How to apply for mortgage termination in Dubai
The mortgage system has played a significant role in growing Dubai’s real estate sector. Mortgages are generally long term commitments, however, at times one may have to opt out due to unforeseen circumstances. If you are facing such a situation, read on as we discuss how you can request mortgage termination in Dubai.
THE PROCESS FOR MORTGAGE TERMINATION IN DUBAI
Many expats who foresee a long term future in Dubai opt to buy mortgaged properties. However, if circumstances change and they intend to return home, one will have to apply for mortgage termination in Dubai. The reasons for termination can be different, but the process remains the same.
Dubai Land Department (DLD) is the governing body that regulates the real estate market in the emirate. The process for mortgage termination also comes under the DLD. The initial step to start the mortgage termination in Dubai procedure is to gather the documents.
REQUIRED DOCUMENTS FOR MORTGAGE TERMINATION IN DUBAI
There are two ways to apply for Termination. If applying online via the bank, you would require your Emirates ID. Those applying via the Real Estate Registration Trustees offices would need the Emirates ID card and the letter from the bank for mortgage termination.
Procedure for Requesting Mortgage Termination
A customer can submit the request electronically with the bank or by visiting any real estate trustees’ offices. The service time usually takes 20 – 25 minutes. Read on to find out the complete process of mortgage termination.
STEPS TO APPLY FOR MORTGAGE TERMINATION IN DUBAI VIA BANK
Visit the bank and submit the relevant documents. A bank employee will fill in the details via the DLD Document Vault into the e-mortgage system. Next, the bank auditor will go through an audit process and subsequently, the transaction is transmitted to DLD for review. The bank’s account is debited for DLD’s fees.
The final result of the termination process is emailed to the applicant.
MORTGAGE TERMINATION IN DUBAI PROCEDURE VIA SERVICE CENTRE
To apply for termination, visit a Real Estate Trustees’ office. The first step would be to submit the documents to an employee. Once your data is entered and verified, the applicant has to pay mortgage termination in Dubai fees. The final result of the application is sent via email.
Once the entire process is complete, the applicant receives the Letter of mortgage termination, title deed and balance fees.
MORTGAGE TERMINATION IN DUBAI FEES
Here is the fee you would have to pay in case of termination.
- Mortgage removal: AED 1,000
- Issuance of a Certificate of Title / Title deed: AED 250
- Knowledge fee: AED 10
- Innovation fee: AED 10
- Service partners fees: AED 300 + VAT
Mortgage Termination in Dubai payment methods include:
- Epay
- Sadad Dubai platform
- Noqodi
- Manager’s check in favour of the Land Department
FAQs
HOW LONG IS THE SERVICE DURATION?
Once the documents and the application has been verified, the process takes less than half an hour.
WHICH TYPES OF MORTGAGES LOANS IN DUBAI CAN I OPT FOR?
Here is the list of mortgage loan types available in Dubai.
That concludes our look at the process of termination. The process is straightforward and all you need to do is visit the Service Centre or your bank with the relevant documents. If you are not living in Dubai, here’s our guide on non-resident mortgage loan in Dubai.
