Buying property in Dubai as an expat? A mortgage is possible. Here’s a step-by-step guide to securing a home loan in Dubai, with key requirements, banks, and insider tips.
Can Foreigners Get a Mortgage in Dubai?!
✅ Yes! Non-residents can borrow up to 50-75% of the property value.
✅ Residents (expats with visas) can get up to 80% financing.
✅ Interest rates start from 4.5% (fixed/variable).
Step 1: Check Eligibility
Basic Requirements:
✔ Minimum Salary: AED 15,000/month (some banks accept AED 10,000).
✔ Age Limit: 21-65 years (retirement age considered).
✔ Down Payment: 25-50% for non-residents, 20% for residents.
✔ Documents Needed:
- Passport & visa copy
- 6 months’ bank statements
- Salary certificate (or 2 years’ audited accounts if self-employed)
Step 2: Compare Dubai Mortgage Lenders
| Bank | Max Loan (Non-Residents) | Interest Rate (2024) |
| HSBC UAE | 50% of property value | From 4.75% |
| Emirates NBD | 50-75% | From 4.5% |
| Mashreq Bank | 50% | From 4.99% |
Tip: Non-residents get better rates from international banks (e.g., HSBC, Standard Chartered).
Step 3: Get Pre-Approval (Takes 2-5 Days)
- Submit documents online or in-branch.
- Bank assesses your income, credit history (if any), and property value.
- Pre-approval letter helps you negotiate with sellers.
Step 4: Choose a Property & Finalize Loan
✅ Properties Eligible for Mortgages:
- Freehold areas (Downtown, Marina, Palm Jumeirah, etc..).
- Must be completed (off-plan financing is stricter).
✅ Bank Valuation: Lender checks if the property is worth the price.
✅ Final Approval: Sign loan agreement, pay fees (1-2% of loan amount).
Step 5: Register the Property
- Pay 4% Dubai Land Department (DLD) fee.
- Mortgage is registered at DLD (bank handles this).
- You get the keys!
Extra Tips to Save Money
🔹 Negotiate interest rates—banks compete for expat buyers.
🔹 Fixed vs. Variable Rates: Fixed (2-5 years) is safer if rates rise.
🔹 Early repayment penalties? Some banks charge 1-2%.
Final Thoughts
Getting a mortgage in Dubai is easier than many think, even for non-residents. The key? Compare lenders, get pre-approved, and choose the right property.
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