For many expats looking for a better lifestyle and environment, the UAE is the ideal entry point. Are you confused about apply for a home loan if you’ve just moved to the UAE?. Of course, you can. Before you start looking for your dream home, you should understand how mortgage for expats in Dubai & UAE work.
Buying a new home in Dubai can be done with cash or with a mortgage. And, while many buyers prefer to pay in cash to avoid paying interest. But a mortgage allows you greater flexibility in terms of how you manage your finances. Read below about the eligibility, documentation and other process of mortgage loans for expats in Dubai & UAE.
A mortgage loan is a loan where you can get money from a bank or an official lender to buy a property when you don’t have enough cash. It also known as home finance in UAE. You will pay this amount in addition to the bank or lender’s interest rate in monthly installments.
Discover the best home loan options with the help of our mortgage experts.
You can apply for a mortgage loan in Dubai if you are:
In UAE, most banks require a minimum monthly salary of AED 15,000 for salaried and AED 25,000 for self-employed. However, some banks allows with a monthly salary of AED 10,000 as well.
Please note that the minimum salary for a home loan in Dubai can vary based on the bank. Also, banks may have additional requirements for mortgage eligibility
Home loans are available to employed or self-employed expat residents earning at least AED 15,000 a month at a value of up to AED 10 million
Expats taking out a residential loan will need to put down at least 25% on a property worth up to AED 5 million. A deposit of at least 35% is required for more expensive homes.
The minimum down payment for a home loan varies according to the property’s value. Expats, on the other hand, typically pay a down payment of 25% of the total unit price.
Read below for the eligibility criteria, application process and documents required for the mortgage for expats in Dubai and UAE
To apply for a loan, certain conditions must be met. Check out the following home loan eligibility conditions in the UAE:
The requirements may differ slightly from one bank to the next, but you will generally need the following documents to apply an mortgage for expats in Dubai.
Some of the top banks which provides mortgage for expats in Dubai and UAE are listed below along with the interest rates comparison between each banks.
Also, compare the mortgage loans providing by other banks including eligibility, interest rates and down payments.
The application process for a housing loan in the UAE is mentioned below:
A home loan calculator is a service or feature that can be found on various websites. It allows you to calculate your monthly payment based on the type of home loan you want. You can calculate your home loan amount through our Mortgage EMI calculator.
You may easily apply in one click for the best mortgage loans in Dubai.
UAE Nationals, Residents & Expatriates
For salaried customers: Minimum: 21 years old/ Maximum: 65 years on maturity of loan
For self-employed customers: Minimum: 21years old/ Maximum: 70 years on maturity of loan
1. For salaried customers: Maximum: 65 years old
2. For self-employed customers: Maximum: 70 years old
Yes, expat residents can buy property in the emirate
Most mortgage lenders will consider lending 4 or 4.5 times a borrower’s income. In some cases, lenders willing to give up to 5 times income only by certain conditions
