Catering to the needs of UAE Nationals who wish to construct / buy their dream home.
Finance up to 80% of the property value.
Convenient monthly repayments with longer repayment tenures of up to 25 years.
Engineering and project monitoring services available at no additional cost for under construction properties.
Giving you the flexibility to build your home the way you always wanted it to be. Using the Islamic principle of Forward Ijarah, the bank finances the construction of the property. Once completed, we lease the property back to you under the agreed repayment plan.
Select a completed property that you are interested to buy and we will finance it for you. Using the Islamic principle of Ijarah, the bank purchases the property you want and then leases it back to you at a flexible rental/installment. At the end of the lease tenure, the property is handed back to you at a nominal price. HomeLease also offer you the option to buyout your existing mortgage with another financial institution at highly competitive profit rates and longer lease tenures.
Let the investment in your home give you greater financial flexibility. Utilizing the Islamic principles of Musharakah and Ijarah, the bank purchases a "common share" in your property and leases it back to you. You can use this inflow of cash to invest, plan a vacation, and plan for your children's education and more. Flexible monthly rentals help you manage your finances during the lease period, at the end of which, the bank sells the "common share" of the property back to you at a nominal price.
* Please Note: For Government/Semi-Government organizations, salary credited to the customer's Emirates Islamic Back Account will be considered as evidence of assignment.
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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 number of 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 on your behalf 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 provide the property as a gift to you 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 / interest). When you have made enough 'capital' contributions to match the original purchase price, we transfer the property to you.
Yes, you can refinance the existing home loan facility with other banks through Emirates Islamic Home Finance.
