Leading Emirati property portal Bayut has launched a new tool which allows users to search for their new home through the portal’s listings, and be digitally pre-approved for a mortgage once they’ve found one that they like. Normally application for and reception of a home loan pre-approval letter takes some three to five days in The UAE. With this new partnership with the Abu-Dhabi Commerical Bank, the EMPG-owned property portal will be hoping that its ability to provide near-instantaneous pre-approvals will be a winner with house-hunters.
The tool is housed on all Bayut property listings below the descriptions alongside the mortgage calculator and will see users log in before filling in a form and being given pre-approval in no less than an hour.
Anthony Blackford, director of Advertising for Bayut & dubizzle said: “Buying a home is an incredibly special and important decision and one that requires a lot of research and market knowledge, both about the property itself and the various financial procedures involved. This new initiative will help interested buyers and investors to find everything they need in one dedicated platform; the property listings, detailed guides, market data about the neighbourhoods, and now with this partnership with ADCB, an instant pre-approval process so buyers are aware of the financial flexibility they can work with.”
Bayut is not the only Emirati property portal that has released a new functionality this month. Upstart portal company houza announced earlier this month that it has developed an agent-centred valuation tool that it claims is the first of its kind in the region.