Equity Release on Residential Property

Loan To Value - LTV

Up to AED 5 Mio Property Value:

LTV will be up to 70% subject to bank policy

Above AED 5 Mio property value:

LTV will be 60 to 65% subject to bank policy

Income

Self Employed or Business Person:

  • Active business in UAE for minimum 3 Years
  • Company Turnover from bank statements to be calculated
  • 3 Years audited financial
  • Rental Income: Rental from existing property can be added in the total income as per bank policy

Salaried Individual:

  • Total Income from salary: Fixed + Variable Component
  • Rental Income: Rental from existing property can be added in the total income as per bank policy

Debt Burden Ratio – DBR

  • Maximum DBR allowed is 50% of your Total income, considering your existing Liabilities and new mortgage installment (EMI)
  • Existing Liabilities like Credit Card Limits, EMIs of Auto Loans, Personal Loans, Mortgage loan or any other loans to be consider for DBR calculation

Loan Tenor:

UAE Nationals:

Loan maturity age up to 70 Years

UAE Residents - Self Employed

Loan maturity age up to 70 Years

UAE Residents - Salaried

Loan maturity age up to 65 Years

Mortgage Application Process:

01

Pre-Screening by our Mortgage Expert - (Timeline 1 to 2 working days)

  • One of our Mortgage expert will review the completeness of the documents provided by customer
  • Income and Liability calculation will be done based on your declaration
  • Client has to sign the bank application form based on the selection of pricing & exclusive features

02

Pre-approval or In-Principal Approval - (Timeline 3 to 4 working days for Salaried & 10-12 working days for Self Employed)

  • Pre-approval is an initial process where bank will assess your income and other documents and confirm the eligibility based on income and liabilities (as per latest Bureau report)
  • Bank will request the Bureau by availing consent from the client to verify the Income and Liabilities
  • Bank will conduct Telephonic verification with customer / employer
  • Bank will release the Pre-approval / In Principal approval once everything matches as per bank policy and procedures
  • Bank will communicate the conditions of pre-approval if any.

03

Property Evaluation by Bank - (Timeline 3 to 4 working days)

  • Upon receiving the Title Deed copy, MOU / SPA & Fees for the evaluation from customer bank will initiate the Evaluation (Physical Inspection on the property)
  • Bank will assign the request to empaneled valuation company for their visit
  • Report will share by valuation company to Bank
  • Bank representative will communicate the appraised value to the customer

04

Final Approval & Final Offer Letter - (Timeline 4 to 5 working days)

  • Bank will review the valuation report along with other property papers
  • Recalculation and other checks will be performed again by the Bank as per pre-approval conditions
  • Bank will issue the Final Offer Letter which cover the all the T&C for customer sign off
  • Bank representative will arrange meeting with customer at convenient place to sign off all papers for Loan Disbursement
  • Bank will ask to submit the security cheques as per bank policy
  • Account Opening for Mortgage Repayment will be done by Bank RM or need to visit branch
  • Customer will fund the Bank account with down payment and processing fees.

05

Loan Disbursement - (Timeline 4 to 5 working days)

  • Bank will start Loan disbursement process post receiving the Signed Final Offer letter & NOC from developer
  • All the Bank charges related to loan process will get debited from the customer account, i.e., Processing fee, Life Insurance & Property Insurance. All the charges are different for each bank which will be mentioned in the final offer letter & Key Fact Statement
  • Property Mortgage registration appointment will be booked by Bank Liaison Officer based on availability of all the parties
  • Upon receiving Mortgage title deed from Land Department, bank will release the funds as per agreed conditions

List of Documents

Self-Employed / Business Person:

  • KYC (Passport, Visa, Emirates ID)
  • Residence Address Proof
  • Company Institutional Documents (Trade License, MOA, AOA, Amendments, Share Certificate as applicable)
  • Last 3 years Company audited report (if applicable)
  • Last 12 Months Company Bank Statements
  • Last 6 Months Personal Bank Statements
  • Company or Personal Facility Documents if any
  • Rental Documents like Ejari, Tenancy Contract, Title Deed copy if any
  • Liability information with supporting documents

Salaried Individual:

  • KYC (Passport, Visa, Emirates ID)
  • Residence Address Proof
  • Latest Salary Certificate from Employer address to Bank
  • Last 6 Months Pay slips
  • Last 6 Months Bank Statements where salary get credited
  • Rental Documents like Ejari, Tenancy Contract, Title Deed copy if any
  • Liability information with supporting documents

We help people to get the best mortgage with best available rates and flexible terms.

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GET IN TOUCH

Office No. 2025, Sky Lobby, Burjuman Business Tower, Burjuman Mall, Dubai. U.A.E.

P.O. Box No. 50052

+971 564615253

info@finserveuae.com

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