Tenants will be able to avail of flexible payment plans from the landlords
In a new partnership between Dubai Land Department and Emirates NBD, rental cheque payments will soon be automated and digitized using the Central Bank of the UAE’s Direct Debit System (UAEDDS). This means that tenants can make payments through their bank accounts instead of issuing cheques.
This practice will benefit both landlords and property management companies – who will no longer have to manage post-dated cheques manually – as well as tenants, who can avail of flexible payment plans.
The new initiative is aligned with the Dubai Government’s vision for paperless payment ecosystems as well as with the Dubai 10X initiative.
Individual investors from overseas looking to purchase property in Dubai can also open non-resident savings accounts with Emirates NBD, and manage purchase and rent collection through them.
His Excellency Sultan Butti bin Mejren, Director General of DLD said, “The real estate industry in the UAE is one of the best and most competitive in the world, and as part of our mission to present a regulatory environment in service of tenants and property owners, we have partnered with Emirates NBD in line with our efforts to fully digitalize our services as per the Dubai Paperless Strategy.
Such collaborations will help facilitate and streamline the processes involved in the property market by employing progressive machinations on the path towards replacing the legacy systems in place.”
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said, “Emirates NBD is delighted to partner with Dubai Land Department on these strategic initiatives that will help in providing landlords and tenants with an easier, automated rent collection and management system as well as facilitate property purchases by new non-resident investors.”
Source: Khaleej Times