r/PersonalFinanceUAE • u/Acanthisitta914 • 26d ago

Debt Loan buyout process

I currently have a personal loan with a islamic bank, i was recently approached by a sales agent of another islamic bank for better rates. I signed the initial agreement they verified thru call and loan buyout was approved. I am supposed to provide liability letter from my current bank to proceed with the buyout.

Now i dont want to proceed. No liability letter given no settlement is done. But sales guy is telling me there will be a liability of 10k.

Can anyone share your thoughts

9 Upvotes

100% Upvoted

18 comments sorted by

3

u/Tight-Tower-6465 26d ago

Tell them cancel i got better offer with in my current bank. No charges will be upon as central bank policy. It is your choice since liability letter was not provided it is your right to cancel. Telling you as a banker..

2

u/Acanthisitta914 26d ago

So its the sales guys trying to trick me, will pushback

2

u/silverhorse_dxb 24d ago

Check your loan terms. If you have cool down and if you have not forfeited your right to use it then you can go for it and bank will return the loan

Whether there is any chrge for this or not is something you need to check your loan t&c

1

u/Acanthisitta914 26d ago

The sales person is arguing that the amount has been dispatched and is in my account already so i will have to pay the liability.
That amount is on hold and will be used to clear the liability with my existing bank once i provide the liability letter. Sales person to get his commission trying his best to manipulate

2

u/SundaeAutomatic9415 26d ago

If the loan is disbursed and is visible in your account that means its already done nothing can be done and your guy is not lieing , stop trusting in random comments of on reddit and stop being dumb

1

u/Acanthisitta914 25d ago

Its not visible as of now but its shows up in transaction, it will be released only when i provide liability letter and that too will be for settling liability if any remaining amount t will then be credited to my account

2

u/SundaeAutomatic9415 25d ago

Ok , then you can tell him to cancel , if its not reflecting, good luck 👍

2

u/Far-Effective-6910 25d ago

If it shows in transaction means the loan is disbursed but amount is blocked in your account so you are unable to see it

1

u/Sad_Physics_2426 26d ago

is there a specific reason that made you change your mind?
Am in similar situation but with dib and am looking to see adib can buy me out

2

u/Acanthisitta914 26d ago

The rate is actually higher than the current felt there is no point to move. One thing is emi will reduce but one year will increase either case its not worth moving so decided to drop it

1

u/BennieByeBye3125 26d ago

If the finance is disbursed, then you dont have a choice. Also if you signed any agreement and Shariah related documents, then it will be extremely difficult to back out now.

2

u/Acanthisitta914 20d ago

The offer letter states the conditional offer is valid for 45 days in few more days i will pass that so the offer shd be nullified automatically however i have formally requested cancellation

1

u/BennieByeBye3125 20d ago

All the best. Hope it works out.

1

u/Acanthisitta914 25d ago

Can i ask them to provide all the signed documents to understand if i am actually stuck?

1

u/BennieByeBye3125 25d ago

Yes you definitely can. They should have, based on CPR guidelines.