Who can qualify for a mortgage in Dubai
If you are looking to buy property in Dubai, you may be wondering if you can qualify for a mortgage. The good news is that there are a number of banks in Dubai that offer mortgage to both UAE nationals and expats. However, there are some eligibility criteria that you must meet to qualify for a mortgage.
The eligibility criteria for a mortgage in Dubai vary from bank to bank, but generally speaking, you will need to meet the following requirements:
- A UAE national or resident
- At least 21 years old
- Have a monthly income of at least AED 15,000 for salaried employees or AED 25,000 if you are self-employed. However, the minimum salary requirements may vary from bank to bank.
- Some banks may have additional requirements to qualify for a mortgage, such as being employed by a bank-approved company or minimum period served at the current job.
Non-residents can also apply for mortgages in Dubai, but their options are more limited. There are only a few banks that offer home loans to non-residents.
To qualify for a home loan in Dubai, you will need to provide the lender with certain documents. The specific documents needed may vary from bank to bank, but the following are some of the most common documents that you must prepare.
- Copy of your visa and passport
- Copy of your Emirates ID
- Salary certificate for proof of employment
- Proof of residence (copy of tenancy contract or DEWA bill)
- Six-month bank statement and pay slips
- Recent credit card statements
Non-residents will need to prepare the following documents:
- Passport copy
- Bank statements for the past three months
By providing all of the required documents, you can increase your chances of getting approved for a mortgage and getting the best possible terms..............For More Information...........Read More
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