THE PROCESS

At 4C, we follow a meticulously structured approach in facilitating your mortgage. To get the ball rolling, we strongly recommend that our clients should avail Pre Approval of Mortgage Finance before finalising their property. Our process is explained below in brief.

Please click on the steps for more information.

STEP 01

Understanding our Client's Need.

Free preliminary telephonic consultation where the Client interacts with the 4C Mortgage Relationship Manager to discusses the finance requirement, client's existing economic position and potentials of mortgage.

The 4C Mortgage Relationship Manager works on the statistics provided by the Customer and counsels on the possibility of obtaining required mortgage amount.

Costs involved and further processes are discussed in brief.

The Pre-Approval Documentation requirement is advised to the Client.

STEP 03

Submission of Documents.

Once the bank is identified and bank forms are duly filled and signed by the applicant, our Relationship Manager takes it to the bank representative and briefs them about the case requirements and henceforth submit the request for pre-approval.

However, if the client has already shortlisted the property we can propose the case as final approval along with property documents.

STEP 05

Property Identification.

Applicant identifies the property and before signing the property purchase MOU, we request to share the MOU draft with us to ensure, you are adequately protected in reference to your mortgage finance commitments to the property seller. We also recommend that you should obtain the copies of property title deed, Sale Purchase Agreement or Form F, floor plan, tenancy contracts, etc. at this stage.

STEP 07

Final Offer Letter.

Upon receiving the valuation report bank initiates the final approval and if any pre-approval conditions are there, it would need to completed at this stage. Thereafter, the bank issues the final offer letter, which is reviewed jointly by 4C Mortgage Manager and the Client. Once accepted, applicant signs the required bank documentation.

STEP 09

No Objection Certificate Requested.

After ensuring that all the documents are in order, the bank requests for the Developer NOC. This is done by both buyer and seller, usually the real estate agents arrange this letter from the developer office.

STEP 11

Key and document handover.

After the Land Department transfer, the funds are released by bank to the seller through the manager’s cheque. The buyer receives the key and collects other access cards if available from the seller and copy of the title deed from the land department. The original title deed is kept with the bank.

STEP 02

Document Collection & Review.

The Documentation provided by the Client is reviewed by the 4C Mortgage Relationship Manager to process the case. If any clarifications are required, they are sought from the Client. This is very critical step to avoid any subsequent delays during the approval stage at the bank's end.

To take the process further, the best possible product parameters are explored, pricing is advised and the choices are discussed for shortlisting the ideal bank or financial institution.

A nominal Pre-Approval Fee is collected (if required by the bank) at this stage which is usually adjusted against the subsequent final approval.

STEP 04

Bank issues the Pre-Approval.

Once the document reviewed by the bank and all the clarification is duly submitted, the pre-approval letter is issued in the applicant’s name with the approved loan amount, interest rate and tenure. Also, it may have few prerequisite conditions to fulfill prior to final approval. This pre-approval letter is valid for 30-90 days depending upon the bank guidelines.

STEP 06

Property Evaluation.

Bank allocates an approved property appraisal for the property evaluation. The valuation agency team would arrange an appointment with you or the concerned person to physically access the unit. Usually valuation report is submitted within 2 to 3 working days to the bank. The evaluation fee varies from AED 2500-Dh 3000 plus applicable taxes.

STEP 08

Medical Test

The Client is advised of the medical test requirements, if any, for life insurance cover. This is mostly applicable wherein the finance amount is high and insurance provider would like to know the current medical conditions of the client before underwriting the policy.

STEP 10

Property transfer

The transfer of the property is scheduled by the bank representative at the Land Department trustee offices across Dubai, for other emirates the transfer happens either at developer office or respective Land department of the emirates.