Non-UAE residents - How to apply for a mortgage in Dubai?

Non-UAE residents…

If you want to buy a property in Dubai and you do not have a residency visa and if the apartment is under construction and you want to apply for a loan from the bank, you need to consider a couple of very important points.

Banks will not give you a loan in you are a non-UAE resident unless the apartment is ready. What can you do now?

We at S&V properties recommend that before you buy any of plan property you should approach a few banks, talk to them, provide the documents asked by them and make sure that you are eligible to receive a loan from the bank and that you meet the criteria set by them

If you buy a property, then on completion you realize that the banks would not give you a loan because of many possible reasons, you may find yourself in trouble.

After that you can buy the property, pay your payments via installments and wait till completion of the project. Once the building is completed, developers will issue you a completion certificate notice that informs you and proves that the building is ready

Along with documents asked by the bank earlier and your ownership documents you can re approach the bank and the banks will give you up to 50% LTV – Loan to Value
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