Hi,
Can you pls advise me if I can purchase apartment in Dubai.
1. I'm not a UAE resident
2. Can I get Home Loan to purchase this Apt
3. Can I obtain residence visa of UAE after my purchase.
Rgds
Avinash
Surely you can buy an apartment in Dubai. There are many freehold areas in Dubai and you can buy apartment in any of these areas.
1. You don't need to be a UAE resident to buy properties in freehold areas.
2. You can take out home loans or mortgage depending on your income/salary. You would need to get an approval from the lender and once you have the approval you can go out and buy any property.
3. Regarding residence visa, the current rule is that the property value must be over 1 million AED to obtain a residence visa. Some laws have been relaxed recently, as before the visa was only issued for 6 months but now they have changed the time frame to 3 years.
Non-status/Self-certification mortgages in Dubai are available, however the rate is a maximum 60% loan to value.
Proof of income over a five year period is required. Status mortgages will require three months payslips and five years worth of P60, as well as 6 months of personal bank statements.
You can consult any mortgage advisor in Dubai for further information. they will help you free of charge.
(3 Answers)
