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CBD Ijarah Home Lease for Expats

CBD Ijarah Home Lease for Expats
Minimum Salary

12,000 AED

Flat Rate

3.08 %

Reducing Rate

5.1%

Max. Term

25 Years

Salary Transfer

Yes

Islamic Finance

No

Description

CBD Ijarah Home Finance rate for expats starts from 5.10%

The perfect combination of a great rate, easy buyouts and flexibility to owning your dream home.

Major Advantage: Available for both salaried and self-employed, Low minimum salary requirement

Points to Consider: There is a down payment requirement 

Rate Card

Reducing Balance Rate - Fresh Purchase / Buyout

For Salaried
Expat Mortgage Finance Rate applicable for Fixed Year After Fixed year period (if Finance >50%) After Fixed year period (if Finance <=50%)
1 Year Fixed Rate 5.20% p.a. 1.79% + 3 Months EIBOR (Minimum Rate 1.79%) 1.69% + 3 Months EIBOR (Minimum Rate 1.69%)
3 Year Fixed Rate 5.10% p.a. 1.79% + 3 Months EIBOR (Minimum Rate 1.79%) 1.69% + 3 Months EIBOR (Minimum Rate 1.69%)

 

For Self Employed
Expat Mortgage Finance Rate applicable for Fixed Year After Fixed year period (if Finance >50%) After Fixed year period (if Finance <=50%)
1 Year Fixed Rate 5.60% p.a. 1.99% + 3 Months EIBOR (Minimum 1.99%) 1.79% + 3 Months EIBOR (Minimum Rate 1.79%)
3 Year Fixed Rate 5.34% p.a. 1.99% + 3 Months EIBOR (Minimum 1.99%) 1.79% + 3 Months EIBOR (Minimum Rate 1.79%)

 

 

Variable Rates
Expat Mortgage Finance Rate applicable for Fixed Year
Salaried 1.39% + 3 Months EIBOR 
Self Employed 1.99% + 3 Months EIBOR
Features

Profit Rates & Charges:

Reducing Rate (as advertised): 5.10% p.a. (fixed for 3 year)

Flat Rate: 3.08% p.a. (calculated as per 25 years tenure)

Processing Fees: 0.5% of the finance amount, Nil for buyout

Property valuation Fees: AED 3,150 (50% waiver on disbursement)

Early Settlement Fees: 1% of Outstanding Loan or AED10,000 (whichever is lower)

Partial Settlement Fees: Flexibility to repay up to 15% of your outstanding balance per annum without penalties

 

Finance Requirements:

Minimum Income Requirement:

  • For salaried AED 12,000
  • For self-employed AED 20,000

 

Minimum Length of Service Required: 6 months for salaried; 3 years for self-employed

Salary Transfer: Not Compulsory, but there is an interest rate discount if you transfer your salary

Minimum Down payment:

  • For first property (If property price < AED 5M): 20% for Expats
  • For first property (If property price > AED 5M): 35% for Expats
  • For second property: 40% for Expats

 

Key Details:

Maximum Finance Amount: AED 20,000,000

Islamic Finance: Yes

Maximum Term: 25 Years

Finance available for: All Ready Villas or apartments registerable with Lands department and for approved off plan properties

 

Takaful (Compulsory):

Life Insurance: 0.01167% of the finance amount per month

Property Insurance: 0.04% per annum

Documents Required

Common Documents:   

  • Valid Passport, Resident Visa and Emirates ID Copy.
  • Offer Letter Copies of All Personal Ongoing Finance.
  • Rental Income Document (If any).                      
  • Liability Letter (In case of Buyout Finance only).
  • Relevant property Documents.

 

Salaried Client Documents:

  • Latest Salary Certificate addressed to CBD BANK.
  • Latest 6 Months Personal Bank Statement.
  • Six months Pay slips if there is variance in Salary.
  • Salary Transfer Letter.

 

Self-Employed Client Documents:

  • Valid Company Trade license.
  • MOA (Memorandum of Association) including all amendments.
  • Latest 6 Months Personal Bank Statement.
  • Latest 6 Months Company Bank Statement.
  • Audit Financials of last 2 years.
  • Offer Letter Copies of All Company Ongoing Finance.
Additional Info
  • All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
  • Reducing rate is converted into flat rate as per 25 years calculation.
  • Terms and conditions apply.  
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