Who can get a Home Loan in the UAE?

Both expats and UAE Nationals can avail of a mortgage loan in the UAE. There is slight discrimination between both while applying for home loans. Keep reading to know the process.

Many banks offer the best mortgage rates and low-interest home loans for property purchases in the UAE. From its diverse real estate market to the affordable packages offered, the UAE has emerged as a popular destination for both local and international investors.

Whosoever he be, whether a national of the United Arab Emirates or a foreigner, is welcome to invest in real estate, provided he meets all the eligibility conditions. It is easy to get a home loan or mortgage loan in UAE if one falls in the age bracket of 21-65 years.

However, options for non-UAE residents are limited and offer fewer perks compared to UAE nationals.

So, in simple words, there are two basic types of mortgages offered in the UAE. Thus, a brief understanding of what those two options are is necessary in order to be able to pick the best one that reflects the best mortgage rates, keeping in mind your financial situation and monthly income.

What are the conditions to satisfy and obtain a Home Loan in UAE?

There is a criterion that the banks must follow to provide home loans in the UAE. Commonly, four major factors are kept in consideration for home loan eligibility in banks all over the United Arab Emirates.

• Time spent in the United Arab Emirates (commonly 6 months to a year)

• The average tenure of an individual in a job, which is usually at least 6 months, is five years in the United Arab Emirates.

• This would typically involve a business trip to the United Arab Emirates for a period of 2-3 years.

• History of credit