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Grant property mortgage

Grant property mortgage
Description

This service allows a property mortgage registration in favor of the financing party in order to guarantee the rights entailed on the property, for both a first or second degree mortgage.

Service Procedures

Via on-line mortgage system (banks)
Step I: A customer prepares the mortgage requirements from the bank
Step II: A bank employee enters all the required documents via the on-line mortgage system, as the transaction will be audited by the bank auditor (all required documents are uploaded via the digital safe/ treasury)
Step III: The transaction is sent to the department for auditing and the department's fees shall be deducted from the bank account
Step IV: The outputs are delivered to the customer via e-mail

Required Documents

By e-mortgage
1- Municipality map
2- A letter from the mortgagee bank
3- Three mortgage contracts certified by the mortgagee bank and signed by both parties
4- The UAE ID of the owner
5- A new building permit / amendment works issued by Dubai Municipality and the date of its printing does not exceed a one year period
6- The tripartite parties contract between the owner, the consultant and the contractor signed and sealed by the consultant and the contractor

Service Fees

In the event that a property is not financed by the Mohammed bin Rashid Housing Establishment, 0.25% of the mortgage value is charged

Service Time

15 - 20 minutes

Service Terms

The value of the mortgage must not exceed the total value of the building

Service Form

Mortgage e-form

Service Channels

Land Department website (on-line mortgage system)

Issued Documents

Payment receipts

Payment Method

Noqodi

Third Parties / Partners

The developer

Residency Status

UAE citizen

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