Renting Process

Obtaining an Expat Mortgage in Dubai

By investing in the UAE’s real estate market you get an opportunity to apply for an investor visa.
To be eligible for a UAE Investor Visa you must meet the following requirements:

Own a property in Dubai worth AED 1,000,000 or more. This must be the price at which the property was originally purchased, not the current market value.
Your property must be free from all liabilities, including mortgage, service charges, developer fees, and utilities.

To apply for your Investor Visa the process is as follows:

You must firstly obtain a Police Good Conduct Certificate, applied for through Dubai Police.
Settle any liabilities due on the property and have documented proof. Receipts for service charge payment, up to date DEWA & utility bills, and proof there is no mortgage on the property either with a clearance letter from the bank if you had a mortgage or your original title deed.
Once you have the above, you’ll need to visit the Dubai Land Department with your title deed, original passport, passport copy, a passport size photograph and AED410 processing fees.*
Dubai Land Department will take up to 1 month to issue the approval certificate, which will allow the property owner to apply for a trade license.
The approval certificate can be presented to the Department of Economic Development who will issue you your trade license at a cost of AED2,000* per year.
On receipt of the trade license you can approach Immigration Counters at the Dubai Land Department who will issue the two year investor visa. The cost of the visa is approx. AED 18,000* and AED 1,300* per person thereafter.
To obtain the visa you will need to complete the necessary medical examinations and provide the medical report to the Immigration Counter.

Please note the following:

If your property has a mortgage you cannot get an investor visa.
You can apply for more than 1 visa against the property once you obtain the trade license. However it has to be applicable to the property. i.e. a family of 5 cannot be sponsored by a 1 bedroom property.
*accurate at the time of writing. 09.01.14

Gifting a Property

As per rule you can gift your property to any first degree relative (spouse, parent, or child).
To do this you need the following documents:

Original ID (Passport with Visa)
Original Title Deed
Original Valuation Report from Dubai Land Department
Birth Certificate/Marriage Certificate translated and attested
Managers Cheque to Dubai Land Department

The process is as follows:

Request a valuation report from Dubai Land Department for your property (AED 1,000-AED4,000)
Prepare a Managers Cheque for 0.125% of the valuation report amount payable to Dubai Land Department
The named persons on the title deed will need to visit the Transfer Office with above documents
New title deed will be issued in the gifted person’s name

Obtaining an Expat Mortgage in Dubai

Typically you need to living in Dubai for 6 months before being able to get an expat mortgage.
You need to be a confirmed employee.
Mortgages can be obtained for a maximum tenure of 25 years up to the age of 65.
Mortgages are capped at 75% lending on a purchase price of AED 4,999,999 and 65% lending AED 5,000,000 and above on your first home. Maximum 60% lending allowed on any subsequent properties purchased.

Transfer Appointment

Buyers
Passport with visa
Final offer letter
Managers cheques/cash/personal cheque payments
Seller
Passport with visa
Clearance documents
Original NOC
Original title deed

NOC Appointment

Buyers and sellers to be present
Buyer and seller – original passport with visas
Buyer – original final offer letter (finance buyer only)
Seller – original title deed/oqood/ownership document (agency or buyer’s bank will bring this if a finance seller)
Seller – clearance documents from the seller’s finance company

Cash Buyer to Cash Seller

Agreement of sale signed between the buyer and the seller
NOC applied for with the developer
NOC issued
Transfer booked
Statement of payments to be prepared and issued
Transfer at Transfer Office

Cash Buyer to Finance Seller

Agreement of sale signed between the buyer and the seller
Seller to apply for the liability letter – Statement of Accounts to be prepared and issued
Liability Letter received
Block property at Transfer Office – All Managers Cheques to be present including Land Department Fees
Once property is successfully blocked, Buyer to settle Seller’s mortgage
Sellers bank releases clearance documents to the agency
NOC Applied for with the Developer
NOC issued
Transfer time booked
Transfer at Transfer Office

Finance Buyer to Cash Seller

Buyer to obtain pre-approval
Agreement of sale signed between the buyer and the seller
Valuation instructed on property
Valuation report received from the bank
Final offer letter issued by the buyer’s bank
Final offer letter signed by the buyer
NOC applied for with the developer
NOC issued
Transfer booked with the buyer’s bank
Statement of payments to be prepared and issued
Transfer at Transfer Office

Finance Buyer to Finance Seller

Buyer to obtain pre-approval
Sale agreement signed between the buyer and the seller
Valuation instructed on property
Valuation report received from the bank
Seller to apply for liability letter
Liability letter received
Final offer letter issued by the buyer’s bank
Final offer letter signed by the buyer
Buyer’s bank & buyer to settle the mortgage
Seller’s bank release clearance documents to the buyer’s bank
NOC applied for with the developer
NOC issued
Transfer booked with the buyer’s bank
Statement of payments to be prepared and issued
Transfer at Transfer Office

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