Mortgage conditions for non-residents
Mortgage conditions for non-residents who want to buy in Dubai are a little tough. I questionned Jonathan Oliver from Mena Mortgage Services, and here are his answers.
How much cash do you need to buy in Dubai?
According to Jonathan, realistically without a residence visa, NON RESIDENTS would need a deposit of 50% to get a mortgage.
Some lenders offer NON RESIDENTS mortgages up to 75% but these are very difficult to obtain. With a 50% deposit the product is easy to obtain.
On top of the 50% deposit required, the transaction costs in Dubai are around 7% in total.
Which papers should you provide for a mortgage?
To obtain a mortgage, you need to provide the followings papers:
- Passport
- 3 months bank statements with a reasonable average balance (enough to pay the mortgage installment)