Portfolio Consolidation

Loan To Value - LTV

Under Portfolio Consolidation, there could be multiple type of properties hence different LTV applies for different properties as per Bank policy and process.

Below are the standard approved LTV for one or more properties.

Up to AED 5 Mio property value:

Loan to Value (LTV) up to 85% for UAE National & up to 80% for UAE Resident on the first Mortgage

More than AED 5 Mio property value:

Loan to Value (LTV) up to 70% for UAE National & up to 65% for UAE Resident on the first Mortgage

Subsequent Mortgage:

LTV is Up to 65% for UAE National & up to 60% for UAE Resident

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

  • DBR allowed maximum 50% of your income, considering your existing Liabilities and new mortgage installment (EMI)
  • Existing Liabilities like, Credit Card limits, Auto Loans, Personal Loans, Mortgage Loan or any other loans get 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

Liability Letter from Existing Mortgage Bank - (Timeline 7 to 10 working days)

  • Customer has to arrange Liability Letter from the existing mortgage bank address to the New Bank.

06

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
  • Managers Cheque will get prepared as per provided Liability Letter from existing mortgage bank.
  • Bank Representative will visit liability letter issuance bank to submit the Managers cheque. Customer might require to visit his existing bank as per requirement at the time of settlement
  • New Mortgage Bank will wait for confirmation from settlement bank to release the original Title Deed.
  • Property Transfer appointment will be booked by Bank Liaison Officer based on availability of all the parties

07

Mortgage Registration

  • Customer and Bank Liaison Officer will visit Land Department office to discharge the existing mortgage and to create new mortgage on the same.
  • All the Fees towards Land Department to be paid by the customer
  • Transaction will be END upon completion of Mortgage Registration received from Land Department
  • Customer will receive New Title Deed copy from Land Department and Original will be handed over to Bank for their custody till mortgage get finished or settled by the customer

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

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