As a foreigner, if you want to invest in properties in Dubai, you have first to choose the best area which will be suitable for you. You can check online the budgets in particular areas and the type of properties you want to invest. You can also visit https://www.91estate.com/projects-in-dubai.php and make your choice. After you have made a choice, now comes the deposits, down payments, mortgages, and bank loans.
How to choose a bank?
You can take loans and mortgages from any reputed banks. Some favorite banks of Dubai are Emirates, Mashrek, HSBC, and NBD. All of the banks will loan foreigners, but the large international banks might be better and easier for you. But, above all, you should have an excellent credit score and proof of your salary. After that, the banking sector will determine how many loans can be sectioned to you. You can visit the bank you work within emirate with all your papers and check how much they will be willing to loan you.
Following are the documents you would need typically to apply for a loan:
- Residence proof or visa
- Current address proof
- Salary certificate for income proof
- Last six months bank statement
When you get the mortgage, you will see that the installment plan of 15 years is the most popular one. The maximum length of a loan in Dubai is 25 years. You can pay less than 35% as your monthly payment on your mortgage from your household income. You cannot set more than 60 times the total amount of mortgage of your total household income.
If you have an excellent credit score, you will qualify financing that is pre-approved in some banks of Dubai. So, you have a benefit of even getting the loan before you have chosen your property.
Though it is not very common, you can also apply for a personal loan in your country, and use that fund in buying property in Dubai.