Dubai Islamic Bank Al Islami Home Finance For Expats

  • Minimum Salary AED 10,000
  • Flat Rate
    1.53%
  • Reducing Rate 2.74%
  • Max. Term 25 Years
  • Salary Transfer No
  • Islamic Finance Yes

Description

Dubai Islamic Bank understands that one of the greatest joys is to own or build your dream home. Al Islami Home Finance offers you a range of options to suit your specific needs. DIB offer financing for residential and commercial properties. It also offers refinancing options for customers who may already own a property or are availing of a mortgage with another institution.  

Major Advantage: High Finance Amount

Points to Consider: Processing Fee Waiver only for First Time Buyers

Rate Card

Reducing Balance Rate:

Rate Card

Fixed Period

Fixed Rate

Follow-on Rate (post the Fixed Rate period) 

1 Year 2.74% 1.75% Margin + 3 Months Eibor
2 Years 2.74% 1.75% Margin + 3 Months Eibor
3 Years 2.74% 1.75% Margin + 3 Months Eibor
4 Years 3.24% 1.75% Margin + 3 Months Eibor
5 Years 3.24% 1.75% Margin + 3 Months Eibor

 

Note: Minimum floor rate of 3.24% shall apply post fixed rate period

Features

Profit Rate & Charges:

Profit Rate: Starting from 2.74% p.a. (reducing rate).

Processing Fees: Nil for First Time Buyers and Buyout Cases (Otherwise 1%)

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

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

 

Finance Requirements:

Minimum Salary Requirement: AED 10,000

Minimum Length of Service Required: 6 Months for salaried

Salary Transfer: Not Compulsory.

Minimum Down-payment: 20% (Fee Financing also available)

 

Key Details:

Maximum Finance Amount: AED 50,000,000

Islamic Finance: Yes

Maximum Term: 25 Years

Finance Available For:  Any ready property which can be registered in the name of the customer in the relevant authority (across UAE). Financing for under-construction properties in UAE is also offered for Government Housing Scheme – Mohammed Bin Rashid Establishment

 

Takaful - Insurance (Compulsory):

Life Takaful: 0.36% per annum (on outstanding balance)

Property Takaful: 0.03% per annum of property value

 

Documents Required

Common Documents:

  • Valid Passport, Resident Visa and Emirates ID Copy.
  • Offer Letter Copies of All Personal Ongoing Finance.
  • Khulasat Al Qaid (For UAE Nationals).
  • Rental Income Document (If any).                      
  • Property Documents (If Property is Finalized or Equity Release).
  • Liability Letter (In case of Buyout Finance only).
  • Relevant property papers.

 

Salaried Client Documents:

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

 

Self-Employed Client Documents:

  • Valid Trade Company 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 (For Self Employed).

 

Additional Info

  • All info mentioned can change at any point in 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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