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Home Loan Provided By Emirates Islamic
Features of Emirates Islamic Home Loan
The EIB offers two types of Home Finance:
Bina’a Home Construction Finance
- Upto 80% of the market value of selected property
- High finance amounts
- Quick approval process and fast turnaround
- Attractive and highly competitive profit rates
- Long tenures of up to 25 years
- Convenient monthly repayments on a variable rate basis as applicable
- Takaful coverage
- Minimal documentation
- low processing rates
- Engineering and project monitoring
Manzili Property Purchase Finance
- Variable rates from 3.49% p.a.
- 1% Processing Fee (0% for buy-outs)
- 60 days installment deferment
- Low rate life Takaful
- Automatic Enrollment into EIB’s priority banking
- Pre approved EIB Credit Card
The bank also offers buyout loans at lower interest rates, to transfer your existing loans to EIB for longer tenures and low installments as a part of its finance schemes.
Documents Required of Emirates Islamic Home Loan
For Bina’a Finance (Salaried UAE Nationals)
- Copy of valid passport (original required for verification)
- Copy of "Khulasat Al Qaid" or National ID (original required for verification)
- 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 containing details on length of service, current designation and salary package.*
- 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/Mulkia and Site Plan
- copy of valid facility approval [For Sheikh Zayed Housing Program (SZHP) and Mohammad Bin Rashid Housing Establishment (MBRHE)]
Additional Documents for home construction finance:
- Evidence of down payment (if applicable)
- Owner share completion (if applicable)
- Approved drawings of the land/architect
- Bill of quantity (to be signed by all parties on each page)
- Property specifications
- Schedule of work
- Statement of the cash flow
- Building permit
- Demarcation certificate
- Trade License copies of contractor/consultant
- Performance bond
- An undertaking of the retention bond
The Bank may ask for more documentation if it sees necessary.
Manzili (Expatriates and Residents/Non-Residents)
- Copy of valid passport with a valid residence visa(N/A for non-residents)
- Copy of labor contract
- Original Salary Certificate (less than 45 days old)
- Salary Transfer Letter (Applicable is salary is transferred)
- Last three months pay slips (if applicable)
- 6 months bank statements (reflecting all salary credits with bonus, if any)
- Liability letter (Must be less than 30 days old)
Originals of property details
- Quote/Offer Letter from the seller
- Sale and Purchase agreement
- Title Deed and Site Plan
- Receipts of down payment made to the seller
Business related documentation (For Self-Employed)
- 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
Emirates Islamic Home Loan Profit Rates
2 Emirates Islamic Bank Home Loans
Manzili Home Finance
Features
- Follows Islamic banking principles
- UAE Nationals, Expats, and Non-Residents are eligible
- Home Finance is provided at a fixed interest rate of 2.11%
Features
- Follows Islamic banking principles
- UAE Nationals, Expats, and Non-Residents are eligible
- Minimum salary of AED 15000 is required
- Home Finance is provided at a fixed interest rate of 2.11%
- Home Finance is provided on a reducing interest rate of 3.65%
- Salary transfer to Emirates Islamic Bank account is not required
- Maximum loan amount provided is AED 15000000
- Takaful insurance for life and property is required
- 1% of the total loan amount is charged as processing fees
- The loan is provided for a maximum tenure of 25 years
- 25% of the property value should be paid as the down payment
- 1% of outstanding loan amount is charged on early settlement
Benefits
- Provides finance on low-profit rates
- Salary transfer is not required
- Complimentary upgrade to priority banking facility
- A free credit card is provided on approval
- Competitive takaful insurance rates
- Can skip installments payments for 60 days
- Provides buyout loan facility
- Quick processing of the loan application
- Provides finance for residential and commercial properties as well
Binaa Home Finance
Features
- Follows Islamic banking principles
- Only salaried individuals are eligible
- Only UAE Nationals are eligible
Features
- Follows Islamic banking principles
- Only salaried individuals are eligible
- Only UAE Nationals are eligible
- Minimum salary of AED 8000 is required
- Home Finance is provided at a fixed interest rate of 3.09%
- Home Finance is provided on a reducing interest rate of 5.10%
- Salary transfer to Emirates Islamic Bank account is not required
- Maximum loan amount provided is AED 15000000
- Takaful insurance for life and property 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
- 1% of outstanding loan amount is charged on early settlement
Benefits
- Low salary requirement
- Provides takaful life insurance
- Low insurance rates
- Competitive profit rates
- Quick processing of loan
- Hassle free documentation
- Salary transfer is not required
- Provides loan for purchasing commercial properties
- Provides finance for purchasing under construction properties
Frequently Asked Questions
⭐ What is the minimum salary required?
A. The minimum required for home finance at Emirates Islamic Bank is AED 8000.
⭐ Are self-employed individuals are eligible?
A. Yes. Both salaried and self-employed individuals are eligible.
⭐ What are the benefits that can be availed on the Emirates Islamic Bank Home Loan?
A. On availing Emirates Islamic Manzili home finance, you can get a free pre-approved credit card, takaful insurance on low rates, installment deferment facility.
⭐ Are non-residents eligible for the Emirates Islamic Bank home loan?
A. Yes. Non-residents of UAE are eligible for Emirates Islamic Bank home loan.
⭐ What are the charges for the life insurance provided?
A. 0.75% of the loan amount will be charged for Takaful insurance.
⭐ What is the minimum finance provided?
A. The minimum finance provided on Emirates Islamic Home Loan is AED 200K.
About Emirates Islamic
In order to deliver high standards of banking services, Emirates Islamic Bank was established in the year 2004. The bank is aimed to deliver services in accordance with the standards of Shariah principles. It offers a wide range of products that are designed exclusively for individuals, small businesses and large corporations.
Get in touch with Emirates Islamic Bank Customer Care