Request Property Mortgage Modification

Description

The bank, owner, or POA can initiate this service on DARI. Through this service, you can modify a property mortgage on land/unit such as the contract amount, duration, or terms.

Required Documents

• Mortgage Contract (Uploaded by the bank maker modification).

• Mortgage Release Letter (Uploaded by the bank maker release).

Business rules

• The owner, POA, and property should not have any blocks.
• Valid EID (for UAE residents).
• Valid passport (for non-UAE residents).
• Valid trade license (for companies).
• Users cannot modify the mortgage degree if there is another active contract of the same degree, but they have the option to swap them.
• Users can make modifications to multiple contracts with different shares related to a single property. The modification will be specific to the modified shares.
• This service applies to NHL mortgage contracts.
• The contract details that can be modified through this service are:
• Users can remove certain properties to be released.
• Mortgage amount: A valuation company is required.
• Mortgage duration: only the end date can be modified.
• Mortgage type: Users cannot change from possessory to insurance mortgages and vice versa.
• Terms of contract.
• The permissions for the modification bank maker differ from those of the registration bank maker and the release bank maker.
• The modification bank checker differs from the release bank checker.

Service Fees

Request Property Mortgage Modification Fees:

If the new mortgage amount is more than the old one = 0.09% of the difference between the two amounts

If the new mortgage amount is less than the old one = AED 50

Modify Mortgage Degree = AED 180

Modify Contract Duration = AED 900

Modify the terms of the contract = AED 50

If there is a property mortgage release = 900 AED per property

• Electronic Administrative Services Allowance Fees= AED 150 (excl. VAT 5%)

Application journey

• Start the application through the available channels.
• Select the contract.
• Upload any required documents.
• Submit the application.
• The application will be forwarded to the designated parties for approval.
• Pay any applicable fees.
• Download the contract and payment receipt

Payment methods

• Dari wallet
• Credit/Debit card

Service channels

• Dari Website
• Dari APP

Service Output

• Mortgage modification without mortgage release:
• Payment Receipt.
• Mortgage Modification Certificate.
• Title Deed.
• Mortgage modification with mortgage release:
• Payment Receipt.
• Mortgage Modification Certificate.
• Mortgage Release Certificate
• Title Deed.
• Note: In case the ownership type is Musataha, Usufruct, or Off-plan, the Title Deed will not be issued.