Dubai is a thriving city that attracts people from all corners of the world. As a result, it's no surprise that expats make up a significant portion of the population. If you're one of the many expats living and working in Dubai, you may be wondering if you can get a mortgage to buy a property in the city. Stay on this blog and we'll explore the answer to this question and provide you with everything you need to know about getting a mortgage as an expat in Dubai. Whether you're a first-time buyer or a seasoned property investor, read on to find out more.
Before applying for a mortgage in Dubai, it's important to understand the eligibility criteria and documentation requirements. These may include proof of income, employment history, and residency status, among other things.
By understanding and getting the requirements ready, you can better prepare yourself for the mortgage application process and ensure that you have all of the necessary documentation and qualifications in order to be approved.
The downpayment is one of the major initial expenses associated with a mortgage, as it serves as a deposit that demonstrates your commitment to the purchase. Expats are typically required to provide a downpayment of 20% of the total property price, which can be a significant amount of money. To prepare for this expense, it's important to carefully evaluate your financial situation and determine how you will obtain the necessary funds, whether through savings, investments, or other means.
In addition to the cost of the property itself, there may be additional costs associated with getting a mortgage in Dubai, such as closing costs, and property registration fees. Make sure to factor these into your budget so you can prepare yourself financially and ensure that you have enough money to cover all of the associated fees and charges.
One important step that expats should take when seeking a mortgage in Dubai is to get pre-approved. This involves obtaining a letter of pre-approval from a lender before you begin searching for a property.
Getting pre-approved can be a valuable step for several reasons. First, it gives you a better understanding of your budget and what properties you can afford. Secondly, sellers will view your pre-approval letter as a sign that you're serious about purchasing a property and are financially capable of doing so.
A local real estate agent can be an invaluable resource when it comes to finding properties and navigating the mortgage application process. Look for an agent who has experience working with Expats and can help you understand the local market.
Aside from extensive experience in working with expats, our team of property consultant is composed of dynamic and multilingual experts who doesn’t just speak real estate but speak your language as well. We won’t just help you in securing a mortgage but will assist you every step of the way. From the property that suits your requirement best to handing the key to your new property.