a mortgage while another one will agree. Embassies and consulates are doing something similar when issuing visas because they don’t need to somehow explain their refusal. Final verdict may differ from one bank to another, therefore it is logical, first of all, to choose a bank wisely, and then try a couple of different banks.
So, how do you get a mortgage to buy an apartment in Dubai? There are certain conditions that need to be fulfilled to get a mortgage to buy apartments or some other real estate (villas, offices, townhouses). Let’s look closely at what you need to get a mortgage for a real estate purchase in Dubai, the heart of the United Arab Emirates.
Mortgage in Dubai for Non-Residents
Those who want to get a mortgage may or may not necessarily be residents. There are nuances to consider. Only residents of some countries like India, Great Britain, Saudi Arabia, Qatar, and Kuwait can qualify as residents. But purchasing real estate is possible only in Dubai and only that which is already completed, since buying off-plan properties is only allowed for the residents of UAE.
You should prepare a document that will prove you are able to pay. It’s your account statement that shows transactions for the last 6 months. If you’re a business owner, you should have a tax statement which goes back 2 years.
After the monthly payment is paid, the receiver of the mortgage should have no less than AED 3500/€1000 for every member of the family. Receiving mortgage in Dubai for non-residents also includes the following requirements:
- Age of the recipient should be 21 to 70
- 4%-7% is a an average mortgage annual rate
- Max time to pay the mortgage is 15-20 years
- Mortgage payments should never exceed 50% of profits
- Expats can get 90% of full price, non-residents – 70%
Mortgage in Dubai for foreigners starts with a visit to a bank. Then a bank should consider giving a mortgage. Then a recipient has 2 months to look for desired real estate (apartment, villa, office) in a location of his choice.
You can pay a deposit after signing a contract. Then there is an evaluation of real estate. And only then can a bank approve or disapprove giving a mortgage. The whole procedure usually costs 1% of the cost of real estate. But, if the recipient is refused to get a mortgage, the whole sum is returned.
Now you know how to get a mortgage in Dubai to buy real estate. Successful mortgage in UAE is a quick, comfortable, and profitable way to become an owner of property in the fastest-growing real estate market in the world.
Property prices always increase and never go down which makes investing in Dubai real estate a clever move. And, if you’re buying a house or an apartment for yourself, then getting a mortgage will allow you to quickly receive all the benefits of owning property.