The Home Loan Promissory Note is a critical document in UAE real estate financing, used when a borrower obtains a mortgage loan for residential property purchase. This document is required by UAE banking regulations to formalize the borrower's commitment to repay the loan and serves as a legally enforceable instrument under UAE federal laws. The promissory note must align with UAE Central Bank guidelines, including mortgage caps and loan-to-value ratios, and may need to incorporate Sharia-compliant structures for Islamic financing options. It contains essential information such as loan amount, payment schedule, property details, and enforcement provisions, making it a fundamental component of home financing documentation in the UAE. The document's format and content are influenced by both UAE civil law and, where applicable, Islamic banking principles, ensuring compliance with local regulatory requirements while protecting both lender and borrower interests.
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1. Promise to Pay: Primary obligation statement specifying the principal amount, interest/profit rate, and payment commitment
2. Borrower Details: Full legal name, Emirates ID, passport number, and contact details of the borrower
3. Lender Details: Full legal name and license details of the lending institution
4. Payment Terms: Detailed payment schedule, including installment amounts, due dates, and total number of payments
5. Property Details: Legal description of the mortgaged property, including title deed number and registration details
6. Default Provisions: Consequences of default and remedies available to the lender
7. Acceleration Clause: Circumstances under which the entire loan becomes immediately due and payable
8. Governing Law: Statement specifying UAE law as governing law and relevant jurisdiction
1. Islamic Finance Provisions: Required for Sharia-compliant loans, including relevant Islamic financing structure (Murabaha, Ijara, etc.)
2. Guarantor Details: Include when there is a third-party guarantor for the loan
3. Insurance Requirements: Required when specific insurance coverage is mandatory for the loan
4. Pre-payment Terms: Include when early payment options and associated fees/penalties are applicable
5. Foreign Currency Provisions: Required when loan is denominated in a currency other than AED
6. Co-borrower Details: Include when there are multiple borrowers for the same loan
1. Payment Schedule: Detailed amortization table showing all scheduled payments, including principal and interest/profit breakdown
2. Property Documentation: Copies of property title deed and registration documents
3. Borrower Identity Documents: Copies of Emirates ID, passport, and visa (if applicable)
4. Insurance Certificates: Copies of required insurance policies
5. Fee Schedule: Detailed breakdown of all applicable fees and charges
6. Terms and Conditions: Detailed terms and conditions of the loan as per UAE Central Bank requirements
Relevant legal definitions
Account
Applicable Law
Business Day
Default
Default Rate
Due Date
Emirates ID
Event of Default
Facility
Finance Documents
Financial Indebtedness
Guarantor
Home Loan
Interest Rate
Islamic Financing Rate
Lender
Loan Amount
Maturity Date
Mortgage
Payment Date
Payment Schedule
Pledged Property
Principal Amount
Profit Rate
Promise to Pay
Property
Promissory Note
Register
Repayment Schedule
Security
Security Interest
Title Deed
UAE
UAE Central Bank
UAE Land Department
Applicable Law
Business Day
Default
Default Rate
Due Date
Emirates ID
Event of Default
Facility
Finance Documents
Financial Indebtedness
Guarantor
Home Loan
Interest Rate
Islamic Financing Rate
Lender
Loan Amount
Maturity Date
Mortgage
Payment Date
Payment Schedule
Pledged Property
Principal Amount
Profit Rate
Promise to Pay
Property
Promissory Note
Register
Repayment Schedule
Security
Security Interest
Title Deed
UAE
UAE Central Bank
UAE Land Department
Clauses
Promise to Pay
Loan Amount
Interest/Profit Rate
Payment Terms
Security
Default
Acceleration
Representations and Warranties
Property Details
Assignment
Notices
Amendment
Severability
Governing Law
Jurisdiction
Force Majeure
Islamic Finance Compliance
Insurance
Registration
Enforcement
Warranties
Events of Default
Remedies
Costs and Expenses
Indemnification
Entire Agreement
Loan Amount
Interest/Profit Rate
Payment Terms
Security
Default
Acceleration
Representations and Warranties
Property Details
Assignment
Notices
Amendment
Severability
Governing Law
Jurisdiction
Force Majeure
Islamic Finance Compliance
Insurance
Registration
Enforcement
Warranties
Events of Default
Remedies
Costs and Expenses
Indemnification
Entire Agreement
Relevant Industries
Banking
Real Estate
Financial Services
Islamic Banking
Mortgage Industry
Legal Services
Property Development
Insurance
Consumer Finance
Relevant Teams
Legal
Mortgage Operations
Credit Risk
Compliance
Islamic Banking
Real Estate Finance
Documentation
Retail Banking
Property Finance
Customer Service
Relevant Roles
Mortgage Officer
Legal Counsel
Banking Operations Manager
Credit Risk Manager
Compliance Officer
Islamic Banking Specialist
Real Estate Finance Manager
Loan Officer
Property Finance Specialist
Document Control Officer
Legal Documentation Specialist
Banking Relationship Manager
Mortgage Underwriter
Real Estate Transaction Manager
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