In a world where nearly everything has been digitized for the comfort of the individual and the safety of our communities by raising the awareness of social distancing, you will notice that all kinds of businesses have taken a turn to digitize their businesses by using social media platforms and websites, including banks that took the initiative to develop digitally to fit the statusquo.
In a quest to make the process of owning a home rapid and easy, ADCB has partnered with Bayut to provide the customer with an online platform that digitized the formalities of owning a home to integrate it with everything high-tech and instantaneous in our time.
The ADCB-Bayut Dream Home Platform is the first digital home ecosystem platform of its kind in the UAE, tailored mainly to facilitate the home owning process by tossing out of the window the hassle of doing everything traditionally. It allows you to easily search for a property, obtain an instant pre-approval, and complete the registration process from the comfort of your home.
How it works
To start applying for your dream home loan, the first step is to submit a pre-approval application for eligibility via the Bayut-ADCB Dream Home Platform website, which is then transferred to the ADCB system for an instant credit check via Central Bank that decides the eligibility of the applicant in a short time. Acquiring the pre-approval letter is an important step as it provides a tentative budget with the maximum borrowing limit to avoid any last-minute disappointments, and allows a certain amount of flexibility to prospective house buyers looking for house loans. It also helps real estate brokers, property sellers and developers to measure the seriousness of potential buyers, saving them time and effort.
The second step would be to acquire housing finance through ADCB home loan solutions, where an experienced relationship manager will guide you through the entire process.
How to apply for the Pre-Approval letter?
After browsing through the properties on Bayut and settling on a property you can call your future home, you will need to apply for your pre-approval letter by doing the following steps:
- VisitDream Home website
- Scroll down to the mortgage section and click on “Apply for Pre-Approval”.
- Click “Proceed” and fill out the application with accurate details.
- Read the Terms & Conditions and check the acknowledgement.
- Submit the application.
One of the benefits of this platform is the instancy of a process that usually takes a few days in a traditional setup. Receiving your pre-approvalletter on Dream Home takes five to ten minutes, in rare cases, it would take up to an hour.
What to do after you receive your pre-approval letter?
After receiving your pre-approval letter, an ADCB’s experienced relationship manager will contact youto guide you through the process of owning your future home.
The relationship manager will inform you about the fees, charges and the regulatory requirements to complete your home loan application. After requesting the property valuation, you can choose a financing option that works best for you.
Submit your home loan/finance application form along with supporting documents and once you receive the final offer letter from ADCB, you can complete the title deed registration formalities. When everything is settled, you can finally move into your dream home.
Mortgage Calculator Service
Bayut-ADCB Dream Home Platform offers an online service called Mortgage Calculator, by using this service you can determine the estimated loan amount, the down payment and the monthly instalments based on the property that you selected.
If you’re worried about the finances because you don’t know how much can you borrow before selecting your property, ADCB provides a maximum loan amount of AED 24,000,000 and the minimum loan amount is AED 250,000. However, you need to keep in mind that the maximum loan/finance amount could vary according to personal circumstances, the nature of the transaction and the property developer involved in the transaction.
Why choose the Dream Home Platform?
Dream home is the only platform in the UAE that provides online service of owning a home. Even if you are currently not ready to own a home, Dream Home gives you a sneak-peak of what it would be like to go through the process of owning a home by calculating the mortgage you would be taking, and your calculated monthly instalments to help you set your goal on a certain property in the future.
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