Auto Finance release

If you’ve cleared your Auto Finance, you can request for a Mortgage Release from the Bank and get your Vehicle transferred to your name

Auto Finance Mortgage Release

Mortgage Release is an acknowledgement by the Bank stating that your Mortgage has been paid in full and that all the terms of the finance have been satisfied.

You will need to have your Auto Finance cleared before requesting for a Mortgage Release.

Request Auto Finance Mortgage Release

Steps to request a Mortgage Release:

What’s next

Once your request is processed, you will receive an SMS with a reference number on your registered mobile number. You can then visit the Traffic Department/Transport Authority of the Emirate in which your vehicle is registered to have the registration transferred to your name

Fees and charges

There are no fees or charges for Auto Finance Mortgage Release.

FAQs

Can I request a hard copy of the Mortgage Release letter?

No, the Mortgage Release is done online. For vehicles registered in Dubai, you will receive an SMS from the Roads and Transport Authority (RTA). Vehicles registered in other emirates will receive an SMS from the Bank.

Is there a time frame to have the vehicle registration transferred after I receive the Mortgage Release?

The reference number for the Mortgage Release will be valid for 7 days. Once it expires, you will have to place a new request with the Bank

Will I get a letter after the mortgage is released?

There is no physical document that is released. The changes reflect on the Mulkiya/Registration Card (at the time of renewal) as the Bank name is removed by RTA/ADP system and changed to the owner’s name.

Auto Finance Mortgage Release

Request Auto Finance Mortgage Release

What’s next

Fees and charges

FAQs

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