Mortgage in Dubai for foreigners: documents, fee and order of purchase

First, check your script.

A foreign resident of the UAE and a buyer living abroad may have different banking programs. Before choosing an apartment, inform the bank of your residence status, source of income, current obligations and purpose of purchase.

Request the written terms and the Key Facts Statement: Emirates NBD’s Foreign Residents page separately describes the requirements, documents and financing options; the bank must confirm the applicability of the program to you.

Emirates NBD: ипотека для иностранных резидентов →

Emirates NBD: Key Facts Statement по ипотеке →

Prepare documents and own funds

Ask for an up-to-date list of documents for employment, business or other source of income; check the validity of the certificates, the required period of statements and the rules for translating documents; do not send a full financial package along with the initial request to view the apartment.

You don't just need your own money for a down payment, but you need to put in your own budget, checkout, valuation, bank payments, insurance, and reserve, and specify which expenses can be financed and which are paid separately before the loan is issued.

Separate Buyer Approval and Facility Verification

Pre-approval helps to determine the working budget, but does not complete the purchase. The property undergoes bank evaluation, and the terms of issuance are checked at the next stage. Before making a non-refundable payment, agree with the participants in the transaction what will happen if the bank delays or fails.

If the estimate is below the agreed price, you may need more of your own funds. Ask to show the calculation for such a scenario in advance, check the timing of the preliminary decision and the ability to meet contractual dates.

Compare the entire term, not the first payment

For each offer, write out the fixed rate period, the subsequent change, fees, insurance and prepayment terms. Don't compare the fixed rate of one program with the full cost of another.

A useful stress scenario is that a higher payment is made at the same time as a temporary decrease in income, and consider the income from future rent separately: the apartment may stand idle, then the loan obligation is saved.

• The amount of own funds before the transaction and after issuance.
• Payment in the initial period and after changing the conditions.
• Bank expenses, insurance and registration.
• Exit order: early redemption or sale.

The next step is to calculate the selected apartment

The calculator in the Buyer section helps you check the arithmetic of your budget: enter the terms of your bank; the example rate on the site is not a financing offer; save the calculation along with the date, the bank documents and the selected price of the object.