| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Emirates Money Property Power
|
Minimum Salary: AED 240,000 | Salary Transfer: No | Early Settlement Fees: No | Maximum Term: 15 Years | Flat Rate: 0.0 | Reducing Rate: 6.49 |
Features
- Loans for salaried and self-employed professionals
- Repayment up to 15 years
- Residential & Commercial properties are accepted as collateral
- Loan amount offered up to 70% of market value
- Maximum of 2 properties can be financed
Documents Required
- Salary Slip / Salary Certificate
- Last 3 months of bank statements
- Passport copy with valid Visa page• Copy of Trade License & Memorandum of Association
- Power of Attorney
- Audited Financials
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to 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
