Service Description:

• Mortgage Transfer

Transferring mortgage rights from one party to another or one bank to another based on the mortgagers’ request.

• Terminating a Mortgage

This procedure changes the condition of the mortgaged land or property in the Land Department’s registrar.

• Extending Mortgage Period

Mortgage extension registered in agreement with the mortgager.

Documents Required:

• Mortgage Transfer:

• Original Title Deed.
• Original current mortgage contract.
• Original letter from the mortgage holder requesting end of mortgage.
• Letter from the new mortgage holder.

• Terminating a Mortgage:

• Original Title Deed.
• Original letter from the mortgage holder requesting end of mortgage.
• Original mortgage contract.

• Extending Mortgage Period:

• Original mortgage contract.
• Letter from the mortgage holder stating extension of mortgage period.

• Mortgage Transfer Fees

Total fees charged as follows:

• 0.25% (maximum AED1,500,000) in the event of transferring mortgage, usually between banks during early registration.
• If the mortgage is older than six months it is considered a new mortgage, i.e. the old mortgage must be terminated prior and AED1000 charged for registering the new mortgage.
• AED10 for knowledge fees.

• Terminating a Mortgage Fees

• AED1000 fee for terminating a mortgage upon receiving the mortgage termination message from the bank + AED10 for knowledge fees.

• Extending Mortgage Period Fees

Total fees charged as follows:

• AED1000 upon receiving bank payment extension letter provided the mortgage value is preserved. If the mortgage value is changed, fees are calculated as follows:
• 0.25% from the increased mortgage value not exceeding AED1500000 + AED10 for knowledge fees.
• AED1000 for registering the new payment period + AED10 for knowledge fees.

Last Update: 19 April 2009