Home Loan for Non- Residents in UAE

Have you set your sights on a property in the United Arab Emirates? Dhanguard welcomes you with a Non-Resident Home Finance package that doubles your purchasing power, whether you're looking to invest in the UAE property market or need a home away from home

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Non Resident Loan

Acknowledgement of affordable prices and lower interest rates, both local and foreign investors have been eyeing UAE’s diverse real estate area. Foreign investors who would like to purchase property without placing a stress on their finances also have the suitable option of getting Home loan for Non-Residents.

If you’d like to know more about who is eligible for non-resident home loans in UAE and how such Loan work, learn the answers to these questions by contacting our experts at Dhanguard. We will assist you in the process to get a home loan for Non-Resident in UAE.

Is it possible to get a Home Loan for Non-Residents in UAE?

Yes, foreign investors who would like to purchase a property in UAE to add to their real estate collection, or as a vacation home, can definitely get a home loan. They will enjoy several benefits as a foreign investor which consists of high loan amounts with increased flexibility in the loan amount.

Though, it’s important to accept in mind that few banks offer home loans to non-resident foreign investors than to UAE citizens or emigrants.

Which foreign investors are eligible to get a home loan in UAE?

Before you apply for a home loan for non- resident in UAE, you have make sure that you meet the eligibility criteria initially. You should know that these criteria are a universal rule of thumb and can differ from banks to banks in the UAE:

Following are the eligibility Criteria-

  1. You have to be a citizen of a country that is on the bank’s list before applying for a non-resident home loan in UAE.
  2. You should be a salaried or self-employed individual to apply for a non-resident loan.
  3. Some banks also have age limitations for applicants seeking a non-resident loan in UAE. For example, few banks require non-resident applicants to be above the age of 25 years to apply for a home loan in UAE.
  4. You will also need to meet the bank’s minimum monthly income requirement. This can differ between UAE emigrants and non-residents. Moreover, this minimum income requirement has to be met post tax deductions. For instance, few banks require non-residents to have a monthly income of at least AED 25,000 post tax income to qualify for their Loans.
  5. Some banks also have a list of estate developers and plans that are approved for home loan financing. You should make sure that your property falls under such approved list before applying for a home loan.

What are the documents required for home loans for non-residents in UAE?

When applying for home loans for non-residents of UAE, you are required to submit specific documents. Remember, there can be additional documents required created on the property that you are purchasing as well as the terms of the transaction.

Though, in general, non-resident applicants are required to submit the following documents for home loans in UAE:

  1. Valid passport to be submitted as proof of identity.
  2. Bank statements for the last 3 to 6 months to be submitted as proof of funds.
  3. You can be asked to produce additional documents, such as:
  • Tax returns (if applicable)
  • Salary certificates / payslips (if you are a salaried individual)
  • Trade licence & audited financial statements (if you are self-employed)
  • Details of any pre-existing loans

Features of home loans for non-residents in UAE

There are some conditions and features of home loans presented to foreign investors purchasing a property in UAE, when it comes to the LTV ratios, maximum loan amounts and interest rates. The features of home loans for non-resident in UAE are as follows-

Maximum Loan Amount

This will differ based on the concerned bank as well as your financial conditions. For example, some banks has set the limit up to AED 10 million, while some are willing to finance up to AED 24 million.

LTV ratios

According to the UAE Law, non-Residents of UAE are required to put up at least 20% of the property purchase price as a down payment this is only applicable for first-time buyers. This has to be done if the property is worth up to AED 5 million. For properties having valuation above AED 5 million, the minimum down payment required by non-resident of UAE is 30%. Though, some banks in the UAE will only finance up to 50% of the property value for the application of any non-resident for home loans.

Interest Rates

Some banks in the UAE offer diverse interest rate options available, such as fixed-rate home loan and flexible interest rates. Though, you can expect a marginally higher interest rate than that for emigrant residents in UAE.

Loan Tenure

While the maximum loan tenure for resident emigrants is 25 years. Banks can ask for a shorter tenure for non-resident investors. Moreover, banks may have a restriction that the age of the applicant should not exceed 65 years for salaried individuals or 70 years for self-employed individuals during the tenure of the loan.

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