Date: 03-06-2024 Dear Shakeel Ahmad, Mortgage Market Reference: XXXXX-XXXXX-XXXXX-XXXXXX	Mortgage Specialist: Shubham Chichani Mobile Number: +971 54 7041875 Email Address: shubham@mortgagemarket.ae
Thank you for giving us the opportunity to assist you with your mortgage requirement. We assure you that we endeavor to provide all our clients the best possible mortgage solution. Based on our initial interaction and discussions pertaining to your requirements and needs, please find below a summary of your transaction followed by finance options.
Transaction Summary Estimated Property Value AED 5,000,000 Transaction Type Buyout + Equity Type of Property Villa Employment Segment Self-Employed	Finance Summary Loan Amount AED 4,000,000 Loan to Value (LTV) 80% Tenor in months 235 MONTHS Monthly Installment AED 22,739
Our Recommendation: We are confident your profile would be eligible to secure a finance. Accordingly, our recommended options are illustrated below.
Bank A Bank B Bank C Estimated EMI 123,456,789.00 Estimated EMI 123,456,789.00 Estimated EMI 123,456,789.00 Rate Offered 2.99% fixed for 1 years 2.99% fixed for 3 years 2.99% fixed for 5 years Rate Offered 2.99% fixed for 4 years Rate Offered 2.69% fixed for 3 years Follow On Rate 2.99% + 12 M for 1 years Follow On Rate Follow On Rate Loan To Value (LTV) Offered Detailed items to be mentioned here in points Detailed items to be mentioned here in points Loan To Value (LTV) Offered Detailed items to be mentioned here in points Detailed items to be mentioned here in points Detailed items to be mentioned here in points Loan To Value (LTV) Offered Detailed items to be mentioned here in points Detailed items to be mentioned here in points Detailed items to be mentioned here in points Detailed items to be mentioned here in points Detailed items to be mentioned here in points Salary Transfer Not Mandatory Salary Transfer Not Mandatory Salary Transfer Not Mandatory Islamic / Conventional Conventional Islamic / Conventional Conventional Islamic / Conventional Conventional Transaction Costs Financed N/A Transaction Costs Financed N/A Transaction Costs Financed N/A Partial Settlement Fee 1% of Amount Paid/Settled (Maximum of AED. 10,000/-) Partial Settlement Fee 1% of Amount Paid/Settled (Maximum of AED. 10,000/-) Partial Settlement Fee 1% of Amount Paid/Settled (Maximum of AED. 10,000/-) during fixed rate period. 25% partial settlement permitted post fixed rate period without any fee. Early Settlement Fee 1% of Amount Paid/Settled (Maximum of AED. 10,000/-) Early Settlement Fee 1% of Amount Paid/Settled (Maximum of AED. 10,000/-) Early Settlement Fee 1% of Amount Paid/Settled (Maximum of AED. 10,000/-) Life insurance 0.015%p.m on the loan outstanding Life insurance 0.015%p.m on the loan outstanding Life insurance 0.033% p.m. on the loan outstanding Property Insurance 0.05% per year applicable on the property value Property Insurance 0.05% per year applicable on the property value Property Insurance 0.035% per year applicable on the property value
Transaction Costs: The estimated transaction cost breakdown is illustrated below for quick reference:
Bank A Bank B Bank C Down Payment Down Payment Down Payment Bank Processing Fee N/A Bank Processing Fee N/A Bank Processing Fee N/A Bank Pre-Approval Fee Bank Pre-Approval Fee Bank Pre-Approval Fee Property Valuation Fee AED. 3,150/- Property Valuation Fee AED. 3,150/- Property Valuation Fee AED. 2,100/- Land Department Charges (4% of Purchase Price + AED 580) AED. 17,566/- Land Department Charges (4% of Purchase Price + AED 580) AED. 17,566/- Land Department Charges (4% of Purchase Price + AED 580) AED. 17,566/- Trustee Services Fee AED. 8,400/- Trustee Services Fee AED. 8,400/- Trustee Services Fee AED. 8,400/- Mortgage Registration fee (0.25% of Loan Amount + AED 290) Mortgage Registration fee (0.25% of Loan Amount + AED 290) Mortgage Registration fee (0.25% of Loan Amount + AED 290) Real Estate Fee (Generally, 2% of Purchase Price) Real Estate Fee (Generally, 2% of Purchase Price) Real Estate Fee (Generally, 2% of Purchase Price) Early Settlement Fee (only in case of Buyouts) AED. 10,000/- Early Settlement Fee (only in case of Buyouts) AED. 10,000/- Early Settlement Fee (only in case of Buyouts) AED. 10,000/- Total AED. 26,266/- Total AED. 26,266/- Total AED. 50,166/-
Key Features:
Bank A Bank B Bank C Refund of Early settlement and valuation fee. Rate under 3% for up to 4yrs. Life insurance among lowest in market. Salary transfers not mandatory. Refund of Early settlement and valuation fee. Rate under 3% for up to 4yrs. Life insurance among lowest in market. Salary transfers not mandatory. Rate of 2.69% fixed of up to 3 yrs Lowest rates after fixed period – 1.49%+3mth Eibor No minimum rate after fixed period. Partial settlement of up to 25% without penalty after fixed period. Interest offset against daily balances maintained in current account.
Documentation Required: We trust that our recommendations meet your expectations and will require supporting documents to verify your identity and financial position to place your application with the bank.
Salary certificate addressed to the bank Copy of passport, visa, Emirates ID. Salary Certificate Salary account bank statement from 1st May 2020 to 31st Oct 2020 (online statement) Other existing bank statement from 1st May 2020 to 31st Oct 2020, UAB and CBI (online statement) Pay slips from May 2020 to Oct 2020 (soft copies) All existing credit cards statement for the month of Oct 2020 (online statement) Title deed, floor plan, mortgage offer letter and mortgage statement of account showing current outstanding amount (UAB, CBI) Ejari and rental cheque copy of Trident Bay.
Additional Requirements (if any): We trust that our recommendations meet your expectations and will require supporting documents to verify your identity and financial position to place your application with the bank.
Salary certificate addressed to the bank Copy of passport, visa, Emirates ID. Salary Certificate Salary account bank statement from 1st May 2020 to 31st Oct 2020 (online statement) Other existing bank statement from 1st May 2020 to 31st Oct 2020, UAB and CBI (online statement) Pay slips from May 2020 to Oct 2020 (soft copies) All X
Should you have any queries or clarifications regarding the above proposal, please feel free to contact us.
Yours Sincerely,
MM Agent Name Contact Us: Designation 800 – FINANCE (800 - 3462623) contact details – Mobile info@mortgagemarket.ae contact details – Email www.mortgagemarket.ae
Disclaimer: Rates, fees & projections are for indicative purposes only and are subject to change without notice. This proposal does not constitute an offer of finance and the mortgage T&C's will be outlined by the relevant banks/ financial institutions in due course. Mortgage Market and it's staff accept no responsibility for errors or omission and the information provided is subject to change. VAT may be applicable in line with the relevant regulations for the charges and fees.