Yes, a property under mortgage can be used to apply for a Dubai property visa, but certain conditions must be met. Here’s a detailed explanation based on the latest 2024 regulations:
Key Requirements for Mortgaged Properties:
Minimum Property Value:
The property must have a minimum value of AED 750,000 (approximately USD 205,000) at the time of purchase to qualify for a property investor visa.
50% Mortgage Payment Condition:
If the property is mortgaged, you must have paid off at least 50% of the mortgage amount or have paid a minimum of AED 750,000, whichever is higher. This ensures that a significant portion of the property value is owned by the investor and not fully leveraged through a loan.
No Objection Certificate (NOC):
A No Objection Certificate (NOC) from the bank or financial institution holding the mortgage is required. This document confirms that the lender does not object to the issuance of a residency visa based on the mortgaged property.
The NOC should outline the amount already paid and the remaining balance on the mortgage.
Additional Documentation:
Along with the NOC, you will need to provide the Title Deed, a mortgage account statement, and other standard documents such as a passport copy, personal photographs, and health insurance.
Types of Property Visas for Mortgaged Properties:
2-Year Residency Visa: For properties valued at AED 750,000 or more.
10-Year Golden Visa: For properties valued at AED 2 million or more. Mortgaged properties can also qualify for this visa, provided 50% of the mortgage is paid, and an NOC is obtained from the bank.
Benefits:
Using a mortgaged property for a Dubai property visa allows investors to leverage their real estate investment while gaining residency benefits.
Once granted, the visa allows the investor to sponsor their family and enjoy tax-free income, making it an attractive option for global investors.
