A property mortgage enables buyers to purchase real estate without paying the full amount upfront. Instead, the cost is spread out over time, paid in instalments, making homeownership more attainable and affordable. However, when creating a property mortgage contract in Abu Dhabi, you must register it via the government’s digital platform called TAMM.
Let’s discuss how to register and modify a property mortgage contract in Abu Dhabi via TAMM.
Register a Property Mortgage Contract in Abu Dhabi
TAMM has simplified the property mortgage registration and amendment procedures, making it easier for buyers to streamline real estate transactions. That said, before you can initiate any property-related transactions, you need to create an account on the TAMM platform.
With this service, you can initiate the registration of a mortgage or mortgage insurance. Even expats can buy property in Abu Dhabi in designated freehold areas and are eligible for a mortgage. This allows for future actions like transfers, substitutions, additions, extensions or modifications to the mortgage terms. Moreover, it also allows service users to create a pledge of title on the land or the mortgaged property.
Required Documents
There are no documents required to register a property mortgage contract in Abu Dhabi via TAMM.
Service Fees
The fee for registering a property mortgage contract via TAMM Abu Dhabi is 0.09% of the mortgage value. However, if it’s a guarantee on government housing loans, the fee is 0.5% of the mortgage value.
Process Steps
By following these steps, you can easily register your mortgage contract in Abu Dhabi via TAMM:
- Initiate your request via the TAMM platform or its mobile app (Android | iOS).
- Complete the fields and submit your request.
- Make the required payment.
- Obtain and print the payment receipt along with the certificate.
Terms of Service
The only condition for registering a property mortgage contract via TAMM is that the maximum limit for registering a mortgage is AED 1,000,000 per individual transaction.
Service Duration
It takes about 1 working day to register a property mortgage contract in Abu Dhabi via TAMM.
Now let’s discuss the process steps and fees for modifying the property registration contract via TAMM.
Modify a Property Mortgage Contract in Abu Dhabi
This service by TAMM allows users to modify a property mortgage contract in Abu Dhabi. There are no terms and conditions associated with this e-service.
Required Documents
There are no documents required to modify a property mortgage contract in Abu Dhabi via TAMM.
Service Fees
The fees for different types of modification in a property mortgage contract via TAMM are mentioned below:
- AED 50 – Modifying the mortgage contract terms without increasing the mortgage amount.
- If there’s an increase in the mortgage amount, the fee is calculated at 0.001% of the difference between the registered mortgage amount and the new amount.
- AED 900 – Replacing the mortgaged property with another property.
- AED 180 – Transferring the mortgage.
- AED 900 – Extending the payment duration within the mortgage contract.
Process Steps
By following these steps, you can easily modify your mortgage contract via TAMM Abu Dhabi:
- Log in to the TAMM portal and select ‘Modify Mortgage Contract’ from the ‘Contracts and Consultations’ section.
- Complete the required fields and submit your request.
- Print the certificate of property mortgage modification.
Service Duration
The service time for modifying a property mortgage contract via TAMM is 40 minutes.
FAQs
How much is the mortgage contract registration fee in Abu Dhabi?
The mortgage contract registration fee via TAMM Abu Dhabi is 0.09% of the total mortgage value. However, if it is a government housing loan, the fee is 0.5% of the mortgage value.
What is the service duration of registering a mortgage contract in Abu Dhabi?
It takes about 1 working day to register a property mortgage contract via TAMM Abu Dhabi.
That is all about how to register and modify a property mortgage contract in Abu Dhabi. When considering property purchases in Abu Dhabi, it’s essential to thoroughly evaluate mortgage agreement terms to make informed investment decisions. It is advised to prioritise contracts that benefit both the borrower and lender. That said, the Dubai Land Department also allows customers to amend property registration contracts in Dubai.
Furthermore, to learn more about property mortgages, here is a detailed overview of property mortgages in Abu Dhabi and Dubai.
Besides, if you haven’t yet shortlisted an ideal property to buy, explore these properties for sale in Abu Dhabi and have your ideal pick.
For more property laws and regulations in the UAE, stay tuned to the dubizzle property blog.
