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Changing a loan collateral Replacement of mortgaged land or real estate property

Estimated Time: 
One Week
Location: 
The Fund’s headquarters – Amman – Financing department
Estimated Fee: 

None

1
  • Description
  • Procedures
  • Required Documents
  • Persons benefiting from the service
  • Files
  • Related Services

Conditions for obtaining service

  1. The loan should not be non-performing.
  2. The value of the replacement property should be equal to or more than that of the originally mortgaged property.

Notes

None

Partner institutions:

Land registration directorate under which jurisdiction the property to be mortgaged falls.

Procedures

  1. The service applicant (Borrower) submits a petition in the records section containing the request for replacement.
  2. Provide the applicant with a price appraisal letter issued by the Department of Land and Survey.
  3. The request is then referred to the rapporteur of the loans committee to be presented to the loans committee.
  4. The application is referred to the loans committee to study the petition.
  5. If the mortgage is approved for replacement:
  1. The Fund's representative shall accompany the Borrower and the new sponsor to complete the procedures for mortgaging the new property in the Land and Survey Department.
  2. An annex to the agreement shall be signed by the borrower and the new sponsor.
  3. Complete the procedures of the old sponsor quittance.

Required Documents

Petition submission stage:

  • Certified copies of the Sponsor`s ID card.
  • Land or new property registration document + a price appraisal letter from the Land and Survey Department or an authorized surveyor.

After approval of the replacement:

  • Mortgage letter.
  • The document of registration of the new land or property.

Persons benefiting from the service

The borrower (only in presence of the borrower).

Files

No Found Files

Related Services

  • Refund the excess premiums
  • Quittance for a paid-off loan
  • Quittance for a paid-off loan or via branches
  • Receiving loan applications by citizens
  • Quittance for a paid-off loan or via headquarters
  • Financing charities and cooperatives
  • Issuance of account statement
  • Accessing the loans committees decision and completion of the loan procedures
  • Financing transportation means
  • Obtaining a new loan
  • Obtaining a loan for Entrepreneurial projects
  • Obtaining a loan for an existing project or development
  • Changing loans guarantees or replacing a personal guarantor
  • Changing a loan collateral Replacement of current sponsor with anew sponsor
  • The Directorate of Follow-up, Collection, Legal Affairs and Full Repayment
  • Visiting the project site for evaluation
  • Visiting the project site to disburse the second installment
  • Training of targeted groups for employment in small enterprises
  • Signing the Agreement
  • Settlement of the loan over the same tenure with increased installments
  • Rescheduling the loan by extending the tenure
  • Other Financial Services
  • Handing over checks to suppliers
  • Financing unemployed youth
  • Establishing a loan file
  • Financing projects of poverty pockets residents
  • Financing people with disabilities
  • Financing college tuition

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