Legal Question in Banking Law in United Arab Emirates

I have amortgage in dubai which i have continued to pay.Since th eproperty market crush the developers are not giving clear info on completion and i refuse to pay until the bank intervenes as am told that the property is under the bank unless i clear the loan.What are the implications? the bank has paid the developer directly and to me .NOTE: Ican pay the loan but i feel this is the only way the bank can get info on my behalf as the developers dont give me any info.


Asked on 4/17/11, 10:13 am

1 Answer from Attorneys
Shaji Natarajan Salam Advocates & Legal Consultants

Before stopping payment towards installments for the Property purchased by you, it would be better to know the current level of construction, otherwise you may end up with the Developers issuing Notice to you through the Land Department for cancellation of the property purchased by you. The present position of construction there are ways to ascertain the same. I do not think the Bank would be of any help. If there is no progress in construction, it can be ascertained as to the futility of getting your Sale and Purchase Agreement with the Developer cancelled and for refund of all the amounts paid. But it all depends on various factors.

For further clarification, you may mail to [email protected] or call on 050 2104389.

Best Regards,

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Answered on 4/18/11, 3:27 am


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