- Review Your Agreement
- Approach Lender
- Fulfil Document Requirements
- Negotiate Terms
- Check Eligibility
- FAQs
The option to modify an approved loan in Abu Dhabi adds to the convenience of aspiring homeowners and investors. This process is usually sought to adjust the loan term for more financially feasible payments and make other associated expenses easily manageable. Modifying an approved housing loan in Abu Dhabi typically involves a few steps. Here’s a brief outline of the process.
Process to Modify An Approved Loan in Abu Dhabi
Loan services by the Abu Dhabi Housing Authority (ADHA) are designed to facilitate real estate investment in the capital. Much like all other similar processes, the application for house loan modification in Abu Dhabi involves various important steps, elaborated below.
Review Your Loan Agreement
Go through your existing loan agreement to understand the terms and conditions. This may include any clauses related to modifications or refinancing.
Contact Your Lender
Get in touch with your loan officer or the customer service department of your bank or financial institution. Explain the situation and the reasons for wanting to modify your loan. Learn all about home loans and mortgages in Abu Dhabi before contacting the intended financial institution.
Required Documents
Gather any required documentation. This might include proof of income, updated financial statements and any other documents your lender may request.
Negotiate Terms for Abu Dhabi Loan Adjustments
Be ready to negotiate the terms with your lender. They may offer different options or require additional information before approving any modifications.
Eligibility Criteria for Approved Loan Amendments
- The applicant must be a UAE resident and hold the Emirates Family Book for approved loan change request.
- He/She must be 21 years of age or older.
- The applicant must be the owner of another legally recognised and functional property in the capital city.
- Alongside the lender, ADHA must approve the request for modification or loan refinancing in Abu Dhabi.
FAQs
What is the amount of construction loan that applicant can avail of?
Applicants can obtain a loan ranging from AED 1.25k to AED 2M. This loan must be used to construct a house on either granted residential land or private property.
Which platform is used to process mortgage and loan applications in Abu Dhabi?
TAMM Abu Dhabi is the cutting edge platform that is used to process mortgage and home loan applications. The government-run platform is also used for a house of other real estate services, such as rental contracts, building permits and more.
Can an approved construction loan be changed to a house purchase loan?
Yes, an issued construction loan can be changed to a house purchase loan. This requires canceling the approved construction loan and submitting a new application for a loan to purchase a ready-to-move-in house. Additionally, the beneficiary must waive the granted residential land, provided it is free of construction, to the Abu Dhabi Housing Authority (ADHA).
This is everything you need to know about the process to modify an approved loan in Abu Dhabi. Gathering all such information is crucial before initiating the process of buying property in Abu Dhabi.
Speaking of investing in capital’s real estate, there’s a wide selection of properties for sale in Abu Dhabi. Aspiring investors and settlers can conveniently pick a property according to their requirements and budget.
For more information on loan terms modification in UAE, keep following the dubizzle property blog.
