A non-resident mortgage is a type of mortgage available to people who do not reside in the UAE. If you are looking for a mortgage as a foreigner or non-UAE resident, there are a few important things you need to know. Here are 10 tips to secure a non-resident mortgage in Dubai:

1. Shop Around For The Best Mortgage Deal

There are many different lenders in Dubai and each one offers different mortgage products. It’s important to compare rates and fees from different banks before you make a decision.

2. Ensure A Good Credit History

This is one of the most important factors that lenders will consider when approving a mortgage. If you have a good credit history, you’re more likely to be approved for a loan and get a better interest rate.

3. Have A Strong Income

Lenders will want to see that you have a stable income that can cover the mortgage payments. It’s important to provide documents such as pay stubs or bank statements to prove your income.

4. Save For A Down Payment

Most lenders will require a down payment of at least 20% of the purchase price. The larger the down payment, the lower your monthly payments will be.

5. Get Pre-Approved For A Mortgage

This involves submitting your financial information to a lender in order to get an idea of how much they’re willing to lend you. Getting pre-approved will give you a better negotiating position when it comes time to make an offer on a property.

6. Find A Cosigner

If you don’t have a strong income or good credit history, you may be able to get a loan by finding someone to cosign the mortgage with you. This person will be responsible for making the payments if you can’t.

7. Get A UAE Residence Visa

If you’re looking to purchase a property in Dubai, you will need to obtain a UAE residence visa. This can be done by either working in the UAE or by investing in property. Once you have your visa, you will then need to approach a mortgage lender and provide them with the necessary documentation. This includesproof of income, employment history, and asset declarations.

8. Use A Mortgage Broker

The mortgage process in Dubai can be complex, so it’s important to seek professional advice to ensure that you are getting the best Non-resident Mortgages in Dubai. mortgage broker can help you compare rates and fees from different lenders, and they may be able to find you a better deal than you could get on your own.

9. Be Ready To Make Higher Down Payments 

When you are considering purchasing a property in the UAE, it is important to be aware that mortgage lenders often require non-residents to make a down payment of 40% or more. This is due to the fact that non-residents are considered to be higher risk borrowers. As a result, they typically require a higher down payment in order to offset this risk.

10. Have Realistic Expectations

It’s important to remember that getting a mortgage as a foreigner can be more difficult than getting one as a UAE resident. You may have to pay a higher interest rate and make a larger down payment. But if you shop around and compare rates, you should be able to find a good deal.

Final Thoughts

If you’re looking for a mortgage as a foreigner or non-UAE resident, these 10 tips will help you secure a loan. It’s important to compare rates and fees from different banks, have a good credit history, and make a large down payment. With these factors in mind, you’ll be on your way to finding the best mortgage deal in Dubai.