Document background
The Private Mortgage Loan Agreement is a crucial document used in the United Arab Emirates for securing loans against real property. It is essential for private lending transactions where real estate is used as collateral, whether for residential or commercial properties. The agreement must comply with UAE Federal Laws, including Civil Code provisions, Central Bank regulations, and specific emirate-level property laws. It typically includes detailed terms about the loan amount, interest/profit rates, repayment schedule, property details, and enforcement mechanisms. The document must consider UAE's dual system of civil law and Sharia principles, particularly when structured as an Islamic finance product. This agreement is commonly used by financial institutions, private lenders, and property investors, requiring registration with the relevant Land Department and potentially the UAE Central Bank.
