Mortgage Rules!! mmmmm!

Not just any piece of land!!


Under the law, which could be in force within three months, mortgages will be considered null and void unless they are registered with the Dubai Land Department.

The Managing Director of Independent Finance, the best known Dubai-based mortgage advisors, said banks were unable to access details of an individual’s debts with other lenders as easily as they would like.

“Even though they have the Emcredit bureau, it is still in its infancy stage and until more people contribute towards the information base, it’s going to be difficult,” he said. In the absence of a central database of mortgages, banks rely on borrowers’ bank balances to identify existing loans and debits.

The mortgage law, which will come into effect within 60 days of being published in Dubai’s official gazette, will also introduce a process to deal with foreclosures in the event of borrowers seriously defaulting on their repayments.