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Dubai Islamic Bank Al Islami Home Finance For Expats

Dubai Islamic Bank Al Islami Home Finance For Expats
Minimum Salary

10,000 AED

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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