Can I buy Dubai real estate with a mortgage?

Buying Dubai Real Estate with a Mortgage: Resident vs. Non-Resident

Yes, you can buy Dubai real estate with a mortgage, but the process and eligibility criteria differ depending on your residency status:

Resident of Dubai with Valid Visa:

• Easier access to mortgages: Residents generally have easier access to mortgages with more competitive interest rates and higher loan-to-value (LTV) ratios (up to 80% for UAE nationals and 75% for expats).
• Wider range of lenders: Residents can choose from a larger pool of lenders, including local banks, international banks, and specialized mortgage providers.
• Documentation requirements: Residents typically need valid ID, visa documents, proof of income, bank statements, and employment contracts.

Non-Resident of Dubai:

• Stricter criteria: Non-residents face stricter regulations and generally require larger down payments (between 30-50%).
• Limited lenders: Fewer lenders offer mortgages to non-residents, with potentially higher interest rates and shorter loan terms.
• More documentation: Non-residents often need additional documents like passport, proof of income from their home country, bank statements, and a letter of non-objection from their home country embassy.

Additional Factors:

• Property type: The type of property you're buying can also influence mortgage eligibility and terms.
• Income: Lenders will assess your income and debt-to-income ratio to determine your borrowing capacity.
• Credit history: Having a good credit history in your home country can be beneficial.

Recommendation:

Before starting your property search, consult with a qualified mortgage broker in Dubai or you caon contact us, we can help you. They can assess your specific situation, advise on eligibility and best options, and guide you through the application process.