Home / FAQs / Mortgages
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Mortgages |
- What is a Mortgage?
- Why do I need to register the mortgage of my property with Emaar Properties?
- How does the documentation provided to the Lender of the mortgage loan differ in nature?
- What documents do I need to provide to Emaar in order to register my mortgage?
- When and where can a mortgage be registered at Emaar Properties?
- Why do I need to pay a mortgage registration fee?
- What do I need to do in case my property was previously financed and I need to change my lender?
- What documents do I need for registering the Discharge of Mortgage and Charge?
- Do I need to register my mortgage at the Lands Department as well?
- Can I send my representative to complete the necessary documentation for the Registration of Mortgage and Charge of my property?
- How many days does it take for the registration of mortgage and charge to be processed?
- Can I transfer my property if it is mortgaged?
- Is it essential to avail of life insurance when buying a freehold property with Emaar Properties?
What is a Mortgage?
A loan in which the borrower puts up the title/property documents to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.
Why do I need to register the mortgage of my property with Emaar Properties?
Emaar Properties will register the mortgage over any of its properties at the request of the purchaser of the property in its Property Register to protect the interest of the Bank in the said property. Emaar will also issue an undertaking letter / Consent to Mortgage and Charge / Sale Addendum to this effect. However, Emaar’s undertaking expires in the event of completing the title deed registration or full repayment of the loan, whichever is earlier.
How does the documentation provided to the Lender of the mortgage loan differ in nature?
The documentation provided to the Banks differs on the basis whether the Lender is a Bank or an Islamic Financial institution.
What documents do I need to provide to Emaar in order to register my mortgage?
- Copy Loan Approval letter from Bank / Financial Institution
- Copy passports of owners of property along with originals for verification
- Where the owner of the property is a Company, the Certificate of Incorporation / Trade Licence, Board Resolution authorizing representative to transact on behalf of the Company
- Receipt of AED 3,000 which is the mortgage registration fee
- Copy Agreement vetted by the concerned Bank / Financial Institution
- Application Form for Registration of Mortgage / Charge to be filled in at Property Transfer Department
When and where can a mortgage be registered at Emaar Properties?
An appointment needs to be taken by calling 800 EMAAR (36227) local toll free within UAE or +97 14 366 1688 or visiting Customer Service Centre and making an appointment. On the day of the appointment, the concerned Property Transfer executive will assist you in completing all the necessary forms and processing the registration of the mortgage.
Why do I need to pay a mortgage registration fee?
A nominal fee of AED 3,000 is charged for registration of the mortgage with Emaar to cover all administrative costs. Emaar also provides an undertaking to the Bank / Financial Institution to protect the interest of the Bank / Financial Institution in the mortgaged property.
What do I need to do in case my property was previously financed and I need to change my lender?
You would need to attend the Property Transfer Department and register the Discharge of the Mortgage / Charge over the property and register the new Mortgage / Charge.
What documents do I need for registering the Discharge of Mortgage and Charge?
- Application for Registration of Discharge of Mortgage and Charge
- Receipt of AED 1,000 as administrative charge.
Do I need to register my mortgage at the Lands Department as well?
Please visit our property registration section, click here
Can I send my representative to complete the necessary documentation for the Registration of Mortgage and Charge of my property?
Yes, provided the concerned representative has a notarized and legalized Power of Attorney from all the owners of the said property.
How many days does it take for the registration of mortgage and charge to be processed?
It takes anywhere from 2 to 3 working days for the registration to be processed.
Can I transfer my property if it is mortgaged?
The Purchaser will have to provide a ‘No objection’ letter from the financier regarding settlement of all dues towards the property to initiate the transfer.
Is it essential to avail of life insurance when buying a freehold property with Emaar Properties?
No, Emaar does not require life insurance from any of its Purchasers. However, if any of our Purchasers are availing of a mortgage loan facility from a Bank / Financial Institution, they may require life insurance.
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