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Sharjah Islamic Bank Tamallak Home Finance for UAE Nationals (under construction)

Sharjah Islamic Bank Bank

WarningMessage This product is discontinued by the Bank

Tamallak Home Finance for UAE Nationals (under construction)

Minimum Salary

AED 25K

Flat Rate

3.31%

Reducing Rate

6%

Loan Amount

AED 5000K

Early Settlement Fee

2%

Arrangement Fee

1%

Down Payment

50%

Repayments Up To

25 Years

minimum salary

AED 25K

Minimum Salary

flat rate

3.31%

Flat Rate

reducing rate

6%

Reducing Rate

max finance

AED 5000K

Loan Amount

early settlement fee

2%

Early Settlement Fee

arrangement fee

1%

Arrangement Fee

down payment

50%

Down Payment

repayment

25 Years

Repayments Up To

Features

  • Both self-employed and salaried individuals are eligible
  • Provides finance for properties under construction
  • Minimum salary of AED 25000 is required
  • Home Finance is provided at a fixed interest rate of 3.31%
  • Home Finance is provided on a reducing interest rate of 6%
  • 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
  • 50% of the property value should be paid as the down payment
  • 2% of outstanding loan amount is charged on early settlement

Benefits

  • Low insurance rates
  • Provides insurance on takaful principles
  • Quick processing
  • Less documentation
  • Flexible repayments
  • Can use partial settlement facility

Frequently Asked Questions

⭐ What is the maximum finance provided for under construction properties?

A. 50% of the property value is provided as the maximum finance for under construction properties.

⭐ What are the fees associated with property insurance?

A. 0.04%(per annum) of the property value is paid as property insurance.

⭐ Are self-employed individuals eligible?

A. Yes, self-employed UAE Nationals are eligible to get a finance for under construction properties.

⭐ What is minimum income for a self-employed individual should be to be eligible for the loan?

A. The minimum income for the self-employed individual is AED 30,000 to be eligible for the finance.

⭐ Is it mandatory to provide salary transfer proof?

A. Yes, salary transfer proof is an important document.

⭐ On what the interest rates are based on?

A. The profit rates are based on EIBOR.

⭐ Can I clear my loan even before the tenure?

A. Yes, you can avail early settlement option and clear the loan in prior.

⭐ Are there any charges for clearing the loan in prior?

A. Yes, early settlement fees 2% of the outstanding loan balance should be paid.

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