Questions & Answers
The legal procedure of applying for a joint bank loan
Hi,
I am planning to buy a property in Dubai.
I would like to add my wife and brother as co-owners for the property. My wife and brother are employed and I am self-employed for the past four years.
I would like to know what are my options for applying for a Home Mortgage in this scenario.
Can we apply together for a mortgage from the bank or would it be ideal for two salaried people which is my wife and brother to apply for a mortgage?
Hello.
If the co-owners of the property apply for a bank loan jointly, each of them will be liable to pay. Their shares in the property will be collateral in this case.
If one of the co-owners of the property is not a joint-applicant in the loan, he may argue that his part of the property can not be attached in case of any default in payments.
However, you need to approach banks for a pre-approval procedure first.
Hope it helps.
Dear Questioner,
Kindly be noted that you can do the mortgage jointly and we can help you to arrange that deal by providing you with the legal advice before signing any document.
For more details, kindly contact us.
