The Debt Panel: ‘Can my bank seize my gratuity to pay my mortgage if I leave the UAE?’ – The National

The Debt Panel: ‘Can my bank seize my gratuity to pay my mortgage if I leave the UAE?’ – The National

The Dubai resident has been made redundant and plans to let out the property to cover the home loan repayments. I hope I will be able to rent it out for about Dh125,000 a year, which would just about cover my mortgage payments of about Dh9,000 a month and the service charges.. Developing a plan that ensures the continuity of your mortgage repayments will work in your favour once you initiate discussions with your lender about your move.. Your timely credit card repayments will further strengthen your case and display your commitment in responsibly handling your finances.. In terms of your final salary payment, you will need further clarity from your bank about your specific situation.. It is common for a bank to freeze your bank account when they are notified by the employer of your job termination.. Your UAE bank account will likely be converted to a non-resident account and maintained for the purpose of your mortgage.. The last thing your bank will want is for you to go into default on your mortgage, so they may be more willing to come up with a solution.. Your best option would be to ask the bank for a payment holiday,