At Mortgage Finder we see a significant number of our enquiries coming from non-residents who would like to invest in Dubai and take advantage of the opportunities that the property market currently has.
The client was a self-employed Norwegian national based in Austria whose business operations span the globe.
He was looking at purchasing an off-plan property where handover was scheduled for early 2020. The client came to us prior to purchasing the property, he wanted to make sure he would be able to get a mortgage to cover the final handover payment before he committed to investing in a property in the UAE.
The total property purchase price was AED 40M and the client was putting down AED 20M upfront to the developer, so he required a home loan for the remaining balance of AED 20M due upon handover.
As the client was putting down a large sum prior to handover and required a significant loan amount, he made it clear he wanted a full final offer contract with the bank rather than just pre-approval before he moved forward with the purchase.
We worked on behalf of the client to ensure he secured the necessary finance for the purchase. The bank which offered the client the best mortgage required a full document process which included three years audited financials in two different jurisdictions, historic tax returns and translated bank statements. We handled everything for the client and worked tirelessly to make the whole process as easy as possible for him as he was not in Dubai to oversee it himself.
We managed to secure a mortgage for the required amount. The rate was 4.99% EIBOR tracking rate over a 25 year term, which is a typical rate for a non-resident mortgage. We also negotiated a reduced bank arrangement fee of 1% and the client further saved as the mortgage we secured allowed him to avail of an external life insurance policy rather than the bank’s own policy (as life insurance is a requirement of any mortgage in the UAE).
We work on behalf of many non-resident clients, each with different circumstances and varying borrowing requirements. We make sure that we take the time to understand their situation so we can advise them on the best mortgage options and make the whole process as easy as possible!