Font Size

- Aa +

Mon 27 Aug 2018 10:20 AM

Font Size

- Aa +

UAE becomes first country to offer global e-mortgage services

In May this year, Dubai Land Department (DLD) announced plans for the Real Estate Self Transaction (REST), a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime

UAE becomes first country to offer global e-mortgage services

Abu Dhabi City Municipality (ADM) and Abu Dhabi Islamic Bank (ADIB) have collaborated to launch the first global digital mortgage certificate, making the UAE the first in the world to offer online real estate services through a smart services hub.

The move is part of the UAE government’s plan to raise the standard of its services and match international norms, according to Emirates News Agency WAM.

Eisa Omair Al Mansouri, Head of Lands and Real Estate Sector at ADM, said the municipality has fitted the system with highly secure and protective systems to sustain confidentiality and information privacy.

Once registered, the client can smoothly log into the system and process transactions in a highly secure manner, he said.

So far, ADM has attracted six leading banks as partners in the system, while calling for more to join.

The e-mortgage system can also be used for housing loans, commercial funding, security mortgage, mortgage redemption and others.

In May this year, the Dubai Land Department (DLD) announced plans for the Real Estate Self Transaction (REST), a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime.

The new platform, part of DLD's contribution to the Dubai 10X initiative, enables the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures.

The project will be fully developed by the first quarter of 2020, and will cover all real estate transactions such as buying and selling as well as real estate market services including mortgage.