Mortgage Processing and Checklist

Reason behind Dubai Mortgage Processing Checklist

            It is the complicated decision for you whether to buy or not to buy a property in Dubai or in UAE. Probably, you may have many questions in mind, such as:

  • When is the good time to buy property in Dubai?
  • Where is the best place to buy property in Dubai?
  • What is needed to buy property in Dubai? Or
  • How do i get the best mortgage in Dubai?

The team of In-House Mortgage Services is there to help you. For this purpose, we have developed the Dubai mortgage checklist and process which in turn provide assistance at every step of mortgage services. Mortgage processing checklist is very imperative as it ensures our team that lenders requirement are met according to their concerns. Mortgage processing checklist is the term that covers each and every step of borrower’s mortgage.

In short, mortgage processing checklist provide assistance to both, mortgage lender and loan processor, in order to stay organized and moves the mortgage process quickly and sophistically. Considering above aspects, In-House Mortgage Services follow proper Dubai mortgage processing checklist. In order to begin the mortgage process, we initially understand all of the relevant information about our clients. This is done during a confidential phone call from one of our consultants. They gather the comprehensive information about your financial situation, your property, the deposit that you have available, and other personal information that may be required to process your mortgage. However, it is imperative to gather the accurate information, as it will support your mortgage application.

Following are the common list of documents that will be required for mortgage application. You should prepare these documents in advance in order to save lot of time.

Employed

  • Buyer

    • Passport copies with visa page visible
    • Salary certificate in original format
    • Address To Whom It May Concern for initial approval. May require additional addressed to bank in future. (Must contain the following): Current date, Employee Name, Passport number and nationality, Designation, Date of joining company, Confirmation of probation period, Gross monthly salary, Salary breakdown, Annual bonus, Current residence in UAE, Name of authorised signatory, Company stamp.
    • 6 months payslips if applicable
    • 6 months bank statements (internet copies will be suffice for initial approval)
    • Last 3 months credit card statements
    • Copy of current DEWA or ADEWA bill
    • Copy of tenancy contract
    • Copy of existing finance agreements (car/personal)
    • Valuation fee (AED 2,500 – AED 3,000)
    • Processing fee (AED 3,500 upfront and deducted from the final amount)
    • Signed MOU (not required for pre-approval)
  • Seller

    • Passport copies
    • POA copies in Arabic and English if required
    • POA passport copies
    • Copy of title deed or original PSA if not yet registered
    • Floor plans for desired property
    • Signed MOU
    • Proof of existing lender and amount outstanding usually a settlement letter which requires an additional letter from Buyers bank authorising them to pay the balance and retain any documents pending transfer
    • NOC
    • NOC fee
    • Mortgage discharge fee (if not already covered by the lender)

Self-Employed

  • Buyer

    • Passport copies with visa page visible
    • Memorandum and Articles of Association (Copy)
    • Trade License (Copy)
    • 3 years audited accounts
    • 1 years company bank statements (copy)
    • 6 months personal bank statements (copy)
    • Last 3 months credit card statements
    • Copy of current DEWA or ADEWA bill
    • Copy of tenancy contract / title deed
    • Copy of existing finance agreements personal
    • Copy of existing finance agreements business (LC’s, credit facilities, etc)
  • Seller

    • Passport copies
    • POA copies in Arabic and English if required
    • POA passport copies
    • Copy of title deed or original PSA if not yet registered
    • Floor plans for desired property
    • Proof of existing lender and amount outstanding usually a settlement letter which requires an additional letter from Buyers bank authorising them to pay the balance and retain any documents pending transfer
    • NOC
    • NOC fee
    • Mortgage discharge fee (if not already covered by the lender)

This is the general list that is required from each customer; however the above mortgage checklist and process may vary from customer to customer. Our team may require other document according to the need and requirement.

 

How You Can Get the Best Mortgage Deals through Mortgage Process and Checklist in Dubai

            With so many mortgage companies in Dubai and in UAE, it is easy to select the perfect property without any distractions. However, before you proceed with your new home, you should have to pay attention on the Dubai mortgage processing checklist. Although mortgage market in Dubai is vast, therefore, it is worth to pay attention on the best deal that are available at afford able price. Thus, the perfect mortgage deal will depend on two important factors i.e. time and money. Different mortgage lenders have different criteria as well as diverse mortgage processing checklist. These process and checklist will not only swallow your cost but also take lot of time.

            Comparatively, our mortgage processing checklist is simple and easy to understand. Through effective use of these mortgage documents, you can easily get the best mortgage deal in Dubai and in UAE. For the mortgage purpose, you only have to submit necessary documents that fulfil our guidelines and help our mortgage advisors at every step of mortgage process. If you are a first time borrower, our mortgage advisor may want to get complete information regarding your profession and business. You can also contact us to get a better understanding of our mortgage processes and services in Dubai.

            Not only our mortgage consultant team but also our mortgage processing checklist is unique and up to date. We fulfil each requirement of mortgage industry and run our business practices according to the code of conduct and ethics. Therefore, we are known as the outstanding and exceptional mortgage service provider in Dubai and in UAE.