View Branded PDF Report Download as PDF Email Branded PDF

---

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 the probation period, Gross monthly salary, Salary breakdown, Annual bonus, Current residence in the UAE, Name of authorized 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)
• Signed MOU (not required for pre-approval)

---

• 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 of the desired property
• Signed MOU
• Proof of existing lender and the amount outstanding usually a settlement letter which requires an additional letter from Buyers bank authorizing them to pay the balance and retain any documents pending transfer
• NOC
• NOC fee
• Mortgage discharge fee (if not already covered by the lender)

---

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.)

---

• 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 of the desired property
• Proof of existing lender and the amount outstanding usually a settlement letter which requires an additional letter from Buyers bank authorizing them to pay the balance and retain any documents pending transfer
• NOC
• NOC fee
• Mortgage discharge fee (if not already covered by the lender)

Note: This is the general list of documents that banks require with an application for a Home Loan. Your Bank may need more or different documents other than those mentioned in the list above.

---

Step 1: The first step is to take a pre-approval from the bank

The documents required are:

• Passport copy and visa page
• Salary certificate addressed to the bank
• Latest six months' bank statements for the personal account
• Details of all liabilities
• Copy of title deed with floor plan
• The bank issues a pre-approval letter in three to five working days.

Step 2: Sign a Memorandum of Understanding (MoU) with the seller

The buyer and the seller along with their respective agents sign a MoU, which states the time for completing the property transfer. The buyer generally issues a 10 percent down payment check in the name of the seller that is held by the seller's agent. It is cashed only if the buyer backs out of the deal.

Step 3: Apply to get the final approval letter from the bank

The buyer then needs to send the following documents to the bank to obtain a final approval letter:

• Passport copy of the seller
• Signed MoU along with the receipt of deposit check given to the seller

Step 4: Issue a check for valuation fee

• The final mortgage approval letter is issued after the bank receives the valuation report. The process takes five working days.
• The buyer will have to hand over three to four undated monthly installments as security checks along with one check totaling the value of the property.
• The bank will also open a savings account for the mortgagor from where it will debit the EMIs every month.

Step 5: NoC from the Developer (if not buying from a Developer, skip to step 6)

• Most of the developers now want the buyer to provide them with a no-objection certificate (NoC) to the developer for title transfer and mortgage registration from the bank.
• The buyer also needs to fill up a 'know your customer' form.
• Following the submission of the above two documents, both the seller and buyer have gone to the developer's office to apply for the NoC. After the seller pays off all his pending service charge dues, the developer issues a NoC. Generally, NoC's are valid for 10 working days.

Step 6: DLD appointment for registering transfer

• Once the NoC is issued, it is up to the bank/agent to seek an appointment at Dubai Land Department (DLD) office for registering the transfer.
• Down Payment - The buyer will have to either take out a manager's check for the down payment amount or deposit the money in the bank account, authorizing the bank to arrange for a manager's check. The fee for issuing the check is Dh30.
• Registration Fee - The buyer will also have to take out a manager's check of 4 per cent of contract value plus Dh315 as registration fee. He has the option to pay 0.25 percent of the mortgage amount as a mortgage registration fee in cash. Both, the buyer and the seller have to be present at the DLD office at the scheduled day and time. After the officials verify all documents and the buyer hands over the registration fee check and mortgage registration charge, the buyer and seller sign the official document of the transfer.
• The title deed is issued by the bank holding the original and handing over the attested copy to the buyer.
• Finally, the buyer pays the agent's commission.
• Disclaimer: This is the general list of documents that banks require with an application for a Home Loan. Your Bank may need more or different documents other than those mentioned in the list above.

---

This content is copyrighted. Unauthorized use and/or duplication of this material is strictly prohibited.