Laws in the UAE will not allow nonresidents to leave the country with Debt? The Laws and the policies will block the person during the Immigration or at the clearance point of Airport.
Should you worried about your current mortgage and still you want to stop living in UAE and you want to leave UAE? Here are some discussion on the topic:
Can I Leave UAE with Mortgage?
Yes, you can move from UAE with Mortgage depends on the exact terms & conditions of your mortgage. At Dar Al Tamleek, the experts will help you take a perfect decision on this like whether you want to rent the property or you can keep the property as Holiday Home.
What do I need to do to convert my mortgage to a non-resident mortgage?
You can talk to the Bank first. May the lender is fine to adapting the simple procedure. There will be some changes in the interest rate and terms of your mortgage. It will not be a resident Mortgage. But, can a non-resident mortgage that can carry some higher interest rate and different terms.
There will be probation period to leave the UAE by the lender to protect the Lenders Money. But, with a mortgage the property is still exist as security and the bank foreclose the property and protects themselves in a way. Consequently, the rules regarding leaving UAE with secured loan like mortgage is more relaxed than with unsecured debt.
What do I tell the bank?
It is Important that, let the bank should know how you intend to keep up the payments on your mortgage.
If you wish to convert into rentals, you should calculate like, the rental income will be sufficient to cover the Mortgage and the service charge of the property in the current Market.
If the rental income does not cover the least income, then you will have to make transfers to subside these payments
You can leave the property as vacant, and you should make the mortgage payment from your Salary until you return and you should make your plans clear to the Bank and ensure that you have the fund to keep the mortgage while away.
Ultimately, the bank just want to be satisfied like you can pay the re payment without any problems
Will I be asked to settle the mortgage?
In some circumstances, the bank will tell you to pay the full amount. This will leave you with 3 options:
- Paying the remaining balance in full through your own means
- Selling the property and paying off the mortgage
- Refinancing with a non-resident mortgage through a different lender
And also, if you are settle the mortgage early. You should pay more than 3% of the remaining balance. This will be a part of you when you applied for the Mortgage.
How we will help you?
We Dar Al Tamleek have a dedicated team who are experts in dealing with Nonresident Mortgages will help you and work out what will help you.
On the off chance that you are yet to get a mortgage, at that point we can ensure you get one that is directly for your needs and any potential changes in your way of life for the future, regardless of whether that be low leave expenses or the adaptability of simple transformation to a non- residents mortgage.
Give us a call today and get the best Mortgages in Abu Dhabi, UAE.