Site icon Wonderful Engineering

Can Foreigners Apply For A Mortgage Loan In The UAE?

Smart Design Of The New Bowl-shaped UAE Stadium Ensures It Remains Naturally Cool In Blazing Heat_Image 7

The UAE is home to thousands of expats coming from all over the world. According to the latest stats, the percentage of expatriates reaches 88.52%. Most of the expats are people from India, Bangladesh, Pakistan and other South Asian nations. The UAE government is interested in attracting foreign investors, and Dubai was the first emirate that introduced special designated freehold zones where foreigners are allowed to buy real estate in Dubai. Today hundreds of property transactions are concluded every week as local banks offer friendly mortgage programs to UAE residents as well as foreign buyers.

Foreign property investors can choose any type of residential real estate in the UAE for a home loan, from studio apartments and one or two-bedroom apartments to spacious penthouses and villas in prestigious developments.

The UAE banks have special lists of properties which you can buy on a mortgage (every bank has its own list). The interest rates vary from 4% to 7% depending on the bank and whether you are buying a newly-built or second-hand home.

However, you need to meet certain requirements to be able to apply for a mortgage loan in the United Arab Emirates:

What papers does a foreigner need to provide to apply for a home loan?

The list of required papers is almost the same as in any other country. The basic package of papers includes:

A bank may also require some other papers to be provided.

Emirates.Estate will help you find an ideal property to buy in the UAE and apply for a mortgage loan

Emirates.Estate https://emirates.estate/ is one of the largest property platforms in the UAE. We will help you make a profitable investment, regardless of whether you are searching for a buy-to-live or buy-to-rent home. Our team will help you arrange the paperwork and guide you through the mortgage application process. Visit our website for more detail and get in touch with us.