Mortgage in Dubai for Russians in 2024

According to forecasts, Dubai in 2024 will continue to establish itself as an attractive investment platform for Russian investors, offering not only luxurious real estate properties but also access to various financial opportunities, including high mortgage loans and flexible terms. We will guide you step by step on how to obtain a mortgage in Dubai for non-residents and what documents will be required.

Main Requirements and Conditions for Obtaining a Mortgage in Dubai

Mortgages in Dubai for non-residents are available in free zones, where foreign citizens have full ownership rights of the acquired property. There are more than 20 such Freehold zones in Dubai.

Dubai's legislation sets the following criteria for obtaining a mortgage:

- Age from 21 to 65 years for employed individuals, and up to 70 years for entrepreneurs.

- Proof of income.

- Positive credit history.

- Having a business or an official place of work in the UAE.

- The applicant's country of citizenship must be included in the list approved by the bank;

- The applicant's minimum monthly income after tax deductions must be at least 25,000 dirhams;

- The property must be on the list of approved developers and projects eligible for mortgage lending.

- The down payment is 25% of the property value,

- Legal and documentation costs associated with the transaction are about 6-7% of the property value.

The bank requires the following set of documents for the mortgage:

- Completed mortgage application form;

- Proof of client's income - statements for the last six months and pay slips for the same period;

- For employed individuals - income certificate and information about the employer;

- Entrepreneurs need to provide audit reports for the past two years, income and expense reports for the last 12 months, as well as copies of founding documents, VAT certificate, and trade license.

- Confirmation of additional income sources, including income from property rental or dividends;

- Copy of the foreign passport;

- Proof of legal funds for the down payment;

- Receipts of utility bill payments;

- All documents must be presented in English or Arabic."