To pay for your Dubai property, it is best to set up a bank account in Dubai either through a native bank or a foreign branch. You can then exchange your currency into dirhams for major property payments. For mortgage payments, you can set up direct debit payments.
Dubai banks and foreign banks in Dubai, and mortgage brokers sell mortgages to foreigners. Some of the institutions which offer home finance in Dubai include Barclays, Dubai Islamic Bank, First Gulf Bank, HSBC, Lloyds TSB, National Bank of Abu Dhabi, Amlak, RAKBank (National Bank of Ras Al Khaimah), Standard Chartered Bank, Tamweel and Union National Bank.
As a non-national of the UAE, you may cover up to 60% of your property price with a mortgage. UAE citizens may receive up to 80% coverage. In 2010, mortgages had an average interest rate of 8% and were payable up to 25 years.
To get a mortgage, you need to present your proof of income to your bank or broker. The proof of income includes your P60 certificates or payslips (generally from the previous two years of your employment) and the previous three months' personal bank statements. You should also bring your passport.