Mortgages for Foreign Nationals in the United Arab Emirates
Local banks and lenders in the United Arab Emirates (UAE) issue mortgages to foreign nationals. Some of the major banks that offer mortgage services in the UAE are Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, and Mashreq Bank.
Deposit Requirement inthe United Arab Emirates
The deposit required for buying a property in the UAE varies and depends on several factors such as the value of the property, the lender’s policies, and the buyer’s financial standing. Generally, a deposit of around 25% to 50% of the property value is required.
Outstanding Debts on the Property in the United Arab Emirates
In the UAE, new property owners are not responsible for outstanding debts on the property. The responsibility for paying debts falls on the previous owner, as long as the debt has been properly registered and recorded in the relevant government departments. However, it’s advisable for buyers to conduct a title search and due diligence to ensure there are no outstanding debts on the property before making a purchase.