A Guide to Mortgage & Buying Property in Dubai for Foreigners

In the past few years, Dubai has been considered one of the most popular destinations for buying property. If you are an investor looking for a residential or commercial property in the city, you must note some things to ensure you do it right.

Here are some common questions about mortgage and property buying in Dubai for foreign nationals.

How to Apply for a Mortgage in Dubai as a Foreigner

Even if you have a lot of money to buy property in Dubai, you need an excellent strategy to get the required loan. You need to know the right lender, have a good plan on how you will use the property, and disclose what your income is. This is a must if you want to apply and get approved for a mortgage.

Different lenders have their guidelines on how they could assist you in buying a property. This is why you need to be aware of the different policies and provide all the required documents for approval.

Foreigners can apply for a mortgage in Dubai. The main difference is that UAE citizens or Emirati citizens can get a mortgage loan from Dubai Central Bank (DIC) or local banks. However, foreigners will be able to apply for a loan from government-owned banks.

What Are the Banking Requirements for Foreign Nationals?

If you are a foreign national, you need to be sure that you have a valid residence visa. This is the first step to applying for a loan. You also need to show your recent tax returns.

If you are self-employed, then you need a certificate of business registration. You will also need a statement of income and a credit card.

Foreign nationals who are permanent residents can apply for a mortgage from a government-owned bank. In addition to the listed requirements, you must show an income certificate.

If you are self-employed, you will need:

• A certificate of business registration
• A training certificate for employment for the last minimum of two years
• A certificate of business registration for the last minimum of two years
• Bank statement from the last minimum of six months.

What Are the Requirements to Obtain a Housing Loan in Dubai?

If you are a foreigner, then you can apply for a loan from the bank. Generally, the bank will ask if you have a residence visa. You need to provide:

• Your passport
• A certificate of residence
• A statement of income
• A photo of your credit card
• A photo of your Emirates ID
• A certificate from the company you work for
• A certificate from your country of origin
• A certificate from the company you were with the last time if you have worked abroad

A no-objection certificate from the previous owner if you are buying a property from someone else

How Can You Get a Residence Permit after Buying a House in Dubai?

Once you are approved for a loan, you can immediately apply for a residence visa to stay in Dubai. You can apply at the Dubai Residence Department. You will have to submit the following:

• Dubai investment license
• A copy of your passport and visa
• A report from the bank
• A certificate from the notary public
• Your tenancy contract
• The paid stamp purchase contract
• The paid stamp lease contract
• The paid stamp real estate contract
• An official receipt of purchase
• A title deed issued by the Dubai Real Estate Department, stating the requirements for a residence permit
• A certificate on assets and income
• A certificate of residence
• An Emirates ID
• A copy of your passport

Fill out the desired information in the application form and pay the fee for the residence visa.

Final Thoughts

Buying a property in Dubai as a foreign national can be tricky. You have to deal with many things, such as the title deed, the lease contract, and the real estate contract. This is why it is a good idea to hire a real estate agent aware of all the requirements and can help you through the buying process.

Are you ready to invest in Dubai real estate? Check out our listings at Dacha Real Estate. We will connect you with the best properties in Dubai and help you find the perfect one for your needs and preferences. Explore our site today or contact us to learn more.