I want to buy a property in Dubai (international city).
I would like to know which bank can provide home loan for GCC residents as I am a resident of Saudi Arabia.
What will be the procedure for getting the home loan?
I will be visiting Dubai in the first week of August so before that I want to have all the details in order to apply for the home loan once I am in Dubai.
Furthermore it would be better if you contact the home loan concerned departments of both the banks directly. They will guide you properly and will provide you the complete information regarding the home loans for GCC Nationals in International City Dubai.
You might also want to consider taking all the required documents with you.
They will require your payslips and other documents indicating that you are working for a company. If you are a business owner then you would need to present your audited accounts to them, company formation certificates etc.
Other financial institutions that you might want to consider are Amlak, Tamweel etc
I am not a GCC national, I am an Indian Passport holder living and working in Saudi Arabia as i understand home loans are available for GCC Residents & nationals also.
So i will now select a property and co-ordinate with bank for the home loan requirements.
I just want to add that be sure of your credit history. And try to clear any unpaid debts towards any financial institution that are delayed or not paid in time, because they might pop up at the wrong time of your application acceptance. One way is to go through all the payments that you had to make for any kind of loan, credit card payment, auto loan, business loan or any other type of loan. This may include loan taken on your behalf by any of your friends, relatives, or anyone else. As rules have been revised for greater control over credit procedures, you have to ensure that you go there with a cleared of unpaid & delayed debts.
Kindly also ensure that the value of the property that you want to buy in Dubai should be greater than 1,000,000 if you wish to get a residence visa there.
Don't hesitate to ask if you have any further questions.
(7 Answers)
