Apply for the Emirates Islamic Home Finance
How to apply, documents required and tracking
How to apply, documents required and tracking
Find out how to apply for the Emirates Islamic Home Finance, what documents you need and how to track your application
You can apply for the Emirates Islamic Home Finance to buy a fully developed or off-plan property in the UAE.
To apply for Home Finance, you need to be:
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If you’d like to talk to us, register your interest through our website by clicking on apply now and one of our Home Finance Experts will get in touch with you within 48 hours.
You can apply for the Emirates Islamic Home Finance through one of the channels below:
If you’re self-employed, you can apply for Home Finance only through our website or by visiting one of our Business Banking Centers.
Once we receive all the required documents, one of our Sales Advisor will contact you to complete the process.
If you’ve already applied for Home Finance, you can track your application by contacting our Call Centre on +971 600 599 995.
We require the following documents to process your Home Finance application. If you don’t have any of them, or if you have any question, please visit your nearest Emirates Islamic branch and one of our representatives will be happy to help.
Salaried UAE Nationals (for Home Finance – Bina):
* Please Note: For Government/Semi-Government organizations, salary credited to the customer's Emirates Islamic Bank Account will be considered as evidence of assignment.
Home Construct (Construction Finance Only):
Salaried Residents:
Salaried Non-Residents:
Self-Employed Residents:
Self-Employed Non-Resident:
If additional documents are required, we’ll inform you during the application process.
Refer to our Schedule of Charges to learn more about the Home Finance Fees and Charges.
There are several key differences. With a conventional Home Mortgage/Home Loan, you borrow money to buy a house and then pay the money back over a several years. You are charged interest on the money you borrow, which is in contravention of Shari'a principles.
In Islamic Home Financing, you will identify the property that you wish to buy, and the Bank will purchase it from the seller. Instead of selling the property to you, the Bank will lease it to you for an agreed period. At the same time, the Bank undertakes to sell the property to you at the end as long you fulfill all the terms and conditions spelt out in the lease agreement.
The distinguishing feature of this mode is that the assets remain the property of the Bank. Over the term of the finance, the Bank becomes the landlord, and you assume the role of a tenant. During this period, you make monthly payments, which consist of a contribution towards the purchase price of the property (principal) and rental payments (profit). When you have made enough 'capital' contributions to match the original purchase price, we transfer the property to you.
The Emirates Interbank Offered Rate (EIBOR), also abbreviated as EBOR, is a daily reference rate, published by the UAE Central Bank, based on the averaged profit rates at which UAE banks offer funds to other banks in the United Arab Emirates dirham wholesale money market (or interbank market). For more details, please visit the Central Bank of UAE website
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