Arranging your non-resident mortgage in the United Arab Emirates

The booming Gulf city state of Dubai has passed a law to legitimise property ownership by foreigners, who previously bought indirectly through contracts with developers. Foreigners make up more than 80% of Dubai's estimated 1.2 million population.
 
"Foreigners can become freehold property owners in areas designated by the ruler," These developments are grouped under three Dubai-government owned entities:
 
·     Emaar Properties
·     Nakheel
·     Dubai Properties

As Freehold Title is available for properties purchased within these developments, so follows Lenders willingness to offer mortgages on completion.

However, Non-Status loans are currently not available, and you will be required to provide the following proof of income as a minimum:

Required in all cases. If employed - copies of your last six month's payslips & copies of your latest two P60's together with copies of your last 6 month's Personal Bank Statements. Alternatively if you are self-employed - copies of your last three years Audited Accounts & copies of both your last 12 month's Business and last 6 month's Personal Bank Statements will be required on application.
 
Type of  Mortgage: Repayment basis only
Minimum: AED100,000, No Maximum, but must not exceed 70% of valuation or purchase price (whichever is the lower).

Term: Minimum 1 year; Maximum 20 years - up to age 60
Currency: Dirhams (AED) only
Current Interest Rate: from approx 6.0%

Example Dubai Mortgage: Repayment Mortgage of approx AED100,000 over a period of 20  years at an interest rate of approx 6.0% in Dirhams = approx AED716.00  capital and interest per month = a total approx amount payable over term of AED171,840 excluding other costs.