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Sharjah Islamic Bank Tamallak Home Finance for UAE Nationals (ready properties)
This product is discontinued by the Bank
Tamallak Home Finance for UAE Nationals (ready properties)
Features
- Both self-employed and salaried individuals are eligible
- Provides finance for completed properties
- Minimum salary of AED 25000 is required
- Home Finance is provided at a fixed interest rate of 2.75%
- Home Finance is provided on a reducing interest rate of 4.99%
- Salary transfer is required
- Maximum loan amount provided is AED 5000000
- Life and property insurance is required
- 1% of the total loan amount is charged as processing fees
- The loan is provided for a maximum tenure of 25 years
- 20% of the property value should be paid as the down payment
- 2% of outstanding loan amount is charged on early settlement
Benefits
- A high amount of finance is provided
- Provides takaful life insurance
- Less documentation
- Low-profit rates
- Longer tenure to repay the loan
- Low insurance rates
- Quick processing
- Follows Islamic banking principles
Frequently Asked Questions
⭐ Can I get finance to purchase properties anywhere in UAE?
A. No, Sharjah Islamic Bank provides finance to purchase properties only in Dubai, Abu Dhabi, and Sharjah.
⭐ What is the maximum finance provided?
A. 80% of the property value is provided as maximum finance.
⭐ Can I get a loan for purchasing commercial properties?
A. Yes, finance for commercial properties is provided.
⭐ Can I get finance for leasehold properties also?
A. Yes, you can get finance for both freehold and leasehold properties.
⭐ What are the important property documents required?
A. You need to provide the Site plan, Title of the deed, down payment proofs, etc.
⭐ My salary is getting transferred to another bank account. Is that fine?
A. No, salary transfer to Sharjah Islamic bank is mandatory.
⭐ Is the loan provided by Islamic banking principles or conventional banking principles?
A. Sharjah Islamic Bank follows Islamic banking principles.
⭐ How long does it take to process my loan?
A. It would take 48 hours to process your loan application.
⭐ I already have a mortgage loan at Sharjah Islamic Bank. Can I apply for a new mortgage loan?
A. Yes, you are eligible to get another mortgage loan from Sharjah Islamic Bank.
⭐ What is the maximum finance provided on second property?
A. 65% of the property value is provided as maximum finance for a second property.
Sharjah Islamic
Established in 1975 through an Amiri decree, the bank was initially known as the National Bank of Sharjah. In 2002, the bank was the first bank to convert to Islamic Banking and was renamed as Sharjah Islamic Bank (SIB). SIB has a Vision 'to be the bank of choice, delivering creative customer solutions based on Islamic principles of partnership, trust & equality for all’. The values followed by them are :
- Bonding and Harmony
- Compliance
- Learning and Self Development
- Social Responsibility
- Creativity and Innovation
Get in touch with Sharjah Islamic Bank Customer Care