Are you a non-resident looking to secure a mortgage in the UAE? Are you worried about the challenges you might face in getting approval? Rest assured that it is possible to get a mortgage in the UAE as a non-resident. In this article, we will share with you some case studies of non-residents who have successfully secured mortgages in the UAE.
Before we dive into the case studies, let’s first understand what a non-resident mortgage in the UAE is. A non-resident mortgage is a home loan offered by banks in the UAE to individuals who do not hold a UAE residency visa. This type of mortgage is often offered to foreign nationals, expatriates, and investors looking to purchase property in the UAE.
Now let’s take a look at some case studies of non-residents who have successfully secured mortgages in the UAE:
Case Study 1: British Expat
David, a British expat, had been living and working in Dubai for two years when he decided to purchase his own property. He had a stable income and a good credit score, but he was worried that he wouldn’t be able to secure a mortgage as a non-resident.
David did his research and found a mortgage broker who specialized in non-resident mortgages in the UAE. The broker helped him understand the mortgage process, the documents required, and the eligibility criteria. David provided all the necessary documents, including his passport, visa, proof of income, and bank statements.
The broker helped David secure a mortgage with a reputable bank in the UAE. The mortgage had a competitive interest rate and a ten-year repayment period. David was able to purchase his dream home in Dubai and he was thrilled with the outcome.
Case Study 2: Indian National
Neha, an Indian national, had been working in the UAE for five years when she decided to purchase a property in Dubai. She had saved up enough money for a down payment, but she needed a mortgage to cover the rest of the purchase price.
Neha was worried about getting a mortgage as a non-resident, especially since she was self-employed. She contacted a mortgage broker who specialized in non-resident mortgages in the UAE. The broker helped her understand the eligibility criteria and the documents required.
Neha provided all the necessary documents, including her passport, visa, proof of income, bank statements, and business license. The broker helped her secure a mortgage with a reputable bank in the UAE. The mortgage had a competitive interest rate and a ten-year repayment period.
Neha was able to purchase her dream home in Dubai, and she was thrilled with the outcome. She was grateful for the broker’s help and expertise in securing a mortgage as a non-resident.
Case Study 3: European Investor
Mark, a European investor, had been investing in property in the UAE for several years when he decided to purchase a property for himself. He had a good credit score and a stable income, but he was worried about the restrictions on non-resident mortgages in the UAE.
Mark contacted a mortgage broker who specialized in non-resident mortgages in the UAE. The broker helped him understand the eligibility criteria and the documents required. Mark provided all the necessary documents, including his passport, proof of income, and bank statements.
The broker helped Mark secure a mortgage with a reputable bank in the UAE. The mortgage had a competitive interest rate and a ten-year repayment period. Mark was able to purchase his dream home in Dubai and he was thrilled with the outcome.
Conclusion
As you can see from the case studies above, it is possible for non-residents to secure mortgages in the UAE. The key is to understand the eligibility criteria, provide all the necessary documents, and work with a reputable mortgage broker who specializes in non-resident mortgages in the UAE.
If you’re considering purchasing property in the UAE as a non-resident, it’s important to do your research and find a reliable mortgage broker who can guide you through the process. They will be able to provide you with expert advice, assess your eligibility, and help you secure the best mortgage deal for your situation.
When looking for a mortgage broker, make sure they have experience in securing non-resident mortgages in the UAE. You can also ask for referrals from friends or colleagues who have gone through the process before.
In addition to working with a mortgage broker, there are several other things you can do to improve your chances of getting approved for a non-resident mortgage in the UAE:
Maintain a good credit score: Make sure your credit score is in good standing before applying for a mortgage. A higher credit score indicates to lenders that you are a responsible borrower.
Have a stable income: Lenders want to see that you have a stable income and can afford to repay the mortgage. Provide proof of income such as pay slips, employment contracts, or tax returns.
Save up for a larger down payment: The larger your down payment, the less risky you appear to lenders. Aim for a down payment of at least 20% of the property value.
Choose a reputable property: Lenders are more likely to approve mortgages for properties in established and reputable locations with a strong rental and resale potential.
In conclusion, securing a non-resident mortgage in the UAE is possible, but it requires careful planning and research. Working with a reputable mortgage broker who specializes in non-resident mortgages in the UAE is key to a successful outcome. Remember to also focus on maintaining a good credit score, having a stable income, saving for a larger down payment, and choosing a reputable property to improve your chances of approval. With these steps, you too can achieve your dream of owning a property in the UAE as a non-resident.…
