Emirates Islamic Binaa Home Finance

Bina'a Home Finance has been specially designed to suit the needs of UAE nationals. Based on the principles of Shari'a, Bina'a offers three customized solutions  that have been tailored to meet your specific financial and personal requirements. Each of these solutions offers you a combination of competitive rates, long tenures coupled with quick and efficient processing. You can choose from the following solutions which cover needs like:

1. Purchase of ready property
2. Construct your property on a plot
3. Balance transfer your existing facilities
4. Refinancing your fully owned property
5. Debt consolidation under property finance facility
6. Commercial property financing
7. Financing home improvement/renovations

Major Advantage: Low salary requirement, High finance amount

Points to Consider: Available only for UAE Nationals

Reducing Balance Rate   

This rate is variable, based on the Central Bank's 3-month EIBOR rate plus a bank margin

Profit Rates & Charges:

Reducing Rate (as advertised): Approx. 4.34% p.a.(3 Month Eibor + 1.75%)

Flat Rate: 2.56% p.a. (as per 25 years calculation)

Processing Fees: 1% of the finance amount (Nil for balance transfer)

Property valuation Fees: AED 3,000

Early Settlement Fees: 1% of outstanding amount 

Partial Settlement Fees: 1% of the amount partially paid

Finance Requirements:

Minimum Salary Requirement: AED 8,000

Minimum Length of Service Required: 6 Months for salaried

Salary Transfer: Compulsory

Minimum Downpayment:

• For first property (If property price < AED 5M): 20% for UAE National
• For first property (If property price > AED 5M): 30% for UAE National
• For second property: 35% for UAE National

Key Details:

Maximum Finance Amount: AED 20,000,000

Islamic Finance: Yes

Maximum Term: 25 Years

Finance available for:

• Restricted Properties (areas in which properties are allowed only for UAE nationals) across all seven Emirates
• Sharjah Housing Program (First rank mortgages)
• Mohammed Bin Rashid Housing Establishment (Second rank mortgages)
• Sheikh Zayed Housing Program (Second rank mortgages)
• Construction finance is available on granted land with first rank and second rank mortgages.

Takaful (Compulsory):

Life Takaful: 0.35% p.a. on outstanding balance

Property Takaful:  0.05% p.a. of the property value

Documents Required for Salaried UAE Nationals:

• Valid Passport, Resident Visa and Emirates ID Copy (Original required for verification). 
• Offer Letter Copies of All Personal Ongoing Finance.
• Rental Income Document (If any).                      
• Liability Letter (In case of Buyout Finance only).
• Latest Salary Certificate addressed to Emirates Islamic Bank.
• Latest 6 Months Salary Bank Statement.
• Six months Pay slips if there is variance in Salary.
• Salary Transfer Letter if transferring your salary.
• Copy of Khulasat Al Qaid.
• Originals of property details including the:

• Quote/Offer Letter from the seller.
• Sale and Purchase agreement.
• Title Deed/Mulkia and Site Plan.
• In case of Sheikh Zayed Housing Program (SZHP) and Mohammad Bin Rashid Housing Establishment (MBRHE) copy of valid facility approval.

Documents Required for Construction Finance only:

• Evidence of down payment (if applicable).
• Approved drawings.
• Bill of quantity, signed by all parties on each page.
• Property specifications.
• Schedule of work.
• Cash Flow statement.
• Building permit.
• Demarcation certificate.
• Owner share completion (if applicable).
• Trade License copies of contractor/consultant.
• Performance bond/bank guarantee.
• Retention bond undertaking.
• Contractor opening account with Emirates Islamic.

• 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.