Loan to Value for Non-Resident segment is up to 65% subject to Bank’s T&C
Income
Self Employed or Business Person:
A Business Ownership Proof from the Resident Country
Income analysis based on Personal and company bank statements average balance
Salaried Individual:
Total Income from salary: Fixed + Variable Component
Income analysis based on Personal bank statements average balance
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:
Self Employed
Loan maturity age up to 65 Years
Salaried
Loan maturity age up to 60 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 Selection
Based on approved limit by bank, customer can search & identify the property as per approved projects from the Bank.
Memorandum of Understanding / Developer SPA to be signed between buyer and seller/ Developer as per agreed buying price
Property Ownership documents copy to be shared by seller / Developer to buyer for Valuation process
04
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
05
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
Customer must have to enter in UAE to sign the offer letter in presence of bank RM
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.
06
Transfer NOC from Developer:
Buyer and Seller have to visit the developer office to apply for NOC for Transfer the property which should be address to Land Department
At the time of NOC, developer may ask for the bank offer letter copy from Buyer to create mortgage in their records
Fees to be paid for NOC as per MOU T&C
07
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
Bank will prepare Managers Cheque for the Loan Amount to complete the Property Transfer Process
Property Transfer appointment will be booked by Bank Liaison Officer based on availability of all the parties
08
Property Transfer - (Timeline 3 to 4 working days)
Buyer, Seller, Bank Liaison Officer & Real Estate Broker will visit Land Department Trustee office for the Property Transfer
All the Fees for Property Transfer and Mortgage Registration will be paid in form of Managers Cheque as per MOU T&C
Original Managers Cheques to be handed over by Buyer and / or Bank to Seller post completion of ownership transfer
Subsequently Mortgage Registration will be executed by the bank upon successful transfer of ownership in buyer’s name
Transaction will be completed upon successful Mortgage Registration acknowledged by authorized Land Department
Buyer will receive the Title Deed copy from Land Department and Original will be handed over to Bank for their custody till mortgage loan is matured or pre settled by the customer
List of Documents
Self-Employed / Business Person:
KYC (Passport, Visa, Emirates ID)
Residence Address Proof – Utility Bill
Company Institutional Documents (Trade License, MOA, AOA, Amendments, Share Certificate as applicable)
Last 6 Months Personal Bank Statements (Original with bank seal to be submitted at the time of Final Offer Letter signoff)
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 (Original with bank seal to be submitted at the time of Final Offer Letter signoff)