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Mortgage for non-UAE residents: is it possible?

Dreaming of having a home in the UAE without a local visa? Huspy can guide you through this journey.

mortgage for non-uae residents

Mortgages for Non-UAE Residents

Dreaming of having a home in the UAE without a local visa? No worries! There are great non-resident mortgage choices available, providing up to 75% financing to make your dream of a holiday home or overseas investment a reality.

Features of Mortgages for Non-UAE Residents

1. Mortgage Amount

Explore the options with mortgages that go up to AED 20 million for buying homes. Your eligibility is based on your income, and many banks are prepared to support your dreams.

2. Interest Rates

Explore competitive interest rates ranging from 4.5% to 6.5% per annum, depending on the bank and the reducing balance method. Tailored to suit your financial needs, these rates make your non-resident mortgage experience even more appealing.

3. Tenure

Enjoy flexibility with mortgage tenures of up to 25 years, extending until the age of 65. This extended timeframe provides ample room for comfortable repayment plans, aligning with your long-term goals.

4. Loan to Value Ratio

Unlike resident mortgages, non-UAE residents can secure funding ranging from 50% to 75%, facilitating the purchase of your dream property in the Emirates.

5. Financing Options

Choose between Conventional loans and Islamic Financing arrangements, allowing you to align your mortgage with your specific financial preferences and principles.

Benefits of Non-UAE Resident Home Loans

Apart from financing your new home, non-resident home loans come with additional perks:

  • No proof of income required in the UAE.

  • Many banks permit prepayments without charging fees, giving you financial flexibility.

  • Flexible interest rate options, whether variable or fixed, in alignment with the bank's policies.

Eligibility Criteria and Documents Required

Eligibility Criteria

Ensure you meet the following criteria:

  • Residency in a country approved by the bank.

  • Salaried or self-employed status.

  • Minimum monthly income meeting the bank's specified criteria post-tax deductions.

Documents Required

Prepare the necessary documents for a seamless application process:

  • Valid passport as proof of identity.

  • Bank statements for the last 6 months for individuals and companies.

  • Tax returns (if applicable).

  • Credit reports from your country of residence (if available).

  • Salary certificates and pay slips.

  • For self-employed individuals: Audited statements, certificates of incorporation, trade licenses, and business profiles.

If you're looking to invest in UAE, Huspy can help to find a property and finance it.

Written by Huspy Team

Published on 5 February 2024

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