|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Amlak Ijara||Minimum Salary: AED 10,000||Salary Transfer: No||Early Settlement Fees: Yes||Maximum Term: 25 Years||Flat Rate: -||Reducing Rate: 5.75%|
*Reducing Rate is the rate at which the variable rental is calculated under the Ijara.
Amlak offers home finance product based on Ijara in accordance with the principles of Shari’a. Under Ijara home financing, Amlak replaces the customer as the purchaser of the property and subsequently leases it to the customer, with a promise to sell at the end of the lease (Ijara) term. The customer pays monthly installments as rentals that comprise of fixed, variable and supplementary elements.
- Available for all completed residential and commercial properties in the UAE
- Product is in compliance with Shari’a principles
- Salary transfer is not required
- Maximum finance amount up to 80% of the value of the property*
- Competitive finance rates based on customer credit profile
- Longer tenures, up to 300 months
- *Based on Eligibility and the CB Mortgage Regulations
- Completed application form signed by all applicants (including co-applicants)
- For UAE nationals - copy of valid passport including last page
- For expatriates - copy of valid passport with valid UAE residence visa (minimum 3 months remaining validity), home country residency proof and telephone numbers
- Emirates Identity Card copy
- Latest 6 months bank statement (company and personal)
- Liability letter/facility from the bank, if the applicant has any other outstanding finance (not older than 30 days)
- Proof of other income (e.g. rental/sponsorship)
- Copies of property ownership documents (e.g. title deed (re-finance cases), SPA etc.)
- Copies of receipts of down payment/progress payment made to developers
- Copies of title deed, construction plan, construction cost estimates, approved floor plan for self-construction cases
- Execution of all relevant finance documents on approval (e.g. offer letter, lease agreements etc.)
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.