Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Emirates Islamic - Home Finance Emirates Islamic - Home Finance Minimum Salary: AED 15,000 Salary Transfer: Yes Early Settlement Fees: Yes Maximum Term: 25 Years Flat Rate: 1.75% Reducing Rate: -
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Home Finance – Freehold Properties

The first step to owning your dream home.

Comprehensive Solutions

Product solutions suitable for all individuals seeking finance to buy, transfer or cash release for any freehold property in UAE.

Approved Projects

Vast list of approved projects to avail finance, with special handover finance packages for near to ready properties.

High Finance Amounts

Finance up to 80% of the property value for expats and 85% for UAE Nationals

Monthly Repayments

Convenient monthly repayments with longer repayment tenures of up to 25 years.

Benefits

  • Attractive and highly competitive profit rates linked with EIBOR
  • 1% Processing Fee (0% processing fee for buy-outs)
  • Easy documentation and quick approvals
  • Low rate on Life Takaful
  • Enrolment into Priority Banking (subject to eligibility)
  • Finance solutions available for transfer/registration and brokerage fee

*Please Note: Buy-out options are also available. You can transfer your existing finance from other banks and financial institution to Emirates Islamic at lower profit rates, longer tenors and lower installments.

Documentation Required

Salaried Residents:

  • Copy of valid passport with a valid residence visa for Expatriates and National ID for Nationals
  •  (original required for verification)
  • Copy of labor contract
  • Original Salary Certificate less than 45 days old providing details on length of employment
  • Current designation and salary package OR
  • Salary Transfer Letter in case Salary is transferred to Emirates Islamic
  • Last three months pay slips (if applicable)
  • Last 6 months bank statements reflecting salary credits
  • Liability letter less than 30 days old reflecting borrowings with the bank to which your salary is transferred
  • Originals of property details including the
    • Quote/Offer Letter from the seller,
    • Sale and Purchase agreement,
    • Title Deed and Site Plan
    • Receipts of down payment made to the seller

Salaried Non-Residents:

  • Copy of valid passport (original required for verification)
  • Original Salary Certificate less than 45 days old providing details on length of employment
  • Current designation and salary package
  • Last three months pay slips (if applicable)
  • Documentation from your bank including
    • Last 6 months bank statements reflecting salary credits
    • Liability/Reference letter no more than 45 days old
    • Latest tax returns for the previous 2 years (if applicable)
    • Credit Bureau Report (if applicable
  • Originals of property details including the
    • Quote/Offer Letter from the seller,
    • Sale and Purchase agreement,
    • Title Deed and Site Plan
    • Receipts of down payment made to the seller

Self-Employed Residents:

  • Copy of valid passport with a valid residence visa for Expatriates and National ID for Nationals
  • (original required for verification)
  • Business related documentation (originals required for verification)
    • Copy of trade license
    • Copy of Chamber of Commerce Registration
    • Copy of Partnership Page in case of multiple partners
    • Copy of Memorandum/Articles of Association
    • Original Audited Financials for the last 2 years
    • Copy of Labor Contract
  • Last 12 months Business Account Statements (6 months is acceptable but not preferred)
  • Last 6 months Personal Account Statements
  • Originals of property details including the
    • Quote/Offer Letter from the seller,
    • Sale and Purchase agreement,
    • Title Deed and Site Plan
    • Receipts of down payment made to the seller

Self-Employed Non-Resident:

  • Copy of valid passport (original required for verification)
  • Business related documentation (originals required for verification) including:
    • Copy of trade license
    • Copy of Chamber of Commerce Registration
    • Copy of Partnership Page in case of multiple partners
    • Copy of Memorandum/Articles of Association
    • Original Audited Financials for the last 2 years
    • Copy of Labor Contract
  • Documentation from your bank including
    • Last 12 months Business and Personal Account statements
    • Liability/Reference letter
    • Latest tax returns for the previous 2 years (if applicable - original will be required for verification)
    • Credit Bureau Report (if applicable)
  • Originals of property details including the
    • Quote/Offer Letter from the seller,
    • Sale and Purchase agreement,
    • Title Deed and Site Plan
    • Receipts of down payment made to the seller

 

Ijara / Ready

PLR

Margin

PLR

Margin

FTV up to 75%

FTV above 75%

Fixed Rate

For 2 years - 2.75%

For 3 years - 2.99%

For 4 years – 3.24%

For 5 years – 3.45%

Salary Transfer

3M EIBOR

1.74%

3M EIBOR

1.99%

NSTL / SE

3M EIBOR

2.24%

3M EIBOR

2.49%


Takaful Terms & Conditions

Important Information regarding your Home Finance:

Click here to learn more.

** 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.
Representative Example Calculator
Emirates Islamic - Home Finance
Minimum Salary
AED 15,000
Reducing Rate
-
Commercial Bank of Dubai - Mortgage Loan
Minimum Salary
AED 12,000
Reducing Rate
2.49%
ADCB - Home Saver
Minimum Salary
AED 8,000
Reducing Rate
-