Standard Chartered / 10,000 aed &free pre-approval&
My wife and I were interested in buying a house in Dubai.
In order to have a better understanding of what the bank was willing to lend us we made a request for a "free" pre-aproval. The letters below describe the back ground. I would urge any potential house buyers to be aware of "free pre-aprovals" as this one letter cost us 10, 000AED (£2000).
Your letter below says that you will be getting back to us “at the earliest”. As you know we have been pursuing this issue since July of last year – I believe there has been more than enough time for your bank to gain an understanding of our case.
The documents you have forwarded me do not include our signatures on all pages – therefore the item relating to “non-refund” does not pertain to us as we have not signed this section of the agreement.
The wording also states that any monies paid would be non-refundable. However – at the time of signing these documents no payment had been made to Standard Chartered.
Each of these minor technical points is regardless of the fact that as we have repeatedly made clear in our previous letter we were informed of the following by your company:
AED 10000 is a part of total PF and we will take this money once you finalize the property and put it for valuation and at the time of final approval.
As is clearly noted in the detailed letter below we did not make any request for you to value to value the property or go any further than the pre-approval.in effect your bank has charged 10, 000 AED for no additional services rendered. We were misled into thinking that there were no financial consequences in signing this document. The fact that the critical page is unsigned by us makes this lack of clarity evident.
I would like a clear resolution to this matter within 14 days before I take the steps of contacting the following organizations for their advice:
[protected] UAE Consumer Protection Department (CPD)
[protected] UAE Central Bank Control & Inspection
[protected] Dubai Courts
Common sense would suggest that we were misled in this affair and I urge your bank to resolve the issue in a fair and reasonable manner as quickly as possible.
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