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Home Loan Provided By Dubai Islamic
Features of Dubai Islamic Home Loan
DIB customers can avail any of these 5 schemes, as per their needs:
Murabaha (May not be available for non-UAE Nationals):
- Bank will purchase the property for you and sell it to you at a pre-agreed profit rate. You may pay back in installments.
Standard Ijarah:
- Bank leases the property to you for the duration of loan. You get full ownership after repayment.
- Profit rate from 3.99% p.a.
- Finance available up to 80% of property value (For nationals)
- Finance available up to 75% of property value (For Expatriates)
- High finance amount
- Flexible tenure up to 25 years
- Salary transfer not required
- Islamic Insurance available
- Profit Rates linked with EIBOR
Buyout Ijarah:
- Finance available up to 80% of property value (For nationals)
- Finance available up to 75% of property value (For Expatriates)
- Profit Rate: Starting from 3.99% p.a.
- Flexible tenor upto 25 years
- Arrangement Fees: ZERO
- Salary transfer not required
Equity Release:
- Finance available up to 70% of property value (For nationals)
- Finance available up to 50% of property value (For Expatriates)
- Competitive profit rates
- Flexible tenor up to 25 years
- Salary transfer not required
- Profit Rates linked with EIBOR
Commercial Ijarah:
- Finance available up to 60% of property value (For nationals)
- Finance available up to 70% of property value (For Expatriates)
- Competitive profit rates
- Flexible tenor up to 15 years
- Salary transfer not required
- Profit Rates linked with EIBOR
Note: Not all types of commercial loans are sanctioned by the bank. We recommend you check with the bank before you apply for the loan.
Eligibility Criteria of Dubai Islamic Home Loan
For Salaried People:
Minimum Age:
- 20 Years (Nationals)
- 21 Years (Expatriates)
Maximum Age:
- 70 Years (Nationals)
- 65 Years (Expatriates)
Salary:
- AED 7000 (Nationals)
- AED 15000 (Expatriates)
Maximum Finance Value:
- 80% of Property for Nationals (unless otherwise specified)
- 75% of Property for Resident Expatriates (unless otherwise specified)
Documents Required of Dubai Islamic Home Loan
- 6-months bank statement (For Active Account)
- Salary letter (In case of non-salary transfer customer)
- Valid passport/Khulasat al Qaid Copy/Valid visa
- All Relevant property papers
- Evaluation from approved evaluators
Additional Documents For Self-Employed
- Copy of Trade License (Only For Self-employed)
- Audited financial statements (Only for Self-employed)
- Notorised POA (Wherever applicable for self-employed)
- Memorandum and Articles of Association (For Self-employed)
*Note: The banks may ask for more documentation if required by them.
Dubai Islamic Home Loan Profit Rates
2 Dubai Islamic Bank Home Loans
Al Islami Home Finance for UAE Nationals
Features
- Provides high loan amounts
- Both self-employed and salaried individuals are eligible
- Age limit of 20-70 years are eligible
Features
- Provides high loan amounts
- Both self-employed and salaried individuals are eligible
- Age limit of 20-70 years are eligible
- Minimum salary of AED 7000 is required
- The flat interest rate on this loan is 1.79%
- The reducing interest rate of this finance is 3.24%
- The loan is provided on the maximum tenure of 25 years
- No processing fees are charged
- Maximum finance of AED 50000000 is provided
- Down payment of 20% is required
- 1% of the total loan amount is charged as early settlement fees
Benefits
- 80% of property value is provided as loan amount on
- 0% of processing fees are charged
- Salary transfer to DIB account is not mandatory
- Provides loan for both residential and commercial property
- Islamic insurance is offered
- Very low-profit rates
- Can add a co-applicant to increase the chance of eligibility
Al Islami Home Finance for Expats
Features
- Both self-employed and salaried individuals are eligible Age limit of 21-64 years are eligible
- Finance is provided at a flat rate of 1.79%
- Minimum salary of AED 15000 is required
Features
- Both self-employed and salaried individuals are eligible Age limit of 21-64 years are eligible
- Minimum salary of AED 15000 is required
- Finance is provided at a flat rate of 1.79%
- Finance is provided at a reducing rate of 3.24%
- Salary transfer is not required
- Maximum tenure provided is 25 years
- No processing fees are charged
- Maximum finance of AED 50000000 is provided
- 25% of property value should be paid as down payment
- 1% of the loan amount is charged as early settlement fees
Benefits
- Low-profit rates
- 0% of processing fees are charged
- 75% of property value is provided as the loan amount
- Salary transfer to DIB account is not mandatory
- Provides loan for both residential and commercial property
- Islamic insurance is offered
- Can add a co-applicant to increase the chances of eligibility
About Dubai Islamic
Dubai Islamic Bank (DIB), established in 1975 is the pioneer of Islamic banking that has seen a phenomenal growth. The Bank since inception has remained customer-centric organization, where honesty and customized personal service form the basis of all relationships. Though sticking to its root traditions, the bank equally blends with the commitment of innovation, flexibility, and modernity. Every customer of the bank is provided with comprehensive solutions for any financial need.
The bank works with the vision of providing unsurpassed customer service and becoming the world’s largest Islamic banking corporation.
Get in touch with Dubai Islamic Bank Customer Care