As we know Dubai is a marvelous destination. There are luxurious lifestyle allures foreigners. Lots of people want to stay here. While Dubai has predominant purchases that is cash-based, after that the mortgages increasing and comprise a fairly large proportion of recent investment of property.
But some time, due to high inequality between the rates of interest for existing and new clients, many home loan clients are not satisfying with the high rates of interest, but they are compelled to pay the interest. But when the banks began partiality between you and its new clients, then it is right time for you to transfer existing mortgages to another bank on a low rate of interest.
How To Transfer Mortgage To Another Bank
- Visit to the bank’s website.
- Need to check all the terms and conditions with the rate of interest and processing fee.
- If you are agreed with the schemes, you need to apply for balance transfer.
- You would need to fill in your required fields involving your name, type of property, tenure of the current loan, and the name of the bank.
- After completion, you can see your loan offer.
- Make payment of all the necessary charges and need to upload your all-required documents.
- You need to complete your application and wait for the approval.
Process To Transfer Your Mortgage
- Get all the essential documents that required to transfer mortgage from current bank.
- Obtain a letter of consent from the existing bank with the outstanding amount of loan.
- Provide all these necessary documents to new bank whom you want to transfer the mortgage.
- The new lender would make payment of the balance because of your old lender.
- Later, your old loan account would be closed, which means that all the payments for the loan would have to be paid to the new bank.
- All the documents of property would be handed over to the new bank, after the completion of transferring.
- ID proof
- Proof or address
- Documents related to existing loan
- Salary slips of last three months
- Bank statements of last six months
- Balance sheet and profit and loss statements of last three years
- Passport size photo
Why You Need To Transfer Your Mortgage
- When you refinancing your mortgage, the rate of interest on your mortgage can be reduced.
- Either your EMI would be reduced and your tenure would remain the similar, or your tenure would be shortened and your EMI would be remaining the same.
- This will reduce the overall cost of the mortgage.
After refinancing a mortgage, you should always keep in mind the processing fee and the remaining transfer charges.