The Paid In Full Letter From Lender is a critical document in the UAE banking system, required whenever a borrower completely settles their loan obligations. This document, regulated under UAE Federal Law No. 14 of 2018 and relevant Central Bank notices, serves multiple purposes: it confirms the borrower's successful loan settlement, authorizes the release of any securities or guarantees, and can be used for various official purposes such as mortgage deregistration or proof of debt clearance. The letter is particularly important in the UAE's robust financial sector, where it helps maintain clear records of debt settlements and facilitates further financial transactions. It must contain specific information and declarations as required by UAE banking regulations and is commonly used in both personal and commercial lending contexts.
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1. Bank/Lender Details: Full legal name and address of the lending institution, including any relevant license numbers
2. Letter Reference: Unique reference number, date, and classification of the document
3. Borrower Information: Complete details of the borrower including full name, Emirates ID/passport number for individuals, or trade license for companies
4. Loan Details: Original loan amount, account number, type of facility, and date of origination
5. Confirmation of Payment: Clear statement confirming full settlement of the loan, including the final payment date and total amount paid
6. Release Statement: Formal declaration releasing the borrower from all obligations related to the specified loan
7. Authorization: Statement authorizing relevant authorities to release any registered securities or guarantees
1. Property Release Details: Include when the loan was secured against property, providing specific details for mortgage deregistration
2. Security Release: Used when multiple securities were held against the loan, detailing the release of each security item
3. Business Continuation: Required for business loans to confirm no other facilities are outstanding with the bank
4. Multiple Account Statement: Used when the borrower had multiple facilities, clarifying which specific accounts are settled
5. Third-Party Authorization: Include when allowing a designated third party to process the letter with authorities
1. Schedule A - Loan Account Details: Detailed breakdown of the loan account, including all facility numbers and final settlement figures
2. Schedule B - Security Details: List of all securities, guarantees, or collateral that were held against the loan
3. Schedule C - Property Details: For mortgage loans, detailed property information including title deed number and property ID
4. Appendix 1 - Payment History: Optional summary of payment history showing final settlement
5. Appendix 2 - Supporting Documents: Copies of relevant documents such as final payment receipts or settlement confirmations
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