Home Loans for Non-UAE Residents
The propositions made available to non-UAE residents allow both UAE citizens and expatriates residing in India, the UK, Qatar, Kuwait, Saudi Arabia and Bahrain to buy residential real estate in Dubai, be it for use as a holiday home or for investment reasons. The Equity Release option offered by the bank allows customers to utilise the equity in their homes as collateral, which means that a customer who has a property that isn't mortgaged and has been paid for in full can cash out the equity from their home. An investment or major expenses can then be financed with the released cash.
About Mashreq Bank
Mashreq Bank has quickly developed into one of the UAE's leading financial companies thanks to its commitment to quality service. Incorporated in 1967, the bank has built a strong reputation by providing customers with attractive interest rates and specially-tailored products and services. The headquarters of the bank is located in Dubai, and the bank currently has twelve international offices across Africa, Asia, Europe and the United States.
Why non-UAE residents should choose Mashreq Bank for home loans?
Mashreq Bank has won several awards at a number of ceremonies thanks to the quality of products and services on offer. The bank aims at creating unique solutions for an extensive range of customers, ensuring that there is something or the other that caters to the needs and requirements of all and sundry. The bank provides loans and mortgages personal accounts, credit and debit cards and financing solutions that help you have a better stronghold on your finances while making banking fairly convenient.
Following are the key features and benefits of choosing Mashreq Bank for home loans.
Key Features of home loans for non-UAE residents
- Up to 60% of the home value can be availed.
- The amount of money sanctioned can extend to AED 10 million.
- The tenor goes up to 25 years.
- Attractive rates of interest.
- Loans can be availed by both self-employed as well as salaried individuals.
Eligibility Criteria for non-UAE residents
- Loans offered to citizens of the UAE and expatriates living in India, the UK, Qatar, Kuwait, Saudi Arabia and Bahrain.
- The minimum monthly income required to avail a loan is more than AED 25,000.
- Self-employed people and salaried individuals can apply.
Documentation required for non-UAE residents
- Loan application form.
- Passport and a copy of visa.
- Bank statement for the past six months (personal account statement for salaried individuals and personal account statement plus business account statement for self-employed people).
- Payslips / salary certificate.
- In case of liabilities, a liability letter from the bank is required, stating the outstanding debt.
- Income tax returns.
- Residency permit if the country in which you're residing is different from the country of passport.
- A report from the Credit Bureau.
- Authorisation letter from you to give the bank permission to access bureau reports and contribute data to different bureaus.
Documentation required for Self-employed individuals and companies
- Incorporation certificate.
- A copy of trade license.
- Chamber of commerce registration copy.
- Memorandum of association.
- Audit financial statement for two years.
Benefits of Mashreq Bank Home Loans for Non-UAE Residents
- High loan amounts.
- Attractive interest rate options.
- Very long tenor.
- Easy accessibility.
- Salaried persons as well as self-employed persons can apply.
- Buyout, refinance and equity options available.
- Committed managers and professionals who offer doorstep service.
- Guarantee of transparency.
Other financial products offered by the Mashreq Bank in the UAE are:
Frequently Asked Questions - FAQs
- How much money will the bank sanctions as home loan to non-UAE residents?
- How does the bank go about the transaction?
You can avail up to AED 10 million in the UAE if you're a non-resident. However, your financial details will be checked by the bank’s financial experts before they determine whether or not you're eligible for a home loan with Mashreq Bank.
The bank’s Home Loan department works with the highest level of dedication to ensure that customers have the right guidance when choosing a home loan. An expert from the bank will contact you and be with you through every step of the process until the transaction is complete. You may choose to visit the experts at any of the bank’s branches or request them to come over to your home or office at a time most convenient for you.
You may also read these articles related to Home Loans and Mortgages in the UAE:
One of the biggest challenge you face while starting a business is to acquire a physical location to be the workplace. But the challenges do not end here with the next one being to find the funds to acquire that place and that is where the mortgage for buying commercial properties comes in.
The main factor while taking a home loan however is the interest rate. Home loans are easily available from various banks across the UAE and the interest rate that is applicable on these loans depends on the bank that offers that loan. The common terms are that the banks are willing to fund up to 80% or more of the cost of the property and you pay the balance.
Planning to buy a property for the first time in your life and that too on mortgage? It is a huge expense and a massive commitment to get involved with. Hence there are certain things you will need to know about it before you can proceed.
Ever felt like changing your lender? There are lots of things that make refinancing a mortgage a good idea and the chief among them is that if can help ease the pressure of monthly payments. You can also walk away with lots of benefits, depending on the bank.
Did you know that you can avail finance by tapping into the positive equity of your property? Instead of letting your property to sit idle, you may use it to avail finances. Many banks provide cash advances against properties for a lower rate of interest. Using properties as a collateral will help get cash advances of a higher amount at a very low rate.