Home Loans for Non Resident

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UAE has an attractive real estate market that attracts both nationals and non-residents alike. With the investor-friendly changes in the country’s regulations for property investments, a large number of non-residents across the world are now planning to purchase apartments and villas in the UAE. While the non-residents can always buy property in the UAE by themselves, they can also apply for a home loan to purchase property in Dubai at low rates. The UAE has several home loans that offer benefits like high loan amounts and flexible payments.

It should be noted that the options are limited for non-resident investors compared to the ex-pats and the UAE nationals. However, sufficient options still exist to provide the required aid for such individuals. The following article is a comprehensive guide on the types of home loans for non-residents, the eligibility standards, features and benefits of the loans offered, and how to apply for this mortgage loan.  

Top Banks that offer Home Loans for Non-Resident

The UAE banks that offer mortgage loans to the non-residents are as follow: 

1. Mashreq Home Loan for Non-UAE Residents

Features of this Home Loan for Non-Residents

  • Mashreq bank offers Loan amount of up to AED 10 million
  • A maximum of 50% of the market value of the property financed by loan
  • Loan repayment tenure of up to 25 years
  • Any salaried or self-employed individual can apply for this loan 

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2. FAB Home Loans for Non-Residents 

Features of this Home Loan for Non-Residents

  • FAB Bank provides a maximum loan amount of AED 10 million
  • The home loan can be repaid in up to 20 years
  • The interest rate is fixed according to the duration of the loan. For instance, the rate for two years is 2.5%, 3% for three years, and 3.25% for five years.
  • The 1.05% of the loan amount will be levied as the processing fee

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3. HSBC Fixed Rate Home Loan 

Features of this Home Loan for Non-Residents

  • If you are an HSBC Jade or Premier customer, you can avail of this loan in the UAE as a non-resident
  • Loan amount up to AED 2 million. 
  • Provision to repay the amount in up to 5 years 

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4. Dubai Islamic Bank Home Loan

Features of this Home Loan for Non-Residents

  • The bank offers maximum a loan amount of AED 50 million 
  • This home loan for non-residents can be obtained even for under-construction estates in freehold regions
  • The maximum loan term tenure is 25 years

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Features of Home Loans for Non-resident in UAE

The features specific to the mortgage loans for non-residents are listed below:

  • Maximum Loan Amount: While the approved amount can vary as per your selected bank and your financial conditions, the leading banks in the UAE offer loan amounts that go high enough to fulfil your property requirements in the UAE. With a few eminent banks, home loans for non-resident individuals as high as AED 24 million can be obtained. 
  • LTV Ratios: As per the UAE Mortgage Law, a non-resident needs to provide 20% of the property value as a down payment if the property value is up to AED 5 million. On the other hand, the minimum down payment for non-residents who plan to purchase an estate that values above AED 5 million in the UAE is generally 30%. 
  • Interest Rates: The interest rates offered to the non-residents are usually higher than those offered to ex-pats and UAE citizens for a home loan. 
  • Loan Duration: As a general rule, banks approve shorter loan tenures for non-residents than citizens and ex-pats. For non-residents, this tenure is even less than 25 years, a duration commonly offered to the residents and ex-pats. Moreover, there is a maximum age restriction that applies especially to non-residents. Generally, this age is 65 years for salaried individuals and 70 years for businesspersons.

Eligibility Criteria for Home Loans for Non-residents in UAE

Before applying for the loan, it is essential to ensure that you meet the specified criteria to apply for a home loan in UAE. The following are the general criteria to apply for a home loan:

  • You must be a resident in one of the countries mentioned in the bank’s list
  • You should have regular earnings whether as a salaried or self-employed individual to apply for the loan 
  • You need to meet the monthly income criteria laid down by the banks. For instance, some financial institutions demand a minimum monthly income of AED 25,000 or its equivalent to approve the loan.
  • As several banks maintain a list of approved real estate developers when providing a home loan, you should check if your property is mentioned on this approved list

Documents Necessary when Applying for the Home Loan for Non Residents in UAE

When applying for a home loan, you are required to provide documents like:

  1. Valid passport as an identity proof
  2. Bank statements for the last 3 to 6 months
  3. Tax returns
  4. Payslips (for salaried person)
  5. Trade license and reviewed financial statements
  6. Details of pre-existing loans

How to Apply for Home Loan for Non Residents in the UAE?

Whether you are a non-resident or UAE citizen, you can apply for a home loan either offline or online via platforms like policybazaar.ae or the bank’s website. Following is a detailed description of the necessary steps to apply for a home loan in both ways:

Online via Policybazaar UAE

  • You can visit policybazaar.ae and open the home loan section.
  • Fill out the lead application form to start the home loan application process.
  • After submitting the form, you will be directed to the quotes page that lists various home loans for non-residents in the UAE. These options are provided based on the information filled out on the lead form.
  • Browse through the provided options and select a home loan that meets your requirements. Check all the necessary features like the mortgage amount, interest rate, and loan tenure. 
  • Make use of an online mortgage loan calculator to determine your monthly payments. The resulting calculation will be based on the interest rate, loan tenure, and the amount you have selected.
  • Select the home loan plan as per your preference and fill up the relevant online application form. Upload all the necessary documents and submit the form. 
  • Once your documents and the loan application are verified, you will be approached by the bank for further processes.

Similar steps are to be followed on the website of your preferred bank. However, with our website, you will be able to view plans from multiple home loan providers in the UAE and apply for the same in just a few clicks.

Via Bank Visitation

  • While it may prove difficult as a non-resident, you can still visit a branch of your preferred loan provider in the UAE. 
  • Obtain a home loan application form and submit it at the designated counter after filling it out.
  • Keep all the documents handy when you visit the branch. Failing to do so may bring additional hassle of arranging the documents at a moment’s notice. 
  • Once you have submitted the form, the bank will process the application and verify your documents. If you receive approval, you will be put in touch with the bank soon. 

Key Takeaways

The UAE is renowned across the globe for its luxurious properties at reasonable rates. As a non-resident, you can take a home loan to easily purchase the property of your choice without straining your financial limits. There are chances that you will be charged higher down payments compared to nationals and ex-pats. However, most banks in the country offer high loan amounts and flexible repayment tenures to non-residents as well. You can apply for a home loan online or by visiting the branch. 

Policybazaar offers 24/7 customer service to guide you through the home loan application process. Contact us to get unbiased suggestions from our experts who will be glad to assist you in your home loans for your non-resident journey.