Questions & Answers
Letter required for property loan clearance
I own an apartment in Dubai and on the Title Deed I have my name and that of my daughter who is a minor. I have approached a bank for an equity release against the apt and the bank has asked me to get a court permission allowing me to get the loan since there is a minor.
I have approached the personal status court and the judge asked me to prepare a personal statement of my position, etc and to include the reason why I need the money and what I plan to do with the money.
On the personal statement I put “The purpose that I am applying for this loan is because I would like to use the money towards the continued education of my daughter as she attends university in the United States to obtain a Bachelor’s degree which takes 4 years and part of the application process is to show proof of funds in order to pay for university as a pre-requisite in the application process.”
My question is my reasoning ok for the Personal Status Court or should I put something else on my personal statement?
Dear Sir,
I hope you are doing well. Pursuant to your query, as the property is registered under the joint names, the letter from the court is required stating the reason for such use. The sole objective in the eyes of the court is the benefit of the minor.
If the letter stipulates and shows the reason convincing enough for the court to agree that loan is only to be taken for the benefit of the minor, than there will be no problem in it. Further, the reason mentioned by you is complete in all material aspect and nothing more is to be added.
Should you need any further assistance/clarification, you may contact us at info@awsuwaidi-advocates.com or you may call us at 045547635.
Regards,
Aws M. Younis
