Dubai is considered as a haven for expats who are looking to lead a luxurious lifestyle. If you intend to settle down in Dubai for long, then getting a home will be your basic requirement. The good news is even the expats and foreign residents can procure a property in Dubai. The financial institutions process non-resident mortgage applications both for investment and for having a home for your family.
Well, let’s check how things work for foreign nationals if they intend to get home loans in Dubai:
If you are planning to buy a home in Dubai as a non-resident of this state, you can still apply for the same. Generally the nationalized banks in Dubai have the following four conditions to fulfil as a home loan seeker eligibility.
To get a Home Loan in Dubai,
- You should be a resident in Dubai for not less than six months to a year.
- The total duration of your employment in UAE should be minimum six months
- The business period in the country should be two to three years
- A good credit score and lastly,
- Your employer should be in the bank list
If you suffice these requirements, you are entitled to get a home loan.
The Process of getting a Home Loan in Dubai is as follows-
- You need to check how much money you need to buy a home in Dubai.
- Then comes the duration of the mortgage along with deciding the interest rate – going for a variable or having the fixed interest rate.
- The process often takes a few weeks. Thus people opting for the same have to get an advance approval from banks.
- Once you get a home of your budget, you have a loan under process against the things you want to mortgage as per the bank requirements.
All these are some of the key considerations you need to check for getting a home loan in Dubai.