What LTV (loan-to-value) can American Non-Resident get for a first property?
First property LTV: 55%. This means down payment = 45%. For AED 2M property: down payment AED 900000.
Mortgages for American Non-Resident – Rates, LTV & FAQ
Complete guide to getting a mortgage in Dubai as a American Non-Resident non-resident: eligible banks, LTV, rates and process.
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LTV & Down Payment
What's the LTV for a second property as a American Non-Resident?
Second property LTV: 40%. Stricter than first property. Down payment required: 60%. Max loan: AED 6,500,000. Special notes: Limited availability; Standard Chartered and HSBC preferable. FATCA compliance mandatory.
Are there restrictions on the maximum loan amount?
Max loan (American Non-Resident): AED 6,500,000. Most banks require monthly salary 4–5x the loan amount. Pre-approval amount determined by mortgage advisor after income verification.
Eligible Banks & Rates
Which banks offer mortgages to American Non-Resident?
Recommended banks: Emirates NBD, ADCB (Abu Dhabi Commercial Bank), Mashreq Bank. All offer mortgages to American Non-Resident; terms vary. Rate range: 4.25%–5.85% (variable, EIBOR-based). Processing: 5–10 days typical. Shop around; rates vary by salary, loan amount and creditworthiness.
What documents do I need to apply for a mortgage?
Required: Passport, visa, employment letter, last 3 months salary slips, last 2 years tax returns (if self-employed), property valuation report, trade license (if business owner). Non-residents: additional documentation (overseas employment proof, tax residence certificate). Processing: 5–10 business days.
Process & Timeline
How long does the mortgage process take?
Pre-approval: 3–5 days. Full approval (after property selected): 5–10 days. Property valuation: 2–3 days. Total: 1–2 weeks from application to approval (with complete docs). Mortgage registration at DLD: additional 1–2 days. Closing: typically same day (funds disbursed to developer/seller).
What fees should I expect?
Processing fee: AED 2,500–5,000. Valuation: AED 500–1,500. Mortgage registration (DLD): 0.4% of loan amount. Legal/admin: AED 500–1,000. Total cost: ~AED 5,000–10,000 for a AED 2M loan. Compare total cost across banks; lowest interest rate doesn't always = lowest total cost.
Common Issues
What are common reasons for mortgage rejection?
Top reasons: Low salary-to-loan ratio, incomplete employment contract, poor credit history, insufficient down payment, property overvaluation. Solutions: Increase down payment, apply with co-borrower, find cheaper property, ensure 2-year+ employment history. Ask bank for feedback; often reapply after strengthening profile.
Can I pay off my mortgage early without penalty?
Most banks waive early settlement penalty after 1 year. Zero penalty after 1–2 years typical. Confirm terms with specific bank (e.g., Emirates NBD, Mashreq differ). Paying extra AED 5,000–10,000/month can save 5–7 years and AED 300K+ in interest.