The direct answer is: Yes, it is possible for a non-resident with no UAE income to get a mortgage in Dubai, but it is more challenging and subject to stricter rules.
Here’s a detailed breakdown of how it works, the requirements, and the crucial considerations:
Since you have no UAE income, the bank cannot use the UAE Debt-Burden Ratio (DBR) rule of 50%. Instead, they will assess your global financial profile. They need to be confident that you have sufficient income and assets outside the UAE to comfortably afford the mortgage payments.
Banks that offer non-resident mortgages (not all do) will typically require the following:
1. Strong International Income:
o You must provide proof of a high, stable, and regular income from your home country or elsewhere.
o Banks will require 6-12 months of bank statements from your overseas account(s) to track this income.
o They will also want salary certificates or audited financial statements (if you are self-employed or a business owner).
2. Significantly Larger Down Payment:
o The Loan-to-Value (LTV) ratio for non-residents is much lower than for residents.
o You can typically only borrow up to 50-60% of the property’s value.
o This means you must be prepared to pay a down payment of 40-50% in cash, plus all the associated costs (4% DLD fee, agency fees, etc.).
3. Impeccable Credit History:
o The bank will likely want to see a credit report from your home country (e.g., from Experian, Equifax, or TransUnion, depending on the country).
o Any past defaults or negative marks on your credit file will likely lead to a rejected application.
4. Comprehensive Documentation:
o Passport: Copies of your international passport.
o Proof of Address: Utility bills or a bank statement from your home country showing your residential address.
o Proof of Income: As mentioned above (bank statements, salary slips, tax returns).
o CV/Resume: Some banks may request this to understand your profession and career stability.
o Source of Funds Proof: Documentation showing where the down payment and transaction costs are coming from (e.g., bank savings, sale of another asset).
5. Property Type:
o Banks are more likely to finance ready-to-move-in properties from well-established developers. Financing for off-plan properties is much rarer and stricter for non-residents.
1. Identify Willing Lenders: Your first step is to find banks that actively offer non-resident mortgages. Major UAE banks like Emirates NBD, HSBC, Mashreq, and ADCB have international desks for this, but their policies change frequently. Using a mortgage broker with experience in non-resident deals is highly recommended.
2. Get Pre-Approval: Submit your global financial documents for a pre-approval assessment. This will give you a clear idea of your budget.
3. Property Valuation: Once you find a property, the bank will value it.
4. Final Approval & signing: The bank conducts its full due diligence and, if successful, issues a formal offer. The signing process can often be done remotely or via a Power of Attorney.
• Higher Interest Rates: Non-resident mortgages often come with a higher interest rate compared to offers for UAE residents, reflecting the perceived higher risk for the bank.
• Lower LTV: Be prepared for the high down payment requirement (40-50%).
• Not All Banks Offer This: You will have fewer options than a resident would.
• Potential for Rejection: The criteria are strict. If your income is inconsistent, your credit history is less than perfect, or the source of your funds is unclear, the application will likely be rejected.
In summary: Yes, it is possible, but it is designed for financially strong international investors who can demonstrate a high, stable global income and afford a large down payment without relying on any UAE-based earnings.
Your best course of action is to consult with a Windsor Premier Mortgage -Dubai who specializes in non-resident cases. They can tell you which banks are currently active in this space and exactly what documentation you will need to prepare.
