The Dubai Land and Property Department stated that if the land project land is mortgaged by a worker bank in the UAE, it is required for buyers and real estate investors to provide a “no objection” message issued by the bank concerned, to obtain financing facilities for the real estate unit in the same project.
And “Dubai Land”, in a recent circular, said that in the context of seeking to develop and improve services related to real estate actions, and in order to develop procedures and enhance the efficiency of services, amendments were made to all real estate actions related to the lands mortgaged projects after completing the construction in the project.
She pointed to two factors, the first of which is that the real estate unit will not be restricted for the purpose of the mortgage, if the project land is mortgaged, and the second worker must submit a “no objection” message issued by the relevant bank.
And “Dubai Land” explained that in the event that the certificate is not submitted from the current/current party, the department can proceed with the procedures based on an acknowledgment of the “developer” that proves that the bank has been contacted, and the response has not been received within seven days.
And “Dubai Land” stressed that these amendments aim to facilitate the procedures for real estate developers, which contributes to accelerating the completion of transactions, and banks and banks also give flexibility in the management of mortgages, and to provide a more clear financing process for investors, in order to support confidence and sustainability of the real estate market.
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