The following FAQs for Abu Dhabi Finance (ADF) clients provide answers to key questions regarding the transfer of ADF’s mortgages and vehicle/equipment loans to Abu Dhabi Commercial Bank (ADCB), which will take place on the 29th April 2021. Note: The term ‘mortgage’ or ‘mortgages’ refers to residential and commercial mortgages, equipment loans and fee finance loans.
Abu Dhabi Finance has reached an agreement with Abu Dhabi Commercial Bank (ADCB), one of the UAE’s leading banks, for the sale and transfer of its portfolio of residential and commercial mortgages and vehicle/equipment loans.
Following completion of the sale, which will take place on 29th April 2021 (the "effective date"), ADCB will be welcoming you as a mortgage customer, with the same Terms and Conditions set out in your Mortgage Agreement and other supporting legal documents with ADF.
From the effective date, all agreements with ADF in respect of your mortgage (and related financing arrangements), including your Loan Agreement and Mortgage Contracts, will transfer from us to ADCB, such that all your agreements with us will become agreements with ADCB, including all rights and obligations thereunder. Payments under your mortgage will be due to ADCB, and the bank registered in respect of the mortgage over your property will become ADCB.
ADCB is one of the UAE’s leading banks, with over 1 million customers. The Bank has a well-established and specialised mortgage team as well as a wide range of market-leading products and services to support all your banking needs. For further information, please visit adcb.com.
The sale of your loan and mortgage to ADCB will complete on 29th April 2021 (the "effective date"). Following this date, you will become an ADCB customer.
There will, however, be a transition period following the effective date during which we will support ADCB in operating your loan account. This may include collecting payments and performing loan servicing on behalf of ADCB.
You will be notified once ADCB has fully taken over the management of your mortgage via receipt of a welcome letter from ADCB.
Until such time as you receive your welcome letter from ADCB, please continue to interact with Abu Dhabi Finance as usual, including the regular payment of your mortgage instalments.
Yes, following the transfer to ADCB, the Terms and Conditions applicable to your mortgage, including those related to the interest rate, will remain the same. Any future changes to your Terms and Conditions will be communicated to you in advance.
Following the transfer to ADCB, all fees and charges will be in line with, or lower than, those applied previously by ADF.
Yes. In order to ensure a smooth transition, "Know Your Client" information held by Abu Dhabi Finance relating to your loan and mortgage, including personal data has been shared with ADCB prior to the “effective date” (date of the completion of the sale to ADCB).
Following the effective date, all data related to your loan and mortgage that is held by ADF will be shared with ADCB.
For our residential clients, we are working to make the transition as smooth and seamless as possible. If any action is required on your part, we will inform you well in advance.
For our commercial and equipment clients, please refer to questions 19 and 20 respectively.
Yes, ADCB will continue to make payments to your developer/contractor, as per your Sale and Purchase Agreement (SPA).
Following the transfer of your mortgage, we would recommend that you have a bank account with ADCB to enjoy the benefits of convenient banking and a wide range of products and services.
You will not be required to transfer your salary to ADCB, and your existing Terms and Conditions for your mortgage will remain the same. However, if you wish to have your salary transferred to ADCB and benefit from its wide range of products and services, the Bank will be pleased to assist you in setting up an account.
Yes, the monthly payment date will change following the transfer of your mortgage to ADCB. Following the transfer, the Equated Monthly Instalments (EMIs) for your mortgage loan shall be debited around 7 days after the ‘monthly due date’ mentioned in your Final Offer Letter that you originally received from ADF at the commencement of your loan. You are requested to keep sufficient funds available to service the EMI accordingly. Further details will be specified in your welcome letter from ADCB.
Once your mortgage loan has been migrated to ADCB, your current ADF Group Insurance with MetLife will cease, and you will instead be covered under ADCB’s Group Life Insurance cover with Orient Insurance Company. This will all be handled seamlessly on your behalf, and there is no action required from you.
If you have a standalone life and/or property insurance policy assigned to ADF, the policy will need to be re-assigned to ADCB. Further details will be specified in your welcome letter from ADCB.
If you have any queries or concerns on the transfer of your mortgage to ADCB, please ensure to reach out to us at email@example.com or 800 ADF (233) by no later than 28th April 2021 and our team will be happy to assist you.
It is important to note that the transfer of your mortgage to ADCB will be a smooth and seamless process, with no changes to the Terms and Conditions of your existing mortgage. As an ADCB customer, you will benefit from the Bank’s wide range of products and services.
Additionally, you will not incur any charges if you choose to repay the full amount on your mortgage or transfer to another bank within a 180-day period from your initial notification of the transaction between ADF and ADCB.
If you decide not to transfer your mortgage to ADCB, you would need to either repay the outstanding amount on your mortgage in full, or arrange a transfer to another mortgage provider by 31st May 2021.
No, as an existing customer of ADCB, there will be no impact on your banking relationship. Your mortgage being transferred from ADF will be regarded as a separate loan account as a part of your overall relationship with ADCB.
When your mortgage transfers from ADF to ADCB, the most convenient payment option is through standing instructions from your ADCB account, which can be setup via ADCB Personal Internet Banking or at an ADCB branch.
No, if you have a direct debit set up from your ADCB account to make payments on your ADF mortgage, your account will continue to be debited following the transfer of your mortgage to ADCB.
Yes, details of the transferred mortgage will be available on ADCB’s digital platforms.
We are in discussions with the Free Zone authorities to request an automated transfer of all mortgages without the requirement of your presence. In the event this is not possible, the relevant Free Zone authority may require the presence of the authorised signatory for your registered entity to effect the mortgage transfer. We will then contact you to schedule an appointment to visit the Free Zone authority and complete the required process.
Please note in the event you are required to visit a Free Zone authority, the authorised signatory will be required to bring the following documentation with them:
- Trade Licence and/or Registration Certificate of the Free Zone
- Visa (for expatriates only)
- Power of attorney (if applicable)
- Emirates ID
- A letter requesting the transfer
- Any other documentation as requested by the Free Zone
Any fees or charges required by the Free Zone authority to effect the transfer of your mortgage will be borne by ADCB.
In the meantime, please ensure that you have cleared any pending fees or dues you have with the Free Zone.
We are in discussions with the Dubai RTA and the Abu Dhabi Police Department to request an automated transfer of all vehicle and/or equipment mortgages without the requirement of your physical presence. In the event this is not possible, the relevant authority may require the presence of an authorised signatory. We will then contact you to schedule an appointment for you to visit the authority to complete this process.
Please note in the event you are required to visit an authority, the authorised signatory will be required to bring the following documentation with them:
- Power of attorney
- Emirates ID
- Any other documentation as requested by the authority
Any fees or charges required by the relevant authority for property transfer will be borne by ADCB. In the meantime, please ensure that you have cleared any pending fees or dues you have with the relevant authorities.
Until you receive a welcome letter from ADCB:
- In case you have further questions, please continue to reach out to us via 800 ADF (233) or firstname.lastname@example.org
After you receive a welcome letter from ADCB (expected between 1st May to 30th June):