Whether you’re an expat or national, applying for a mortgage in Abu Dhabi is a big undertaking. You’ll want to have your documents in order, and it is better to have more documents than necessary than not enough and risk delays. Here are some of the documents you should gather when applying for a mortgage in Abu Dhabi.
Mortgage Documents for Non-Residents
Non-residents may require more documents as opposed to someone who is a national. Non-residents should ensure they procure a Credit Reference Agency Report. These are processed by reputable and approved financial institutions from the country of residence of the applicant.
The report will be valid for 30-days after its creation. To keep your documents up-to-date, it’s important to note the validity of documents in accordance with their expiration date and renew them when necessary.
Non-residents will also need six months worth of banking statement records from each overseas bank the applicant has an account with. The newest statement should be from within a 30-day period.
Mortgage Documents for Self Employed Applicants
Self-employed applicants will require detailed documents regarding their business and the nature of their business. Self-employed applicants should provide a lender with a detailed profile that describes the nature of their business and copies of audited financial accounts from within the last two years.
These documents cannot be older than 18 months. Alternatively, you can provide two years worth of tax assessments.
Other documents required include:
- A copy of your trade license
- Six months of bank statements, the newest being from within a 30-day period.
- 12 months of business bank statements
For Self-Employed Non-Residents:
- Two years of audited financial accounts, the most recent being no older than 18 months.
- Two years of tax assessments, the most recent being no older than 12 months
Mortgage Documents for Salaried Applicants
Salaried applicants are those who retain a position within a company in exchange for an hourly, weekly, monthly or yearly salary. These are applicants who are not self-employed. If you’re a salaried applicant, you’re going to need to provide your employment contract, which details your salary and probationary period.
You will also need your original salary certificate or three months worth of pay stubs that are no older than 30-days. You will also need letters from your employer that detail:
- Bonus pay records for the past three years
- Commission pay for the past two years
All of the corresponding payments must be shown in your bank statements as well.
When you’re working with a reputable mortgage lender in Abu Dhabi, for example, FAB Bank, they will be able to inform you of any additional documents you will need. Always work with a lender you can trust that is knowledgeable and has a solid reputation.
An added tip would be to keep your documents up to date by renewing them, or reapplying for them, at least two weeks prior to the expiration of their validity noted above. This will limit delays in the future.