Mortgages in Dubai are available to Russians, citizens of the CIS and other countries, and can be used both for the purchase of finished housing and to pay the final instalment. Conditions depend on the status of the applicant, whether a resident of the UAE or a non-resident.
For residents
Mortgages are easiest for salaried employees; additional documents may be required for the self-employed or business owners.
Interest rates: fixed from 3.94% for 2 years, floating from 0.55% + 3-month EIBOR.
Down payment: from 20%, maximum financing - up to 80%.
Mortgage term: up to 25 years (until retirement age: 65 years for employees, 70 years for the self-employed).
Minimum length of service: for employees - from 6 months, for self-employed - from 2 years.
Income requirements: minimum income from $2700, preferably from $4000. Self-employed persons must have an average daily personal account balance of $11,000 or more for the last six months.
For non-residents
Obtaining a mortgage loan requires more time and inspections.
Interest rates: fixed from 5.49% for 3 years, floating from 1.35% + 3-month EIBOR.
Down payment: from 40 per cent, maximum financing up to 60 per cent.
Income requirements: average daily personal account balance of $11,000 to $14,000 for the last six months.
Major banks such as Commercial Bank of Dubai, Dubai Islamic Bank and Emirates NBD offer mortgages, with CBD being the most successful with possible mortgage amounts up to $2.7 million.
