FalconZ Articles

Finance Your Property

As a foreigner buying property in the UAE, we recommend obtaining the mortgage through a UAE bank for two very important reasons:
1. First, Gulfbusinessguide.com can help you with agencies in daily communication with several of the largest financial institutions in Europe and can therefore help you receive the credit you are looking for (which you could not necessarily obtain by your own devices).

2. Second, because it is advisable to open a bank account with the mortgaging bank into which you receive your rental income and also expense your mortgage payments, thereby avoiding transfer and currency exchange fees.
It is increasingly easier to obtain financing in Dubai, even on non-status level. Maximum we have experienced is 70% Loan to Value at 5%-6% interest rate, though 75%-80% LTV’s are now being announced for non-residents.

Gulfbusinessguide.com can help clients get the best solution to financing and securing their Dubai property investment. The lenders in Dubai include familiar names such as HSBC, Lloyds, Standard Chartered, Mashreq Bank, Union National Bank, and other local banks such as NBD, ADCB and RAK Bank. Each lender has its own individual criteria, not only for the projects they endorse but also for the prospective borrower.

However, with the Dubai lenders market ever changing to the investor’s benefit, Gulfbusinessguide.com can help you through the decision making and the underwriting process making funding for your Dubai property a streamlined process. Some of the items listed below are likely to be required when applying for a Dubai mortgage.

•  Mortgage Application Form
•  Passport Copy
•  Salary Certificate/Employment contract
•  6 months payslips
•  6 months Bank Statements
•  Liability/Reference Letter from Bank
•  Birth certificate
•  If Self Employed- Accounts
• Credit Reference
• Proof of address/residency (eg Utility bills)

** All documents must be sent by both husband and wife if you are purchasing together

NOTE : After their initial perusal of your documents, the financial institution may request further documentation for proof of various aspects.