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Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Amlak Ijarah Amlak Ijarah Minimum Salary: AED 10,000 Salary Transfer: No Early Settlement Fees: Yes Maximum Term: 25 Years Flat Rate: - Reducing Rate: 5.75%
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Amlak Ijarah is the basic home finance product built on the Islamic principles of Shari’a. Under Ijarah home financing, Amlak buys the property from the developer/seller and leases it out to the customer with a promise to sell at the end of the lease term. The customer pays monthly rentals that comprise of fixed, variable and supplementary rentals.
  • Finance available for all completed residential properties in Dubai and Abu Dhabi
  • Islamic finance products compliant with the principles of Shari’a
  • 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
Documents Required
  • 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 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, affection 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.
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