The Dubai Land Department (DLD) has joined forces with Mashreq Bank to unveil a new e-mortgage system aimed at improving the home loan registration process.
According to the announcement, this blockchain-based electronic system aims at easing and speeding up the home loan registration process. Digitalizing this service seeks to encourage greater investment in real estate. This new platform will streamline services currently provided by Dubai Land Department allowing mortgage owners and banks to stay up to date.
Arshad Khan, a representative of the bank, commented:
“We are delighted to partner with DLD and support it in the new initiative that targets Dubai’s real estate sector. E-mortgages are a reflection of the digitalization of services being implemented by the Dubai Government to offer smart services to its citizens.”
Sultan Butti Bin Mejren, the DLD director general in his statement said:
“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.”
All mortgage holders with the bank will be linked with the new electronic mortgage registration system. This move ensures proper registration and recording of all mortgages through the new platform. The system allows you to modify mortgages as well as register liquidations and payment defaults conveniently.
Currently, this latest deal with Mashreq bank, DLD seeks to include new bank partners to implement its e-mortgage system. “Applying the e-mortgage system requires synergy with leading UAE banks…to spread its benefits to the largest number of investors,” said DLD chief executive of registration and real estate services, Majid Saqer Al Marri. In addition, he also promises that the company will work with the best partners to ensure the comfort and happiness of their customers.
Dubai’s government has been focused on better real estate management through blockchain technology. Last year, the Dubai government launched Real Estate Self Transaction (REST) system. REST aims to promote paperless documentation while at the same time reducing brokerage procedures as indicated by DLD during its launch.
To meet this objective, DLD will constantly develop and support the e-mortgage system with the latest technologies to help keep up with any real estate service developments.
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