This service allows the registration of an Security or possessory mortgage on lands, buildings, and real estate units in Request to preserve rights, this service is requested based on a previous requirement of banks and financial financing donors to ensure that the entity's right to recover the value of the mortgaged amount is preserved.
This service includes the following cases:
Issuance of a new mortgage contract.
Amendment of an existing mortgage contract, including an amendment to the terms of the mortgage contract, such as adding terms or an amendment to the mortgage term and amount.
Cancel the mortgage contract and lift the mortgage signal on the mortgaged property.
Usufruct Right Contract: It is a long-term investment contract between the owner and the Usufruct to invest land, buildings and real estate units for a period not exceeding 50 years, during which the Usufruct has the right to dispose of the property according to the terms agreed upon in the Usufruct contract.
How Long Will It Take? 15 minutes.
What Will You Get? Mortgage Contract.
How Do You Apply?
The mortgagee (owner) and the mortgagee's representative (bank representative) must attend the municipality headquarters and go to the employee of the mortgage department at the Customer Happiness Center.
Submit the required documents to the concerned employee (bank letter or program approval, plan, IDs, document, if any) to be checked and submit the application.
The signature of the current (owner) and the mortgagee (the bank's authorized representative to sign), and after taking the signature, the application is sent for approval by the head of the department.
Pay the service fees through the ATMs in the Customer Happiness Center, the website or the mRAK smart app.
Receipt of the approved mortgage contract (two copies) for the customer and the bank's representative.
How Much Will You Pay?
Mortgage Contract Registration Fees | 0.001 of the value of the mortgage contract | |
Mortgage Contract Amendment Fees | AED 200 + 0.001 of the previous contract increase | |
Mortgage Release Fees | AED 200 | |
Area Fees | 2% of the total value of the Usufruct contract | |
What Documents Do You Need?
# | Document | Detail |
|---|---|---|
1 | Emirates ID | Emirates ID card of the contracting parties or their legal representative |
2 | Land Ownership | Land Ownership (for Owned Land Cases) |
3 | Land Plan | |
4 | Official Message | Official letter from the mortgagee |
What Terms and Limitations Apply?
Terms :
The presence of the current person or his representative by an official power of attorney.
Present the Emirates ID and the required documents.
There are no restrictions on the document or Parcel to be mortgaged.
Services Link
Note: This service is only provided through Customer Happiness Center.
FAQ
What is the purpose of the security or possessory mortgage service?
This service allows the registration of a security or possessory mortgage on lands, buildings, and real estate units to preserve rights, ensuring that the entity's right to recover the value of the mortgaged amount is maintained.
What types of cases does this service cover?
The service includes issuance of a new mortgage contract, amendment of an existing mortgage contract, cancellation of a mortgage contract, and usufruct right contracts.
How long does it take to complete the mortgage registration process?
The process takes approximately 15 minutes.
What documents are required to apply for a mortgage?
You need an Emirates ID, land ownership documents, a land plan, and an official message from the mortgagee.
What are the fees associated with mortgage services?
The fees include 0.001 of the mortgage contract value for registration, AED 200 plus 0.001 of the previous contract increase for amendments, AED 200 for release, and 2% of the total value of the usufruct contract.
Do both the owner and the bank representative need to be present for the application?
Yes, both the mortgagee (owner) and the mortgagee's representative (bank representative) must attend the municipality headquarters.
Is there a limit on the duration of a usufruct right contract?
Yes, the usufruct right contract can last for a period not exceeding 50 years.
Can I apply for this service online?
No, this service is only provided through the Customer Happiness Center.
What happens if I want to cancel my mortgage contract?
You can request to cancel the mortgage contract and lift the mortgage signal on the mortgaged property.