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House Loan Contract

House Loan Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

House Loan Contract

I need a House Loan Contract for a completed villa in Dubai, UAE, with a conventional loan amount of AED 5 million, with disbursement scheduled for March 2025, including standard security provisions and property insurance requirements.

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Document background
The House Loan Contract is a fundamental document in UAE property financing, essential for both conventional and Islamic banking transactions. It is used when an individual or entity seeks financing to purchase residential property in the UAE, whether completed or under construction. The contract must comply with UAE Federal Law No. 14 of 2018 (UAE Central Bank Law), relevant emirate-specific property laws, and UAE Central Bank Mortgage Regulations. It contains comprehensive details about the loan facility, including amount, term, profit/interest rate, payment schedules, and security arrangements. The document also establishes the mortgage over the property and includes various protections for both the financial institution and the borrower. For properties in specific emirates like Dubai or Abu Dhabi, additional local property laws and regulations are incorporated into the contract structure.
Suggested Sections

1. Parties: Identification of the Lender (Bank/Financial Institution) and Borrower with full legal names and details

2. Background: Context of the loan agreement, including purpose of the loan and property details

3. Definitions: Detailed definitions of terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the loan amount, currency, and confirmation of house purchase purpose

5. Interest Rate/Profit Rate: Details of applicable interest or profit rate (for Islamic financing), calculation method, and variation terms

6. Term and Repayment: Loan duration, repayment schedule, and payment mechanisms

7. Security and Mortgage: Details of the mortgage security over the property and registration requirements

8. Borrower's Representations and Warranties: Confirmations and guarantees provided by the borrower regarding their status and ability to enter into the agreement

9. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance and insurance requirements

10. Events of Default: Circumstances constituting default and consequences thereof

11. Bank's Rights and Remedies: Actions the bank can take in case of default or breach

12. Insurance Requirements: Mandatory insurance coverage for the property and loan

13. Fees and Expenses: All applicable fees, charges, and cost allocations

14. Governing Law and Jurisdiction: Confirmation of UAE law application and relevant court jurisdiction

Optional Sections

1. Islamic Finance Provisions: Required if the loan is Sharia-compliant, including specific Islamic financing structures and terminology

2. Guarantor Provisions: Required if there is a third-party guarantor for the loan

3. Property Under Construction: Required for properties not yet completed, including construction-specific terms and conditions

4. Foreign National Provisions: Additional requirements and conditions for non-UAE resident borrowers

5. Co-Borrower Provisions: Required when there are multiple borrowers for the same loan

6. Early Settlement Terms: Detailed terms for early loan repayment if different from standard terms

7. Variable Rate Provisions: Required if the loan has a variable rate structure instead of fixed rate

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including title details and location

2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing payment dates and amounts

3. Schedule 3 - Fees Schedule: Comprehensive list of all applicable fees and charges

4. Schedule 4 - Insurance Requirements: Detailed specifications for required insurance coverage

5. Schedule 5 - Security Documents: List of all security documents required and their status

6. Appendix A - Required Documents: Checklist of all documents required from the borrower

7. Appendix B - Property Valuation Report: Summary or reference to the official property valuation

8. Appendix C - Direct Debit Authority: Form for automatic payment setup from borrower's account

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Additional Facility
Agreement
Agreement Date
Annual Percentage Rate
Applicable Law
Application Form
Approval Letter
Bank
Borrower
Business Day
Completion Date
Default Rate
Disbursement
Downpayment
Due Date
Emirate
Encumbrance
Event of Default
Facility
Final Payment Date
Financial Indebtedness
Governing Law
Guarantor
Identity Card
Insurance Policy
Interest Period
Interest Rate
Land Department
Legal Fees
Loan Amount
Maturity Date
Mortgage
Payment Date
Payment Schedule
Performance Bond
Permitted Security Interest
Principal Amount
Property
Property Value
Purchase Price
Registration Fee
Repayment Schedule
Security
Security Documents
Seller
Term
Title Deed
UAE
UAE Dirham
Valuation Report
Clauses
Interpretation
Definitions
Loan Facility
Purpose
Conditions Precedent
Disbursement
Interest
Repayment
Prepayment
Security
Mortgage
Property
Registration
Representations and Warranties
Covenants
Insurance
Events of Default
Enforcement
Assignment
Set-Off
Notices
Amendments
Severability
Entire Agreement
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Jurisdiction
Costs and Expenses
Indemnification
Term and Termination
Default Interest
Property Maintenance
Title and Ownership
Valuation
Registration of Security
Insurance Requirements
Payment Mechanics
Relevant Industries

Banking

Real Estate

Financial Services

Insurance

Legal Services

Property Development

Construction

Mortgage Services

Islamic Banking

Relevant Teams

Legal

Mortgages

Credit

Compliance

Risk Management

Property Valuation

Retail Banking

Islamic Banking

Operations

Documentation

Underwriting

Customer Service

Real Estate Finance

Relevant Roles

Legal Counsel

Mortgage Officer

Loan Officer

Credit Manager

Compliance Officer

Risk Manager

Property Valuation Officer

Relationship Manager

Branch Manager

Banking Operations Manager

Islamic Banking Specialist

Real Estate Officer

Documentation Specialist

Legal Documentation Manager

Underwriting Manager

Industries
UAE Federal Law No. 14 of 2018: The UAE Central Bank Law that regulates financial institutions and banking operations, including mortgage lending activities
UAE Federal Law No. 5 of 1985 (Civil Transactions Law): Governs contractual relationships and obligations between parties, including loan agreements and securities
UAE Federal Law No. 8 of 2004: Regarding financial free zones, which may be relevant if the property is located in a free zone area
Dubai Law No. 14 of 2008: Concerning mortgages in Dubai - particularly relevant if the property is located in Dubai
Dubai Law No. 7 of 2006: Property Registration Law in Dubai, governing the registration of property rights and mortgage securities
UAE Central Bank Mortgage Regulations 2013: Specifies loan-to-value ratios, maximum loan terms, and other mortgage lending criteria
Abu Dhabi Law No. 3 of 2015: Regulates real estate sector in Abu Dhabi, including mortgage provisions - relevant if property is in Abu Dhabi
UAE Federal Law No. 18 of 2017: Anti-Money Laundering Law, which includes provisions relevant to real estate transactions and financial dealings
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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