It is possible to get a mortgage in UAE for non-residents through a specific procedure and it is required to produce the necessary documents.
To get a mortgage for purchasing a property in Dubai or an off-plan property that is already purchased and needs the mortgage for the final developer handover payment, or already owns a property with a loan, the solutions for all are listed below.
- Approaching a bank to know about all the details of a mortgage or find a mortgage consultant in Dubai.
- Details on non-resident or foreigner mortgage requirements for a mortgage should be noted. Then the Relationship Manager will give an explanation of the process to save your valuable time & money by finding the best and most suitable rates of interest for you. He analyzes your case before submitting it to prevent rejection and going again and again to the bank which ensures running your case smoothly. The guideline and qualification rates are different for non-residents mortgage. The following are the qualification procedure.
- Property Evaluation
- Income assessment
- Customer verification
- Legal Documentation
- Submission of non-resident mortgage documents would be required to get a mortgage up to 60%. The following are the required documents to proceed with the case:
- bank statements
- salary proof or business documents, and
- a passport copy.
- Discussion of the possibility of the case with the Potential Bank in UAE.
- A proposal for the mortgage should be shared with the potential mortgage option.
- The bank form signature process is to be done.
- The process of internal review or property valuation is to be done.
In the final, the bank offers the letter and the signature process is done with the bank. After all the above process is done the loan amount would be disbursement.