Get a loan in UAE as a resident

[bigbite100]

Hello,

as someone who is General Manager of a FZCO and recieves salary from this company (non WPS), is it possible to get a loan for buying real estate abroad?

And is it possible to get a unconditional loan, so they dont ask what to use it for?

Which banks/companies have the best interest rates for that? Does one need to be inside the country for this? What are the current interest rates?

It should be a short term loan (1-2 years and around 100k EUR).

Thank you.

 

[Martin Everson]

as someone who is General Manager of a FZCO and recieves salary from this company (non WPS), is it possible to get a loan for buying real estate abroad?

If you have a history of income in principle you can get a loan but it depends on the bank.

And is it possible to get a unconditional loan, so they dont ask what to use it for?

Unless your asking for a Lombard Loan as (i.e a wealth management client) I don't think any bank is gonna give unsecured loans no questions asked .

Which banks/companies have the best interest rates for that? Does one need to be inside the country for this? What are the current interest rates?

It totally depends on the bank and there is not one interest rate for loans or even an average one as each bank is different. You can see below the rates for example if you were a wealth management client at SC UAE.

https://www.sc.com/ae/investments/wealth-lending/
Maybe you have assets you can leverage to get a loan against them. I don't know your personal situation however.

 

[karishi]

Hello,

as someone who is General Manager of a FZCO and recieves salary from this company (non WPS), is it possible to get a loan for buying real estate abroad?

And is it possible to get a unconditional loan, so they dont ask what to use it for?

Which banks/companies have the best interest rates for that? Does one need to be inside the country for this? What are the current interest rates?

It should be a short term loan (1-2 years and around 100k EUR).

Thank you.

this is something that is of interestto me too, my question is, why don't you ask for a Loan abroad? My case would be to get 50% of the loan for a house

 

[suzy]

My case would be to get 50% of the loan for a house

I hope you don't want to invest in 10 million house then!

 

[karishi]

I hope you don't want to invest in 10 million house then!

No, just wanted to buy one. I have been told that since my income comes from outside the UAE I would be treated as non resident for mortagage purposes, so need 40% downpayment and higher rates

 

[jorge]

I would be treated as non resident for mortagage purposes, so need 40% downpayment and higher rates

Did you get the loan or asked to get the loan? would like to learn more

 

[karishi]

Did you get the loan or asked to get the loan? would like to learn more

I asked holo.com and they told me that if you are resident in the UAE and your money comes from the UAE, you need to put 20% downpayment and you can make a mortagage for the remaining 80% if you qualify. If you are resident in the UAE but money comes from abroad is 40% downpayment and slightly higher rates

 

[bigbite100]

Just wanted to update on this - any other experiences? Whats your opinion to use loans for investing in real estate in Dubai?