Resident and Non-Resident Mortgages in Dubai

Our Founder and Managing Director Sameer Vaya was yet again invited to be on Sandeep Patil’s channel @realtorfromdubai to speak about resident and non-resident mortgages in UAE.
For all your Mortgage related queries contact Sameer Vaya from Mortgage Simplified on:
Landline: [phone]
Mobile: [phone]
Email: [e-mail]
Website: www.mortgagesimplifieduae.com
If you are looking for a real estate professional you can trust, Sandeep Patil is your go to Realtor!
For all your real estate related queries:
Contact Sandeep on: [phone].
Follow Sandeep on his Instagram handle @realtorfromdubai
#nonresident #mortgage #dubai
#realestatefinance #mortgagebroker #loans #property #home #invest

[@sahraali4242]

How can we get in contact with you

[@MortgageSimplifiedUAE]

Hi Sahra, Contact details have been provided in the description box, copying the same here for you Email: [e-mail] Call/Whatsapp: [phone] www.mortgagesimplifieduae.com

[@kevwiz369]

Good video. excellent questions. but get two microphones next time. it will look better.

[@MortgageSimplifiedUAE]

Thank you for your kind words and valid suggestion! 😊👍

[@samanyt2967]

Thank you

[@SW_Sherry]

I have one Qs that i would like to clarify. For example, i invested in offplan property. It has 50/50 payment plan. I will pay 50% during construction. But at handover, i have to pay the remaining 50%. My property value at the time of launch was 700K. I will pay 350k till the handover. After 3 years when the property is handed over to me, it might have some appreciation and its value becomes 800K. So when i now apply to morgtage bank for 80% loan then will Mortage bank pay the remaining 350k to developer-only or (2) because the property value is not 100k more than the original price i.e. 800K so will bank will give 80% of appreciated value which is 640k and out of this 650k, will give 350k remaining value to developer and 290k will pay to me?

[@MortgageSimplifiedUAE]

Hi @sw_sherry, thank you for your question. Once the property is ready for handover, it is considered a completed property. The bank can now potentially finance up to 80% for UAE residents and up to 60% for non-residents. However, Banks will finance whichever is lower, purchase price or valuation. In this case it will be the purchase price, so the loan amount @ 80% of 700K will be 560K. The bank will first pay the outstanding to the developer (remaining 50% of the purchase price, 350K) and balance (210K) can be given back to the client as cash equity (to be used towards purchase of another property or renovation on property). In case you have any further questions, feel free to contact us over whatsapp on [phone]

[@AdamParry]

Really helpful, thanks!

[@muhammadsharif2513]

Thanks for your video, it was really helpfull. Now I have q quick question if you could help me answering that. The question is that can I give my property on rent if don't have the title deed in hand? meaning that if I buy a property and still have not paid back all my mortgage to the bank, in this perion can give my property to womeone else on rent? Thanks

[@MortgageSimplifiedUAE]

Hi Muhammad, yes it is possible to rent the property out during the mortgage period. You can use the rent to pay for the installments.

[@NK-ei2kj]

Can Non-Resident of UAE be eligible to get finance?

[@stephenprice5882]

As a non resident, are part of the government fees also covered by the mortgage?

[@MortgageSimplifiedUAE]

Not all but some of the fees associated with buying a ready property can be covered in the mortgage. Kindly get in touch with on [phone] for further details.

[@ozairakhtarcom]

If I'm looking to buy a property in Rak of about 180,000 AED as non resident foreigner, then can I get mortgage?

[@MortgageSimplifiedUAE]

Hi Ozair, Most banks have a minimum mortgage loan requirement of AED 250,000. It will be difficult to get you a mortgage for the property price of AED 180,000 that you have mentioned.

[@amitchougule3869]

Hi I am Amit Chougule how can I connect to you. I am looking for job abroad for real estate.

[@sameerdada840]

who is responsible for getting the NOC? And if the buyer renovated the property can they re-finance? And how does the re-financing done in Dubai?

[@MortgageSimplifiedUAE]

We are not clear whether you are referring to NOC for transfer or for renovation of existing property. For transfer of property, usually the agent or seller applies for the NOC, the charges are paid by the buyer. For renovation of property, the owner of the property is responsible to get the NOC from the developer before making any changes to the property. A buyer can refinance a renovated property, however, cosmetic changes will not increase the value of a property by much. Increase in the living area (sqft) may add value. Re-financing can be done in Dubai, bank will do a valuation and can give you cash against the property provided you have the eligibility. *Terms & Conditions Apply. Contact us on [phone] for more details

[@sameerdada840]

@@MortgageSimplifiedUAE Thank you. The refinance will be done after new tenant is in place right? So will the increased value of the rent amount be a factor in determining the value of refinance? Do Dubai banks cash out (give cash upon refinance) and what is the seasoned term length that Dubai banks use? I am asking as I am interested in BRRRR for Dubai. Many units are now 15 or 17 years old and modernizing and updating might be worthwhile. Hence I am trying to validate. Feel free to play devil's advocate and revert with your comments & input.

[@MortgageSimplifiedUAE]

Rent has nothing to do with the value of the property, the valuation will come the same with or without tenant. Yes, Bank can give cash out upon refinance and the term of the mortgage depends on Your age. The general rule is maximum 25 years mortgage term till the age of 65. Based on your queries, we are under the impression that you are comparing UAE mortgage process with that of your country. In many aspects its may be similar and in many aspects it may be completely different. Hence, we suggest we have a phone call to understand your requirement and we can then offer a solution based specifically on your requirement and profile. Feel free to contact us on [phone]

[@sameerdada840]

@@MortgageSimplifiedUAE Thank you. Please provide your email address as well. Just one thing - most banks would not refi without a tenant I've heard. Is this not true in Dubai?

[@MortgageSimplifiedUAE]

@@sameerdada840 in Dubai, banks do not base finance on whether a property is tenanted. Our email id as requested: [e-mail]

[@xshanto]

I'm a banker in Bangladesh and looking for investment opportunities...can I buy apartment in Dubai despite being a no resident

[@MortgageSimplifiedUAE]

Hi Hassan. Yes, it is possible for you to buy a property with mortgage in Dubai as a non-resident, as long as you meet the qualifying criteria. Please feel free to call or WhatsApp us on 00971508672287 to discuss in detail.

[@majeedmansoor197]

Hi there, is it possible for me to invest in a property while staying in China? I’m self employed here since last 15 years.

[@MortgageSimplifiedUAE]

Hi Majeed, Yes it is possible to invest in a property in Dubai while staying in China. For further details, kindly call/whatsapp us on [phone] or email us on [e-mail]

[@Sayedstuff]

Can u also explain if some one like me from Canada with good paying job can get mortgage in dubai?

[@MortgageSimplifiedUAE]

Yes, it is possible. Kindly call/whatsapp on [phone] enabling us to guide you on the process.

[@mohammedaimannshaik9487]

What is the financing percentage and interest rate for if you want to buy the property and then lease it to someone else?

[@MortgageSimplifiedUAE]

There is no concept of buy to live or buy to lease. Irrespective of what you do with the property. The terms of borrowing remain the same. Up to 75% can be financed for max 25 years (depending on your age).

[@mosgxmes]

@@MortgageSimplifiedUAE so according to this there will be no interest right? Just 25% upfront and pay rest in 25 years?

[@MortgageSimplifiedUAE]

@@mosgxmes 😅 if that was the case, there wouldn’t be an inch of space left to buy! Thanks for pointing out that we had forgotten to address the interest rate part of the question. Interest rates are slightly different from bank to bank and keep changing over time. The interest rates offered also depend on the profile and requirement of the client. Contact us on [phone] and we will let you know the interest rates applicable for you.

[@onyemaohabuike7974]

I like the video. I am Nigerian and live in Nigeria. I already bought a hotel apartment which will be ready end of this year. During construction phase I paid 60% of the value but plan to use mortgage to offset the balance of 40%, which is due on hand over. Do I stand a chance of succeeding with my plans? Again, how soon should I begin the process for a due hand over date of December 2022?

[@MortgageSimplifiedUAE]

Hi Onyema, Thank you for your feedback and enquiry. It is possible to get finance for a non-resident on a hotel apartment, ONLY if the developer can give in writing that the property is NOT part of a Rental Pool Agreement. Kindly check with your developer if he can provide such a letter. The right time for anyone to apply for a mortgage would be 1 month before handover is expected.