Don’t have a visa in the UAE and wish to buy? Not a problem with excellent non-resident mortgage options up to 75%, it is possible for you to buy your dream holiday home or overseas investment!
Introduction to Mortgages for non-UAE Residents
Mortgage are available to non-residents as well as residents in the UAE. Many banks offer mortgages to non-UAE residents as long as they reside in a particular country on the bank’s list of approved countries. These mortgages come with a host of interesting features which range from high loan amounts to competitive interest rates and attractive payment tenures. Some banks will allow investors to take mortgages for multiple properties, subject to affordability.
Features of Mortgages for non-UAE Residents
These are some of the more common features of mortgages for non-UAE residents.
- Mortgage Amount: The exact amount a bank will be willing to offer will depend on your income, with some banks offering up to AED 20 million for the purchase of residential properties.
- Interest Rates: Interest rates also depend on the bank you approach for the mortgage but you can expect to be charged an interest rate ranging from of 4.5% to 6.5% per annum based on a reducing balance.
- Tenure: The tenure of mortgages can be for a maximum 25 years, up until age 65 years.
- Loan to Value Ratio: Unlike the mortgages offered to residents, most banks offer anywhere from 50% to 75% funding if you are not a resident of the UAE.
- For those who are particular about the financial services they use, there are banks offering loans under the Conventional loan and Islamic Financing arrangements.
Benefits of non-UAE Resident Home Loans
The most obvious benefit of these loans is that you get help with financing your new home but they also provide some other benefits, such as:
- You don’t have to provide any proof of income in the UAE.
- Many banks will allow prepayments towards the loans without charging a fee.
- The interest rates offered by banks can either be variable or fixed, based on the bank’s policy.
Eligibility Criteria and Documents Required
In order to apply for a non-resident mortgage, applicants are required to meet certain eligibility criteria and submit the following documents.
- Eligibility Criteria
- For some banks you will have to be a resident of a country which is on the bank’s list before you can apply for this loan.
- You will also have to be salaried or self-employed.
- You will need to have a minimum monthly income defined by the bank. This income will have to meet the minimum criteria after tax deductions.
- Documents Required
You will need to submit the application form for the loan along with the following supporting documents.
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- Identity proof in the form of a valid passport.
- Bank statements for the last 6 months. These may be required of individuals and companies alike.
- If you pay taxes then you will need to provide these returns also.
- If your country of residence has a credit rating system, credit reports will be required.
- Salary certificates and pay slips
- For self-employed individuals, audited statements, certificates of incorporation, trade licenses and business profiles
Speak to one of our expert mortgage consultants today on 800 MORTGAGE (66784243) for a FREE, no obligation mortgage consultation!
Originally published in our Mortgage Blog .
