Mortgages
in Dubai
Investing in Dubai real estate with a mortgage; all options and conditions
Dubai Mortgages Explained
A mortgage in Dubai can be an innovative financial solution for residents and non-residents looking to invest in real estate. Whether considering a property for personal use or as an investment, a mortgage helps finance your purchase without requiring the total amount upfront.
Nimani collaborates with specialized third parties who assist with mortgage applications in Dubai, ensuring a smooth and informed process.
Can I get a mortgage in Dubai?
Yes, foreigners can apply for a mortgage in Dubai, whether they are residents or non-residents. The mortgage process in Dubai is accessible and supported by specialized mortgage advisors who assist you at every step, from documentation to approval.
To apply for a mortgage, you need certain documents, such as a valid passport, proof of address, and financial details. Self-employed individuals may need additional documents, such as business records and bank statements, while employees typically need salary certificates and recent payslips. With proper preparation and documentation, a mortgage advisor can help streamline the process and identify financing options that suit your situation.
Are you curious about the specific requirements for residents and non-residents? Read on to discover what options are available to you.
Mortgage Requirements
Mortgage as a non-resident
As a non-resident of Dubai, you can qualify for a mortgage to purchase property. The conditions and required documents vary depending on your employment status – whether self-employed or employed.
Non-resident: self-employed
As a non-resident of Dubai, you can qualify for a mortgage to purchase property. The conditions and required documents vary depending on your employment status – whether self-employed or employed.
Self-employed individuals are usually assessed based on their business income, business duration, and financial stability.
Conditions
- Monthly income: Minimum AED 25,000 average per month.
- Business duration: At least two years of operation, though one year may be accepted depending on the profile.
- Credit score: Minimum 620, with possible exceptions.
- Loan term: 5 to 25 years, or up to a maximum age of 70.
- Minimum loan amount: AED 250,000.
- Maximum loan-to-value (LTV): Up to 50%, potentially 60%, of the property value.
Required documents:
- Passport and national ID.
- Trade license or certificate of incorporation.
- Legal business documents (such as MOA).
- Audited financial statements (if available).
- Business bank statements (12 months).
- Personal bank statements (6 months).
- VAT returns for the last 12 months (if applicable).
- Invoices or trading documents.
- Office and residence proof of address.
- Credit report and details of active loans or credit cards.
Non-resident: employed
For non-residents employed by companies, the requirements differ slightly:
Conditions:
- Monthly income: Minimum AED 25,000 per month, with potential acceptance from AED 20,000, depending on the profile.
- Employment duration: At least six months in the current role (or three months with a confirmation letter). Proof of two years of total work experience is also required.
- Credit score: Minimum 620, with possible exceptions.
- Loan term: 5 to 25 years or up to a maximum age of 65.
- Minimum loan amount: AED 250,000.
- Maximum loan-to-value (LTV): Up to 50%, potentially 60%, of the property value.
Required documents:
- Passport and national ID.
- Proof of overseas residential address (e.g., recent utility bill).
- Recent salary certificate (not older than one month).
- Payslips for the last six months.
- Bank statements for the last six months showing salary deposits.
- Active loan and credit card details.
Mortgage as a resident
As a resident of Dubai, you can access various financing options to buy an apartment or invest in real estate projects. Residents often enjoy more favorable terms than non-residents, such as a higher loan-to-value (LTV) ratio, better interest rates, and more flexible loan terms. This makes investing easier in Dubai’s property market, with options for residential and commercial properties.
Resident: self-employed
Conditions:
- Monthly income: Minimum AED 25,000 average per month.
- Business duration: At least two years in the UAE, though one year may be accepted depending on the profile.
- Credit score: Minimum 620, with possible exceptions.
- Loan term: 5 to 25 years, or up to a maximum age of 70.
- Minimum loan amount: AED 250,000.
- Maximum loan-to-value (LTV): Up to 80%, depending on the profile.
Required documents:
- Passport and valid residence visa.
- Emirates ID.
- Trade license and business documents (such as MOA).
- Audited financial statements (if available).
- Business bank statements (12 months).
- Personal bank statements (6 months).
- VAT returns for the last 12 months (if applicable).
- Credit report and details of active loans or credit cards.
Resident: employed
Conditions:
- Monthly income: Minimum AED 15,000 per month, with potential acceptance from AED 10,000, depending on the profile.
- Employment duration: At least six months with the current employer (or three months with a confirmation letter). Proof of two years of total work experience is also required.
- Credit score: Minimum 620, with possible exceptions.
- Loan term: 5 to 25 years or up to a maximum age of 65.
- Minimum loan amount: AED 250,000.
- Maximum loan-to-value (LTV): Up to 80%, depending on the profile.
Required documents:
- Passport and valid residence visa.
- Emirates ID.
- Proof of address.
- Salary certificate addressed to “whomsoever it may concern,” not older than one month.
- Payslips for the last six months.
- Bank statements for the last six months showing salary deposits.
- Active loan and credit card details.
Different Types of mortgages
Dubai offers various mortgage options tailored to your financial profile and investment goals. Banks usually require a down payment of at least 20% for residents and a higher percentage for non-residents.
Key options include:
- Fixed-rate mortgages for stable monthly payments.
- Variable-rate mortgages to take advantage of changing interest rates.
Leading banks include:
- Emirates NBD: Low rates, flexible terms.
- ADCB: Fixed-rate and early repayment options.
- DIB: Islamic mortgages with rent-to-own options.
different mortgage options
Off-plan mortgage
For those interested in off-plan properties in Dubai, unique mortgage solutions are available depending on the construction phase of the property. You can typically start the mortgage application process 60 days before the expected handover, giving you time to arrange financing before receiving the keys. This helps cover the remaining payment due at handover.
For some developers, you can even secure a loan of up to 50% of the property value during the construction phase without waiting for the property to be fully completed. This flexibility lets you release funds early and invest in an off-plan property more easily.
Curious about the conditions? Schedule a consultation to explore your options and discuss your investment opportunities.
Ready mortgage
When a project is fully completed and ready for occupancy, it is classified as a “ready property” by banks. This classification often allows for more favorable financing options compared to off-plan properties. For example, residents in Dubai can secure a loan of up to 80% of the property value for ready properties like Nobles Tower by Tiger Properties. This enables buyers to purchase a property with a relatively low down payment and immediately benefit from their investment.
Non-residents also access financing options, though the terms are typically stricter. A non-resident can usually borrow up to 50% of the value of a ready property, which makes it a viable opportunity for international investors to enter Dubai’s property market.
Are you curious about the specific terms of a ready mortgage? Schedule a consultation to explore your options and find the best financing solution.
Equity mortgage
Equity mortgages allow property owners to release up to 40% of their home’s value through the equity they have built up. This can be a particularly appealing option for those who already own property in Dubai and want to free up capital for reinvestment in other projects or personal expenses.
This type of financing provides flexibility, as you don’t need to make a new purchase to access significant funds. The exact terms and the amount you can borrow depend on your profile and the current market value of your property.
Want to know how an equity mortgage can work for you? Schedule a consultation to learn more about your options and how to maximize the value of your property.
How to get a mortgage in Dubai
Follow this simple step-by-step guide to secure a mortgage for your property in Dubai. Nimani collaborates with trusted third-party partners to assist you throughout the process.
- Orientation: With Nimani, determine your budget and explore the right investment that matches your goals. We’ll help you select the type of property and project that suits your profile.
- Gather documents: Collect all required documents, such as your passport, bank statements, and income proof.
- Mortgage advice: Schedule a consultation with Nimani. We’ll connect you with experienced mortgage advisors who can analyze your situation and recommend the best financing options.
- Apply: Our partners will guide you through submitting your mortgage application and support you throughout the approval process.
- Approval and agreement: Once you've been approved, sign the mortgage agreement, and you’ll be ready to finance your property in Dubai.
Finding your ideal mortgage solution
Applying for a mortgage in Dubai can seem complex, especially with many options and terms that vary by situation. Nimani is here to guide you! In a consultation, we’ll identify your investment goals and connect you with reliable mortgage advisors who will assist you at every step.
Want to find the mortgage option that fits your needs? Schedule an appointment with Nimani today and explore your possibilities with the help of our trusted partners.
Why Invest in Dubai Real Estate?
Dubai is one of the fastest-growing real estate markets in the world and offers numerous advantages for investors:
- Economic growth:Dubai's economy is growing rapidly and attracting global investors thanks to its strategic location, stable government, and extensive infrastructure.
- Tax benefits:Dubai has no capital gains tax or income tax, which can significantly increase your return on investment.
- High rental income:Due to the high demand for properties, both for residents and tourists, rental income in Dubai can be very attractive.
- Tourist attractor:With iconic landmarks and a booming tourism industry, there is a constant demand for rental properties, especially in popular areas.
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